CFO Share

MARCH 2, 2023

Accounts payable is the most common source of fraud in a small business. Both internal accountants and external hackers target weak AP processes to steal money since it is the business process most vulnerable to fraud. What are some of the common fraud attempts in accounts payable?

Invoicing 52

Invoicing Accounts Payable Auditing Education 52

PYMNTS

SEPTEMBER 10, 2019

In a statement, Coatue Management Senior Managing Director Thomas Laffont said that artificial intelligence (AI) enables AppZen to deploy more sophisticated analytics and automation within its expense management solution, which allows businesses to assess expenses, automate expense report audits, and identify savings opportunities. “AI

Auditing 43

Auditing Accounts Payable Invoicing Compliance 43

PYMNTS

JUNE 1, 2016

Accounts payable departments can often buy their corporation a few more days without paying suppliers thanks to the age-old excuse: “The check’s in the mail.” “If the accounts payable process sounds ancient and arcane, add in the headaches of answering anxious vendor calls (‘the check’s in the mail!’),

Accounts Payable 40

Accounts Payable Accounting Invoicing Auditing 40

CFO Talks

MARCH 20, 2024

Example: When it’s time for an audit, the Controller is hands-on, working directly with the auditors, showing them the books, and explaining the details. The CFO, on the other hand, talks strategy with the audit partner and handles any big issues that pop up.

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PYMNTS

FEBRUARY 19, 2018

You could call accounts payable (AP) the last mile of payments in a way. These are firms that have failed audits or are about to fail audits. The other driver, he said, “is the ability to turn the accounts payable function into a revenue source.” Or perhaps AP stands for the last mile of automated processes?

Auditing 51

Auditing Accounts Payable Currencies Accounting 51

PYMNTS

OCTOBER 6, 2020

The pandemic has upended supply chains, and upended accounts payable (AP) processes – requiring companies of all sizes and types to move toward digital (and high-tech-powered) means to transform back-office functions. And emails, he said, also do not serve as the best way to audit approval cycles.

Invoicing 93

Invoicing Accounts Payable Auditing Accounting 93

PYMNTS

OCTOBER 9, 2020

The valuation puts the accounts payable (AP) and mass payments company well into “unicorn” territory, meaning it is valued at over $1 billion. By helping firms scope appropriately sized audits and dynamically modify controls, Strike Graph seeks to take away the confusion around cybersecurity audit and certification procedures.

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PYMNTS

FEBRUARY 24, 2020

Financial automation and data intelligence solutions firm Glantus has acquired the audit credit recovery firm JPD Financial , creating a business with an approximate $12 million turnover, Glantus announced on Monday (Feb. The firm also offers accounts payable auditing and master data cleansing. .

Accounts Payable 52

Accounts Payable Auditing B2B Accounting 52

The Charity CFO

MAY 31, 2022

On the other hand, a poorly managed nonprofit will have little money in the bank, few other assets, an accumulation of debt with no clear plan to repay it, and a ballooning accounts payable balance. In most cases, these include an annual audit and federal tax return. Step #3: Understand what is required.

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https://trustedcfosolutions.com/feed/

JULY 19, 2022

Scalability is crucial, and Sage Intacct puts you in a great position to drive growth by automating the complete range of primary and complex accounting processes so you can focus on analyzing your real-time business performance. Sage Intacct has completed SSAE 18 SOC 1 Type II, SOC 2 Type II, and ISO27001 audits.

Accounts Payable 113

Accounts Payable Auditing Compliance Accounting 113

PYMNTS

OCTOBER 28, 2020

Today in B2B payments, accounts payable automation firm CPS finds a buyer. OpenEnvoy Launches To Provide B2B Invoice Auditing. To help businesses only pay for what they have agreed to buy, OpenEnvoy has been established to offer invoice auditing without intervention. REPAY Inks Deal For B2B AP Automation Firm CPS.

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PYMNTS

MARCH 10, 2020

As more technology emerges to sit between a company’s accounts payable (AP) platform and its vendor’s accounts receivable (AR) portal, service providers are looking to ease friction in a multitude of ways, from accelerating payments and cash flows to easing contract negotiations. Crowdz Pilots Invoice Crowdfunding.

