We at DataServ hope that you and your AP team sleep soundly at night, but we know that many financial leaders find a good night’s sleep elusive. Entrusted with the financial health of their company, the pressure to accurately identify opportunities for savings while also capitalizing on investment opportunities is enough to make one restless. On top of those fundamental pressures, there are three subjects that we often hear about from our clients that they wrestle with at all hours.
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We will discuss each of those worry-inducing subjects, while also putting your mind at ease with some solutions. Hopefully, after reading this, you will be able to rest easy.
All it takes is one wayward employee with access to a corporate credit card or the ability to forge invoice approvals, and your company could lose millions. That’s enough to keep you up at night! But rest easy, knowing that the right Accounts Payable Invoice Automation (APIA) system offers data integration, automation, and analytics—three keys to effective anti-fraud solutions. When you have access to well-documented, auditable data and comprehensive reporting, you can notice anomalies in spending and approvals. When you automate your AP workflow, you get more accurate data capture, improved controls, and adherence to policy through a well-constructed approval matrix. Make your audits easier and fraud less likely by investing in a good APIA solution.
2. Cyber Attacks
According to IBM’s latest Cost of a Data Breach Report, data breach costs rose to an all-time high, from an average of $3.86 million in 2020 to $4.24 million in 2021. As cyber-attacks and data breaches become more common, and the criminals who perpetrate them more sophisticated, financial leaders are right to be concerned about their cyber security. The right Accounts Payable Invoice Automation partner can provide layers of password protection and secure offsite data storage and backup, both of which are critical elements of any cyber-attack defense.
The American Institute of Certified Public Accountants (AICPA) provides Service Organization Control (SOC) reports that provide independent verification that a service organization (e.g., an APIA solution provider) can capably and safely manage sensitive financial and business data. DataServ undergoes the rigorous, annual audit process required to officially meet the requirements for the SOC1 designation, so our business partners can be much more confident in the safety of their sensitive data. Meeting the requirements for SOC1 designation provides our clients with independent verification of DataServ’s ability to manage and safeguard the financial and business information entrusted to us.
We are living through a time of unprecedented uncertainty, with a global workforce shifting to remote work, and the economic markets adjusting to the impacts of the pandemic and supply chain shortages. For financial leaders experiencing the stress of an uncertain economic environment, quick, accurate, and timely data to help you make better and faster decisions is more valuable than ever. It is easy to become overwhelmed with all of your financial liabilities as you manage invoices, processes, payments, and vendors. Access to up-to-the-minute data is not only a cure for your sleepless nights but is also the path to resilience for your business. Gathering data when, where, and how you need it is essential, and APIA providers like DataServ give you access to data, metrics, and graphs about your organization’s AP documents and processes. Dashboards like Aging or Invoice Matching or Vendor Not Found can be viewed on your computer or your mobile device. Now, more than ever, you and your AP teams need to be able to get accurate and fast information about your company’s financial health.
Rest assured, you are not alone in your worries, and as we’ve discussed, they are common problems, and your worries are often warranted. Thankfully, DataServ has solutions that address these issues and alleviate those worries. You can get a good night’s sleep after you partner with DataServ.
To learn more about DataServ’s APIA solutions, contact us today.