Payments fraud is on the rise, and 3/4 of all small businesses under 100 employees have experienced it within the past year. The Association of Fraud Examiners estimated in 2012 that the typical organization loses 5% of annual revenue to fraud - a whopping $3.5 trillion lost yearly on a global scale. As we help more small and large businesses and accounting firms automate accounts payable and bill pay, we are also diving deeper into the issue of fraud.
Being experts in Accounts Payable fraud, and helping our customers avoid any hits to their bottom line due to fraud is a top priority of ours for the future. With the launch of Roger’s approval flow a few months back, we took a big leap in bringing compliance and security to our customer’s Accounts Payable flow. In 2019 we will be announcing a long list of new features designed to mitigate accounts payable fraud, but the first one is coming today: A full audit trail for your Roger account.
Generally speaking, an audit trail is a set of records that provide evidence of the sequence of a set of activities, such as payments, within a company. The audit trail in Roger is a fully documented trail that provides proof for all accounts payable-related activities. This means that your Roger audit trail will provide you with a chronological log of all events relating to a single transaction. The audit trail for a single transaction can be simple or complex depending on the steps involved in the transaction in question.
The global levels of occupational fraud are said to exceed $3.5 trillion globally, so this is a huge issue for not only individual businesses that lose substantial amounts of money every year, but also for society as a whole. When you keep a record of the details pertaining to your accounts payable-related activities, fraud is easier to detect and it becomes more transparent who performed which actions, and when. Inconsistencies and breaches of company policy can be easily examined and prevented.
Additionally, having an audit trail makes audits much less painful. In the event of an audit, you will be able to simply point to the Roger Audit Trail, and the auditor can get the full picture instantly.
When you’re using Roger to pay bills and automate your accounts payable, the audit trail is included by default. There is no setup, no configuration. As of today it’s enabled for all Roger accounts, retroactively and for free.
This is just a small taste of the powerful fraud prevention features we will be launching, so stay tuned to be the first to know how to protect your business and your clients when it comes to accounts payable fraud.
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Fraud costs small businesses $200,000 a year. This is how automation can help you avoid it.