Before you can get started on any project, you need to believe that the information that’s being used to build it on is accurate. In a heavily manual or disjointed organisation, metrics that accurately measure performance are hard to come by. If the business and the team lose faith in the project because of a lack of visibility and control of the data, the resulting inertia will scuttle the project before it’s even begun.
By FISCAL Technologies
The increase in the frequency, types and cost of invoice fraud (£93M in 2018), puts greater pressure on governance and control as the ‘eyes-on’ approval process is limited to spot checking invoice exceptions. Every organisation we speak to firmly believe that they have the systems and processes in place that ensure they don’t carry any financial risk, that they cannot be tricked into paying a fraudster. But in reality, the challenges, stresses and conflicting priorities of today’s businesses make it easy for fraudsters to gather enough tangible information about their targeted organisation to pose convincingly as their supplier. In some cases, receiving multiple payments before the fraud is discovered or when the legitimate supplier complains about non-payment of invoices. At this point, the recovery and return of funds from the fraudulent account is virtually impossible.
Some organisations get it. They fully recognise the potential that new technology and process has to transform their business. Others, quite simply, don’t. Some still see automation only as a potentially faster way of doing business, but with added implementation and process change costs, and anyway they're quite happy the way things are – so push it to one side.
But they’re missing a trick – and it’s a much broader one than they imagine. Automation, combined with process change isn’t just a question of speed, done properly it can be a means to an altogether more efficient machine.
Wednesday 9th September, 2020
If lockdown has taught us anything – it’s been the strength and importance of community. In those heady Pre-Covid days in February, you’d have been forgiven for seeing a client or overseas work colleague more often than your neighbour.
Avalara helps businesses of all sizes get tax compliance right. In partnership with leading ERP, accounting, eCommerce and other financial management system providers, Avalara delivers cloudbased compliance solutions for various transactional taxes, including sales and use, VAT, GST, excise, communications, lodging, and other indirect tax types. Headquartered in Seattle, Avalara has offices across the U.S. and around the world in Canada, the U.K., Belgium, Brazil, and India.