One of the most significant challenges of Accounts Payable (AP) is encountering fraud. AP fraud could be damaging to the business. These incidents can happen in both external and internal environments of the organization. AutoReconcile gives an overview of classic methods of identifying fraud and how to prevent it. Having a basic knowledge of AP fraud can help protect the business' financial loss. Identifying Suspicious Fraud Incidents 1. Increasing...
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Admit it. Accounts reconciliation is one of the most problematic as many CFOs admit that it slows down the closing process. AutoReconcile finds the best and effective ways to enhance reconciliation to improve workflow. Some accountants are lucky enough to survive despite the fact that the manual process causes high chances of human error. Some accountants count on Excel spreadsheets but it has a lot of restrictions....
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AutoReconcile gathered three factors that finance departments should consider in strengthening their strategy in the business. Our brand believes that, among other things, acquiring a perfect automated tool will keep the business moving forward. 1. Outsourcing Accounts Payable (AP) Controls AP function is the most common service that businesses outsource. Businesses should be aware that the AP function needs extensive work. Typically, enterprises outsource services to improve their...
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Feeling stuck in your traditional statement matching? AutoReconcile believes that automated reconciliation is more effective than the traditional reconciliation process. Manual Reconciliation 1. Receive aged payables and statement files on paper. The sad truth is that some people still prefer to receive hard copies of documents despite the fact that these may be available online. As they accept statement documents, these are filed and fill up the stockroom. At...
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