Controls for Vendor Invoices ensure Authorization and Segregation of Duties
As well as Accuracy, Completeness and Fraud Detection
Purchase Approvals
A reliable process for approving payments is the best way to prevent unauthorized spending.
Approvers should be those knowledgeable about the delivery of the products or services and who are accountable for the cost, typically managers.
Ways these reviewers save money:
- The risk of “We already paid that? I could have negotiated a lower price.” turns into “I’m not approving it today, we might not we owe all of it. Sent attached email to request an updated invoice.”
- “They never completed the work, we agreed to hold payment until finished.”
- and of course, “That was a scam!”
Businesses Have 2-3 Approvers
0
%
Segregation of Duties
Separating responsibilities among multiple people reduces the risk of fraud and errors.
Having one person record the invoice and another approve it accomplishes this.
0
%
of Frauds involve a Lack of Segregation of Duties
0
%
of Small Businesses Experience Difficulty Enforcing Segregation of Duties
Protect your profits by ensuring you spend only what is approved and accurate
We scale to organizations of all sizes, from early start-ups to established brands. LLCs, C Corps, S Corps, Non-profits, Trusts, Partnerships, Agencies, Estates, etc.
Custom integration and automation available.