Tips and tricks to help protect your business from fraud

A security breach can result in painful losses. These tips can help protect your firm and its clients.

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A security breach in business finances can result in painful losses for your business. This can be by stealing a check, tricking you into sending money to a fake company, or stealing your online-banking logins. These tips from BILL and Financial Solution Advisors can help protect businesses.

Secure and efficient bill pay

Streamline and standardize the way you receive bills

You can set up all bills to come electronically to a single email account, go into an online portal, or even come in the mail—the critical point is consistency. Having a different process for each vendor creates more work and makes it more challenging for a new person to step in (particularly if there are multiple sign-ins required for vendor websites—a time suck and transition nightmare).

Store all bills electronically and destroy paper copies

Paper copies create clutter and disorganization. Use an electronic record keeping system to help you stay organized. Ideally, your bills and receipts are stored via an app that ties to your accounting system, which has the added benefit of keeping everything organized for tax time.

Build an accounts payable workflow that’s customized to your business needs

Many apps can work together, but they need to be connected correctly. Workflows within apps can also be configured to meet your business needs. Although the set up may be time-consuming, you’ll reap the rewards of a strong workflow for many years to come in the form of efficiencies and security.

Establish a consistent approval process for all payables that includes multiple points of contact

Separating duties among team members is essential to security. One person can enter bills; another person should be approving them for payment. Create a workflow that allows everything to function electronically and includes automated reminders that keep payments on schedule.

Limit access to online banking credentials

A bill pay platform that syncs with your bank account creates an audit trail and ensures that every click (and therefore every dollar) can be attributed to an individual user. Ensure that anyone who is authorized to use the bill-pay system doesn’t share their login. You can also restrict who can see what, helping to keep private banking information private.

Require more than one approval on all checks

Doing so is another step in separating duties and getting multiple sets of eyes onto every outgoing payment.

Use custom roles

By setting up custom roles for your users, you’re able to drill into what each individual can and cannot access in BILL.

Take advantage of the BILL network

By connecting to other vendors, you can get paid and pay faster.

Understand the intricacies of the accounting system integration

Make sure you research how BILL integrates with your accounting system. If there are changes in account codes, you will know where they need to be done. For example, if a bill has already been paid and synced to your accounting system, you make those changes in your accounting system.

Use approval groups for workflow

Doing so gives a group of people the option to approve a bill and can help the workflow run smoothly if someone is on vacation.

Teach your staff about the tasks in your BILL Accountant Console

The task option on the left-hand menu of the BILL Accountant Console to will help people know exactly what they need to address at any given time.

The information provided on this page does not, and is not intended to constitute legal or financial advice and is for general informational purposes only. The content is provided "as-is"; no representations are made that the content is error free.