Accounts Payable 57

Accounts Payable Invoicing B2B Vendor Management 57

PYMNTS

SEPTEMBER 3, 2020

This week's look at the convergence of accounts payable (AP) and accounts receivable (AR) explores how optimizing one side can have a positive effect on the other. Accounts receivable isn't the only way to improve the buyer-supplier relationship in the flow of B2B transactions. Basware Expands AP Partner Network.

Accounts Payable 78

Accounts Payable SAP B2B Auditing 78

PYMNTS

MARCH 28, 2019

Automated expense report auditing company AppZen is introducing a new spend auditing platform to analyze supplier invoices using artificial intelligence (AI).

Invoicing 46

Invoicing Auditing Accounts Payable Compliance 46

PYMNTS

SEPTEMBER 24, 2020

Accounts payable (AP) teams are now taking a fresh look at the potential of tools such as virtual cards to ease their transaction frictions. The digital methods suit remote purchasing environments and offer security features that can make it difficult for fraudsters to use stolen card details.

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Construction Accounts Payable B2B Pharmaceutical 107

https://trustedcfosolutions.com/feed/

MARCH 1, 2023

By automating your accounts payable processes, you’ll save hundreds of hours and thousands of dollars from data retrieval and manual work, all while making the process more streamlined. This allows you to reduce the amount of manual data entry and create an audit trail for your asset data.

Accounts Payable 62

Accounts Payable Auditing CFO Invoicing 62

PYMNTS

JANUARY 14, 2021

Sameet Gupte , CEO of EvoluteIQ , recently explained to PYMNTS how this strategy can support what he describes as "hyperautomation," with potentially significant benefits for financial workflows in areas like accounts payable and accounts receivable. Surmounting The Data Hurdle.

Finance 70

Finance Accounts Payable Auditing Accounting 70

PYMNTS

JANUARY 17, 2018

Israch said he’s observed increased adoption and momentum for AP (accounts payable) automation and cross-border needs — and not just at his own company. Across the board, he said, CFOs and executives are realizing that they can’t keep up just by throwing more bodies at the problem.

Accounts Payable 40

Accounts Payable Auditing B2B CFO 40

PYMNTS

JULY 27, 2020

And it’s no surprise that these transactions have to be digital for the sake of efficiency, fraud protection and auditability.”. And it’s no surprise that these transactions have to be digital for the sake of efficiency, fraud protection and auditability. Some suppliers can meet their needs, and some cannot.

Finance 73

Finance Auditing Accounts Payable Entertainment 73

PYMNTS

JUNE 15, 2017

The company added that the integration of these capabilities into its offering is part of a broader effort to innovate in the areas of accounts payable, P2P, supply chain management and working capital optimization. With the IBM Watson integration, that information can be found and incorporated into pricing audits.

Accounts Payable 56

Accounts Payable Auditing Compliance Accounting 56

Boston Startup CFO

APRIL 3, 2023

In this tier, a double-entry accounting system is employed to ensure the accurate recording of all transactions. Additionally, it is necessary to maintain accounts payable and accounts receivable, guaranteeing that all transactions are precise and current.

Accounting 52

Accounting Accounting Principles GAAP Compliance 52

CFO Simplified

DECEMBER 26, 2021

From overworked staff accountants to controllers running month-end closes, a poorly structured finance, and accounting department can put strains on your business’ growth. Here’s a guide to set your accounting and finance department up for success as your business grows. Roles and Responsibilities. Bookkeeper.

Finance 52

Finance General Ledger CFO Auditing 52

PYMNTS

AUGUST 18, 2017

Israch said the advantage to these new offerings is it encompasses one holistic system for all parties to manage finances throughout the payment life cycle, as well as helping to manage fraud and audit risks. and overseas.”.

Accounts Payable 46

Accounts Payable Invoicing Compliance Auditing 46

PYMNTS

NOVEMBER 10, 2017

Especially for businesses that rely on manual expense reports, management and auditing processes, an employee that fudges a dollar amount here and there, or a worker who accidentally submits an expense report twice, mean companies can easily fall victim to fraud, both intentional and unintentional. It’s a very involved process.

Accounts Payable 44

Accounts Payable Auditing Invoicing Compliance 44

PYMNTS

JUNE 16, 2020

In the June 2020 edition of The Gig Economy Tracker® done in collaboration with Tipalti , we find these traits, among others, defining innovation in accounts payable (AP) software. Businesses must establish touchless interactions with suppliers and banks.

