How to protect your small business from accounts payable fraud with ApprovalMax and Telleroo

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Posted on
November 29, 2022
Topics
Accounting

How to protect your small business from accounts payable fraud with ApprovalMax and Telleroo

In the first half of 2021, reported losses in the UK due to payment fraud and cybercrime tripled compared with the same period the previous year. In order to protect your business and your financial assets from accounts payable fraud, it’s essential to have the right technology in place to automate key processes. 

Telleroo and ApprovaMax are complementary solutions to automate manual AP processes, helping to flag unusual or suspicious activities in real-time.

Do you currently email spreadsheets around to get approval for payments? 

Are you manually typing in bank details and amounts each time you need to pay your suppliers? 

Do you have a clear audit trail of who made which payments?

These practices pose potential risks for your business and are things that can be easily mitigated.

3 quick tips to protect against payments fraud 

  1. Ensure you have at least a two-step approval process in place 
  2. Cut out manual data entry from your payment process 
  3. Conduct regular randomised audits and digitise audit trails 

How Approval Max helps protect your business from accounts payable fraud

ApprovalMax provides a robust approval process for your business, helping tighten spend control, mitigate fraud and introduce audit trails. 

In any business, it's important to ensure that no single employee is in change of payments. Automating your approval process through ApprovalMax ensures all payments go through a consistent granular financial control process. 

Audit trails are generated automatically in ApprovalMax and contain all authorisation decisions and exceptions. Audit reports are then automatically attached to approved documents in the general ledger, where you can view them without having to log into ApprovalMax.

ApprovalMax also detects any changes made to documents after approval and automatically notifies account admins, ensuring nothing slips through the cracks. 

Key features at a glance

  • Flexible approval workflows to automate your delegation of authority policy
  • Audit trail and audit reports
  • Restricting access to Xero
  • Detecting changes after approval and documents approved directly in Xero
  • Matching
  • Supplier approvals
  • 2FA and auto-logout

How Telleroo helps protect your business from accounts payable fraud

Telleroo saves you time and de-risks your payroll and supplier payment process by minimising manual data entry and human error. 

When you connect your business to Telleroo you can assign separate creator and approver permissions and set payment limits to minimise exposure to fraud. 

When setting up a pay run in Telleroo you can use the bank details scanner to pull the sort code and account number directly from the invoice, reducing the risk of human error. We then run a Modulus check to validate the payee and we flag any new or updated account details to let you know if anything has been changed since the last pay run. 

Thanks to our integration with Approval Max you can verify that the payment has gone through the proper approval flow from within Telleroo when setting up the pay run. 

The Telleroo team monitors all transactions through your account and flags anything suspicious, giving you extra peace of mind.

Key features at a glance

  • New and updated bank details flagged
  • Bank details scanner pulls the sort code and account number directly from the invoice
  • Assign creator and approver permissions
  • See approval flow in Approval Max
  • Modulus check to validate account details
  • Set payment limits to make sure you don’t pay more than expected 
  • Transaction monitoring
  • 2FA 

Using ApprovalMax and Telleroo together for added security

By introducing ApprovalMax and Telleroo you can provide your business with additional layers of security to protect against accounts payable fraud, from approving through to processing payments. 

Sign up for ApprovalMax here and get started with Telleroo today, your business will thank you.