To successfully protect your business against fraud, you have to constantly adapt your defenses in order to combat the latest forms of attack. With automation, you can identify fraudulent behavior quickly and easily.
Digital technologies may provide opportunities for electronic schemes, but they can also supply effective tools to fight them. Automation helps reduce fraud risk by offering electronic payments, built-in controls, and regular reconciliation of your accounts.
Here are three ways you can automate financial tasks to identify fraud quickly and protect your business:
Monitor your accounts.
Automated account monitoring can help you identify fraud early and put a stop to it quickly. Online banking and credit card accounts offer real-time notifications on transactions and balances. You can set up your accounts so that you’re notified about certain transactions by text or email. Quick notifications are especially important with ACH transactions. ACH fraud control services provide an additional level of protection.
Streamline your financials.
If your bookkeeping methods rely on manual entry and reporting, it’s time to automate your accounting system. Eliminating manual entry saves valuable time, removes the risk of manual error, and provides up-to-date information about your payables, receivables, and cash position. With treasury management services, you can download information from your bank accounts into your accounting system so you have all the information you need to review your finances and identify fraud.
Track your expenses.
Making payments by credit card or ACH provides a more efficient way to track your expenses. With business credit cards and purchasing cards, you can automate vendor payments and your payroll to minimize fraud risk. Corporate credit cards are specifically designed to help you manage travel and entertainment (T&E) expenses with built-in alerts and spending audits.