Table of contents
Small business clients aren't always aware of the steps available to help mitigate risk as they pay bills and spend money. Here's a checklist to help them find out if their AP process are putting their businesses at greater risk for fraud.
Checklist
- Using paper checks: Paper checks contain all the information fraudsters need to steal a client’s money. Paper limits transparency, can be easily manipulated, stolen, or destroyed, and often slows down critical processes.
- No defined AP workflows: Paper isn’t the only place fraud happens. Business email compromise attacks use email systems to impersonate someone from within. If a clearly defined workflow with user roles isn’t established and followed, the business leaves themselves open to potential threats.
- Sharing banking account login information: When clients share confidential information such as banking logins, every person they give it to has access to a company's entire account. This makes sharing the password risky. Plus, the password needs to be changed if someone with it leaves the business.
- Ignoring fraud prevention tools: Mitigating risk isn’t a manual process. Something is bound to be left behind. Clients should be aware of the tools that can help.
How automated AP can help
The good news is that an automated AP workflow can help with fraud prevention.
Here are a few ways:
- Digital payment methods protect crucial banking information and provide elevated levels of online security.
- Bill approval workflows clearly define steps and roles.
- Separation of duties and user roles are customizable to fit your needs.
- An audit trial with user accountability, reconstruction of events, and litigation support.