How Does Financial Management Software Reduce Fraud Risks?In the advancing B2B payment world, fraud attempts have elaborated even more. Whether it’s a large enterprise, small and mid-sized business, or non-profit organization, payment fraud has made its way. A survey revealed that the prevalence of frequent and substantial payment fraud has impacted businesses quite adversely. As it has become more common, IT teams are paying extra attention to B2B payments fraud. Most of the security professionals are unconvinced and uncertain their organizations have deployed adequate technology to prevent payment fraud.
If it seems astonishing why B2B payments are facing such escalation in fraud risks, one must no go far and just look that way business organizations handle accounts payable these days. Not only the accounts payable team is leaving loopholes for error by entering invoice data manually and juggle dozens of invoice approvals over mail. Furthermore, they continue to rely onpaper checks—the riskiest payment method available. Subsequently, handling account payables with risk in spite of accessible alternatives invites payment fraud.
In such a case, leveraging Dynamics NAV implementations is an intelligent approach to mitigate payment fraud. Implementation of readily available advanced technology enables the business organization to prevent fraud and drive security within the entire organization. Business corruption is a reality of the modern world and it would be naïve to believe that businesses these days are safe and immune to such threats. ERP capabilities can be deployed, which functions as the best Financial Management software to reduce business corruption and help enterprises alleviate the risk of payment fraud.
A Robust ERP Can Help Business Enterprises In The Following Ways:
Prevention —Adopting preventive measures and control metrics helps business organizations manage fraud quite efficiently. Well-guarded controls and procedures make it difficult for unscrupulous and fraudulent employees to take advantage. An efficient ERP with its intuitive financial management capabilities renders extensive controls and procedures to mitigate fraud and corruption.
Automation —One of the fruit-bearing benefits of deploying an efficient financial management solution is automation. This innovative and advanced functionality helps business enterprises get a tighter control of the business processes and make the most of comprehensive audit tracking. With limited or no audit trail, manual systems are wide open to exploitation. In such a case, documentation can be changed, misplaced, or misused quite frequently. ERP offers built-in alert capabilities, which shoots an email in authority for approval before making any major changes.
Anti-abuse —Offering extensive assistance in meeting the regulatory compliance with legal requirements and accounting rules, an efficient financial management software solution helps companies drive anti-abuse functionality within the entire organization. Particularly, most of the internal fraud cases result from the exploitation of the accounting system. In such a case, ERP assists businesses in alleviating fraud and prevent such abuse efficiently.
Segregation of Duties —Business organization can make the best use of ERP solutionsby enforcing segregation of duties and strict approval mechanisms. This prohibits fraudsters from performing unauthorized functions. In this context, automation of advanced and modern tools like electronic funds transfer can help eliminate unnecessary risks with manual action for payments.
Biometrics —It is a procedure outside the accounting system, however, open to abuse. Leveraging ERP’s financial capabilities to assure biometric controls protects a business organization against theft or fraud. This robust cloud-based business management solution provides physical access control over, which accesses the stock room. Additionally, the ERP can assign access rights and updates the record of access granted as well.
Internet of Things (IoT) —ERP is the complete and integrated package of internet of things, that drive technological advancement and offers 24*7 access to power-packed tools for improved tracking. With such robust capabilities, business organizations can track stock movements, levels, sales trends, and purchase requirements efficiently. With Dynamics NAV ERP Implementation, businesses can get ERP as their backbone to support business control and security needed to make the most innovation and its benefits.
Furthermore, there are certain benefits of deploying the best financial management software:
• A reliable, scalable, and secure ERP software solution enables the finance department to minimize accounting errors, shorten invoicing cycles, stay updated with the changing taxation and regulatory compliance, maintain fiduciary administration, and optimize the cash flow, whether daily, weekly, monthly, or yearly. Additionally, an efficient and flexible financial management solution assists a business in national and international standards, even if they are prone to changes.
• Leveraging the financial management capabilities of an efficient ERP solution business organizations can reduce the repetitiveness of the records, deliver improved budgeting, forecasting, and planning. Along with these business benefits, it enables business administrators to categorize expense management, integrate with the bank, perform an accurate audit and keep its records proficiently.
• ERP allows a company to inter-connect the financial data, which can be inter-company, inter-department, and inter-plant. Eventually, its robust capabilities help business organizations get the clarity and transparency of data among disparate departments and minimize complexity as well. Not only this helps secure a renowned financial position but drive high data accuracy. Business administrators can easily monitor growth across markets, products, and geographies with the expanding business.
Business professionals can rely on Microsoft Dynamics NAV Implementation Partner to get accurate estimates of cost and time, minimize future costs, track projects, achieve ROI, and get the best financial management software to run financial operations smoothly and reduce fraud risks. On a conclusive note, such implementation helps business organization transit to electronic payment methods, segregate duties, and automates accounts payable to reduce business corruption, enhance operational efficiency and take business to the next level.