Many of the new customers we onboard have already had a reasonably well functioning cash forecasting and/or payments process. However, their work may have been slow, manual and error prone, which is risky both in terms of content and timing. If that sounds even remotely familiar, let’s see if we can help you too!
Risks in payment transactions
Even though your payments may automatically flow from the ledger system to a bank, a complete audit trail of transactions or the participation of different individuals is often not collected and available. Relying solely on the direct integration between an ERP system and an internet bank may become challenging and costly when dealing with several banks. Many financial systems also lack the flexibility to cost-effectively support automated posting, making it a manual job.
- How much time is spent on manually uploading payment material?
- Who has the right to trigger and even change payments?
- How to tamper-proof the payment material?
- Where can you see by whom and when the materials have been processed?
- How much time is spent for example on financial audits?
Do errors occur and is there any possibility of misuse?