We're here with a new exciting feature that lets you handle accounts payable collaboratively in your organization or with your accountant. Refresh your Roger web application to see our new communication tab in your overview. This feature is so much more powerful than its simple appearance - read more here.
Accounts Payable and managing your vendors is something that typically happens in silos, performed by one or two people in the organization or left to an external bookkeeper to handle. What are the issues with that setup? When accounts payable is managed by just one or few people, several problems arise.
1. Your controller or bookkeeper has to hunt people down for approvals, details and more information about a particular bill or expense. This takes time (more time than you'd like!) and, combined with other manual processes, can bring the cost of processing a single invoice north of $25-40.
2. Details and information about a vendor and a payment is not stored for the future but remain in a few people's inboxes and/or brains with no options for future reference.
3. Conversations pertaining to payments are not traceable in an audit log and can cause issues if you're being audited
4. External AP fraud is more common than most businesses think and on average small businesses lose 5% of revenues every year to payments fraud. A common way to commit fraud is by pretending to be a C-level executive and email back and forth with the AP staff to initiate a fake payment. When you're using Roger as intended and don't deviate from your processes, CEO fraud becomes close to impossible.
5. Occupational fraud, although no one likes to think it can happen in their business, is a real concern. When invoices are approved, paid and recorded by just one or a few individuals, internal/occupational fraud is not only easier but a lot more likely to happen.
The new collaborative chat feature therefore only hides behind a simple facade, and we can't wait for you to discover the power that lies in making your financial processes more collaborative. The best part is that you can add an unlimited amount of users to Roger at no additional cost so it won't be more expensive to take fraud and compliance as seriously as you should while still maintaining proper access levels and keeping certain things on a "need to know basis".