Risks Your AP Team Can’t Afford to Overlook

Compliance demands, human errors, fraud, and non-compliance can cost you.

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The Problem

Manual AP Increases Your Risk

Manual AP increases the chance of processing mistakes that cost time and money. Automation ensures every invoice and payment is accurate, timely, and compliant.

Fraud Risks

A lack of financial controls can lead to overpayments and unapproved transactions. There’s a risk of inadvertently paying suspicious payees or fraudsters.

Compliance Risks

Many businesses struggle to meet supplier tax and compliance requirements, lacking essential checks like sanctions screening when onboarding new suppliers. Without proper audit trails, you become vulnerable to system breaches and regulatory penalties. Inadequate financial controls can pose a significant roadblock for companies aiming to go public.

Increased Errors From Manual Work

Manual work and disjointed tools create a fragmented AP process, leading to increased errors, re-work, and strained supplier relationships.

Approval and Payment Bottlenecks

Chasing invoice approvers creates bottlenecks, leaving invoices stuck in queues and leading to late payments. Manual bank payment runs increase the risk of duplicate payments, delays, and costly transaction errors.

Manual Reconciliation Delays Book Closing

Manual payments and invoice reconciliation across fragmented tools can delay closing the books. Lack of timely financial reporting due to scattered information compromises decision-making, cash flow management, and budget vs. actual analysis.