Protect your company from fraud and risk associatied with paper-based processes.
Paper puts your company at risk. In a paper-based environment if there is a natural disaster and your company's documents are destroyed, then you no longer have access to critical data to operate your business. Research has also shown that paper documents and paper checks are leading sources for fraud, because data is not protected. AP and payment automation ensure that your company's invoice and payment information is secure in a cloud-based environment that can be accessed anywhere that you have access to the internet. Automated fraud detection built into AP and payment automation tools is one of your company's best lines of defense against fraudulent requests and duplicate requests for payment. AvidXchange’s proprietary fraud detection software never sleeps to ensure that every invoice you process is legitimate before it’s in your accounting system.
Our always-on fraud detection system scrutinizes every invoice and payment request before it’s a problem. A rules-based workflow engine lets you configure the appropriate actions and alerts whenever unusual invoices are detected. Focus on prevention with our sophisticated fraud detection functionality:
- Identify source as a trusted vendor
- Provide conditional approval rules
- Identify duplicate and similar invoices
- Configure unique workflow steps and approvals
- Issue immediate notification alerts
- Identify and eliminate fraudulent invoices before they’re in your accounting system