Technology Record - Issue 32: Spring 2024

VIEWPOINT Why automate AP processes? Automating the accounts payable process helps organisations to enhance security, mitigate fraud and increase operational efficiency Security and compliance are essential for business success. The increasing network of connected technologies provides opportunity for innovation, but it also significantly expands the attack surface for organisations and potential points for cybercriminals to exploit. Fraud, phishing and other security risks increase year-on-year. For example, the Microsoft Digital Defense Report 2023 found that the number of human-operated ransomware attacks have risen more than 200 per cent since September 2022. This has put leaders under immense pressure to rapidly adapt their operations to protect their critical assets against these security threats. One tool that can help enterprises to make their operations safer and more secure is automation technology, particularly when it comes to securing accounts payable (AP) processes. AP Automation ensures that invoices are matched with purchase orders and receipts through digital workflows, making unauthorised transactions much harder to execute. Organisations can also add an extra layer of security by implementing robust access controls and permissions within the AP system to ensure that only authorised personnel can approve payments or access sensitive financial information. The solution also provides regular audits and real-time monitoring of AP transactions, allowing for the early detection of any irregular activities that could indicate security breaches. A solution like MetaViewer, which integrates with Microsoft Dynamics 365, adds an additional layer of security through firewall protection. This cloud-based approach not only contributes to overall security but also ensures the solution is scalable, flexible and securely accessible from anywhere, which is increasingly important in today’s mobile and remote work environments. Zero-trust strategies, which advocate for a ‘never trust, always verify’ approach, are at the forefront of enterprise security efforts. MetaViewer’s solution aligns perfectly with zero-trust principles by providing robust features designed to ensure the security and integrity of financial operations. These features include best practices for processing financials, preventing fraud and ensuring accountability through a comprehensive audit trail. AP automation plays a key role within the larger ecosystem of solutions and practices that are essential for enterprises navigating the escalating risks in today’s global business landscape. Learn more about AP automation at: Andy Birkey is marketing communications specialist at Metafile Information Systems ANDY BIRKEY: METAFILE INFORMATION SYSTEMS “MetaViewer adds an additional layer of security through firewall protection” 63