Get Control of Your JD Edwards AP Information Before the Fraudsters Do!

The average business in the United States suffers losses of 5% of revenue annually due to fraudulent payments, per the Association of Certified Fraud Examiners.  This means that a business with $8.5 billion in revenues loses $425 million annual to fraud – a significant hit to its bottom line.

 Businesses are under siege from crooks trying to perpetrate payments fraud:

• Vendor schemes
• Collusion
• Computer-based payments fraud
• Conflict of interest
• Fraudulent financial reporting

The problem is that businesses that rely on manual or semi-automated invoice processes are largely powerless to stop payments fraud.  In a manual or semi-automated invoice processing environment:

• Document history and approvals are not tracked
• There is no way to ensure that staff adhere to approval policies and separation of duties rules
• There is no chain of custody assurance
• Audit information is not readily available
• PCI Compliance is poorly controlled
• There is no way to prevent documents from being discarded or destroyed ahead of deadlines

One-in-ten accounts payable professionals surveyed by the Institute of Finance and Management (IOFM) say that improving control over security is a top priority for 2018, topping cash management.

Combining an automated invoice processing solution with a state-of-the-art ERP application, such as JD Edwards, provides businesses with the control they need to mitigate fraud risks:

• Audit trails for every touch and modification to an invoice
• Real visibility into the actions of employees
• Configurable invoice approval and exceptions workflow paths
• Automated adherence to invoice approval policies
• Electronic retention of documents and data
• No chance of documents being discard prematurely
• Option to incorporate encryption
• Easier compliance with PCI security standards

The control provided by the combination of your ERP and an automated invoice processing solution such as the one from Canon Information and Imaging Solutions (CIIS) gives businesses an upper-hand against fraudulent activities. By pairing continued investment in your JD Edwards application and implementing integrated user enablement tools you empower business users and IT to gain control of financial operations while creating the visibility required by management.

This guest post is brought to you by GSI’s Partner Canon Information & Imaging Solutions. Interested in learning more? Download the CIIS white paper “9 Reasons AP Must Protect Against Fraud Automation Fraud”.

About Canon Information and Imaging Solutions, Inc.

Canon Information and Imaging Solutions, Inc. (CIIS), a wholly owned subsidiary of Canon U.S.A., Inc., brings together Canon's world-class imaging technologies and information management expertise to assist organizations in achieving their digital transformation objectives.  With a focus on innovation, CIIS's software development and solutions delivery capabilities scale across several practice areas: Business Process Automation - including Procure-to-Pay & Order-to-Cash automation, Document Solutions, Information Management Services with a focus on content capture, management and collaboration, and Security and Infrastructure Management.  With expertise in emerging technologies such as artificial intelligence, machine learning, and big data analytics, CIIS deploys its solutions in partnership with leading technology providers and offers comprehensive consulting and professional services that are trusted by organizations of all sizes. Additional information about the company, its programs and mission can be found at ciis.canon.com.