In today’s digital age, businesses face a dual challenge: harnessing the power of technology for efficiency while safeguarding against rising online threats in Accounts Payable. Just as we secure our homes against intruders, our businesses, often more vulnerable, require even greater protection. 

TRAILD emerges as a beacon in this landscape, promising not just streamlined operations but a fortified defense against sophisticated scammers. For businesses, large or small, falling prey to scams can be crippling, making solutions like TRAILD not just beneficial, but essential. 

The Accounts Payable Dilemma 

A recent AP Now survey unveiled that 71% of businesses face challenges with slow invoice approvals or issues in purchase order matching, with over half still relying on manual invoice entries. Manual processes caused major setbacks for many, including a family business. They mistakenly paid a compromised $50,000 invoice.  

In Australia, the repercussions of invoice fraud and business email compromise are profound, with losses estimated at $896 million. Disturbingly, only one in seven businesses report such incidents, with the average loss exceeding $100,000.  While banks often intervene in minor credit card frauds, businesses bear the brunt of larger financial discrepancies.

Many opt for manual reviews and approvals, a method riddled with potential for human error.   In this challenging landscape, TRAILD stands out, offering a solution that marries efficiency with heightened security in the accounts payable process. 

Common Issues With Manual Accounts Payable Process 

Efficiency and accuracy are paramount in today’s fast-paced business environment, However, many organisations still grapple with manual Accounts Payable (AP) processes, which can lead to a myriad of challenges.   Let’s delve into some of the most common issues faced:

1. Towering Stack of Invoices – With a manual system, invoices can quickly pile up, leading to delays in processing and potential late payment penalties.
   
   
2. Manual Variance Checks – Checking variances between purchase orders (POs) and PO receipts manually can be time-consuming and prone to errors.
   
   
3. Prolonged Review and Approval- Without an automated system, the internal review and approval process can be slow, causing payment delays.
   
   
4. The Endless Chase for Information- Chasing down missing information via email can be a tedious task, leading to further delays and inefficiencies.
   
   
5. Forfeiting Early Payment Discounts – Manual processes can result in missing out on valuable early payment discounts offered by suppliers.
   
   
6. Intermittent Spot Checks- With a manual system, checking for duplicate invoices and errors becomes a sporadic activity, increasing the risk of oversights.
   
   
7. Time-Consuming Data Entry- Manually entering invoice data into accounting software is not only time-consuming but also increases the chances of human error. 

Introducing TRAILD 

Born and nurtured in Australia, TRAILD stands as a testament to the fusion of automation and security. It is tailored to streamline business operations while ensuring robust safeguards against fraud, errors, and oversights.

For an in-depth look at how TRAILD improves Accounts Payable, watch the complete webinar. 

TRAILD’s core mission is to help businesses thrive and grow by using modern technology solutions that seamlessly integrate with ERP systems.  Here’s why top-tier brands choose Traild: 

• Unified Solution: A consolidated platform catering to both automation and security requirements. 
  
  
• Effortless Integration: Perfectly syncs with leading ERP systems, including all MYOB products. 
  
  
• Cost-Effective Efficiency: An affordable automation solution that consistently amplifies ROI. 
  
  
• Advanced AI Monitoring: Continuous artificial intelligence vigilance to shield businesses from fraud and mistakes. 
  
  
• Endorsed by Experts: Revered by elite finance teams and cherished by everyday users. 
  
  
• Unwavering Support: Our commitment to excellence is reflected in our live, local support and unwavering dedication to customer service. 

What TRAILD Brings to the Table

1. Streamlining – Say goodbye to manual data entry and hello to automated invoice processing. TRAILD ensures that your Accounts Payable process becomes seamless and precise.
   
   
2. Automation – With TRAILD, businesses can set up approval hierarchies, ensuring that invoices are processed efficiently and with the necessary checks in place.
   
   
3. Fraud and Risk Protection – One of TRAILD’s standout features is its robust fraud protection mechanism. Flagging potential risks, it offers real-time verification. This ensures your business stays ahead of potential threats.

Seamless Integration with ERP Systems 

The beauty of TRAILD lies not just in its standalone capabilities but also in its seamless integration with leading ERP systems like MYOB Advanced and Sybiz Vision. This ensures that businesses can enjoy the benefits of TRAILD without overhauling their existing systems. 

Let AlphaBiz Help Elevate Your Accounts Payable Strategy

Are you keen on transforming your Accounts Payable process? Dive into the capabilities of TRAILD and unlock unparalleled efficiency and robust protection for your business. Don’t wait; Contact us today.