22% of Mid-Sized Firms Expect Payment Fraud to Decrease with AP/AR Automation

According to a new PYMNTS analysis, mid-sized businesses are increasingly using automation solutions to optimize their accounts payable (AP) and accounts receivable (AR) procedures. This study examined AP/AR automation investment strategies of over 400 executives from mid-sized firms, emphasizing scalability, accuracy, and efficiency as primary drivers.

Preventing Fraudulent Payments

Notably, according to the survey, 22% of the participating companies believe automation will be essential in preventing fraudulent payments. This highlights how important digitalization is to protecting mid-sized enterprises from potential fraud losses and strengthening financial transactions. “Payment fraud continues to present substantial financial and reputational risks for mid-sized businesses operating with traditional manual processes,” said Ajay Mehta, CEO of IBN Tech, a well-known provider of AP/AR automation solutions, in response to the survey.

We urgently need to automate invoicing and payment operations using technologies seamlessly connected with current ERP/accounting systems. Mid-sized businesses are becoming more aware of the weaknesses in manual AP/AR systems as sophisticated fraudulent payment techniques become more sophisticated. Automation adds crucial oversight, validations, and controls to the order-to-cash process. The extensive AP and AR automation software from IBN Tech is designed to meet the unique needs of these companies.

Manual Inspection

The control and visibility missing from manual processes are provided by essential features including automated exception management, bank detail validation, 2-way matching and 3-way matching of purchase orders, invoices, and receipts, and payment tracking. “Our services prevent fraudulent changes to bank data and ensure that bills are paid on time to the right vendors. This gives our clients trust in an increasingly dangerous payment environment,” Mehta continued.

Moreover, integrating AI and Automation in financial operations enables early detection of attempted payment fraud, spotting irregularities, and flagging transactions for manual inspection. By using IBN Tech’s services, customers have over time experienced significant decreases in days sales outstanding and payment processing costs. Most importantly, automation gives mid-sized businesses the real-time insight they need to make wise decisions.

Promoting Transparency

Financial KPIs are constantly tracked, and anomalous trends are found. As a result, proactive spending management occurs throughout the company, and cash flow optimization turns into a methodical procedure. “By future-proofing operations and promoting transparency, businesses can mitigate regulatory risks and instill confidence in payment security among leadership,” Mehta said. The advantages of automation are clear for mid-market companies that are struggling with rising fraud-related expenses and profitability threats.

It strengthens protection against changing cyber threats and frees employees from tedious, repetitive work so they can concentrate on key projects. The results of the survey show that more and more businesses are realizing these benefits. By working together with a trustworthy provider such as IBN Tech, mid-sized businesses may take charge of payment security and try to lessen the effect that fraud has on their operations. They are better able to handle obstacles and seek expansion with confidence in their financial management because of this proactive approach.

About IBN Technologies

IBN Technologies LLC is an outsourcing specialist company with clients in the United States, the United Kingdom, the Middle East, and India. The quality of IBN Tech procedures is guaranteed by ISO 9001:2015, 27001:2022 as well as a CMMI-5 certification. In its more than 24 years of existence, IBN has become a leading IT, KPO, and BPO outsourcing specialized company in the Finance & Accounting, CPAs, Hedge Fund & Other Alternative Investment business, Banking, Travel, Human Resource & Retail Industry sectors.

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Kelly D

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IBN Technologies LLC 66 West Flagler Street Suite 900 Miami,

FL 33130

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Global Delivery Center IBN Technologies Limited Kohinoor House,

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Bibwewadi Road,

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