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The Charity CFO

APRIL 1, 2024

Bill Bill (formerly Bill.com) is a tech solution for the accounts payable and accounts receivable cycle. This system of only paying approved bills is huge in helping reduce common mistakes caught in nonprofit audits.

Nonprofit 52

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CFO Simplified

JANUARY 2, 2022

If employees sense that the Accounts Payable (AP) team is harried and barely scraping by, it can be tempting to test the waters on an expense report. Reliance Upon Outside Audits . It can be tempting to rely upon an annual audit to catch fraud.

CFO 52

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PYMNTS

SEPTEMBER 29, 2020

Advances in artificial intelligence (AI) and automation technology has introduced a whole host of ways to help corporate finance teams from accounts payable (AP) to accounts receivable (AR) recover hours lost to what has traditionally been manual tasks.

Cash Flow Forecasting 59

Cash Flow Forecasting Accounts Payable Invoicing Corporate Finance 59

PYMNTS

AUGUST 21, 2019

The drive to eliminate paper in the accounts payable process, to cut the steps that lead to inefficiencies, continues to get a boost from technology. Legislation like the Sarbanes-Oxley Act and others have put pressure on companies to be able to show an auditable and measurable process in all their financial systems,” Flynn said.

Accounts Payable 46

Accounts Payable Invoicing Financial Systems Compliance 46

The Finance Weekly

OCTOBER 31, 2021

Many of the same financial issues that profit-seeking enterprises face, such as increasing revenue, managing audits, and dealing with compliance, encounter non-profit organizations (NPOs). This could imply more efficient auditing via online financial software that allows for remote audits. Master the basics of accounting.

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PYMNTS

MAY 12, 2016

What’s next for enterprise mobility could be anyone’s guess, but some analysts have made their prediction: accounts payable. The firm broke it all down in a recent report: “ 3 Ways Mobile Solutions Address Today’s Top Accounts Payable Challenges.” Streamlining Exceptions Resolution.

Accounts Payable 40

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PYMNTS

OCTOBER 30, 2019

Deploying technology – especially AI – can streamline the auditing process and boost cost savings significantly. As AppZen noted in a recent report , companies that do not use AI audit only 2 to 10 percent of their expense reports and 5 to 10 percent of their invoices. Similarly, about 4 percent of invoices are flagged as high risk.

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Auditing Invoicing Accounts Payable Forecasting 41

PYMNTS

SEPTEMBER 28, 2020

Corporate buyers that fail to adhere to these regulatory requirements could face audits, fines and tax withholdings. Companies may be eager to ditch paper checks and other manual methods from their B2B payment flows, as 24 percent of accounts payable (AP) professionals say that such processes worsen vendor relationships.

Accounts Payable 66

Accounts Payable B2B Invoicing Auditing 66

PYMNTS

MARCH 6, 2020

As application programming interfaces (APIs) and digital banking promise unheard of levels of control, companies are eyeing the 40 percent or more of revenues that go to spend — and specifically, how much can drop to the bottom line by using artificial intelligence and accounts payable automation in creative new ways. “A

SAP 52

SAP Accounts Payable Compliance Entertainment 52

PYMNTS

NOVEMBER 30, 2018

the accounts payable [AP] department), where employees can deliberately report incorrect spending, overstate payments or even create fake vendors. Take, for instance, the case of falsifying a vendor to send payments from the accounts payable department. The channels through which embezzlers commit their crimes vary, too.

Accounts Payable 55

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PYMNTS

AUGUST 12, 2019

percent of an enterprise’s non-payroll business spend is accounts-payable based and 3.7 Most enterprises, found AppZen, that don’t use AI only audit up to 10 percent of spend, while companies that use AI are able to audit 100 percent of invoices, contracts and expenses. percent is travel and expense (T&E)-based.

Auditing 59

Auditing Invoicing Accounts Payable Treasury 59

PYMNTS

JULY 6, 2020

Parma was the target of a recent audit by state Auditor Nicole Galloway, who found evidence of payroll fraud and/or “improper payments to the mayor, city clerk, and to city officials and others who were related to the major or city clerk.”

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Accounts Payable Profit and Loss B2B Invoicing 59