Financial Operations Networks (FON)

The Practical and Strategic Case for Centralized Vendor Onboarding Vendor onboarding is the cornerstone of an efficient and compliant procurement and payment process. Yet, this critical function remains disjointed and inconsistent for many organizations, with responsibility spread across the organization to those with little understanding of it. The result? There are a host of challenges and risks that undermine operational efficiency, security, compliance, and vendor relationships. Implementing a centralized and automated vendor onboarding process is transformative for such organizations. Organizations that gather vendor information through disparate and uncoordinated processes face numerous issues. Manually capturing vendor information across different teams leads to missing or conflicting data. When a company relies on ordinary employees to collect vendor information, the task is outside their primary responsibilities. They often fail to grasp the vendor data’s purpose and importance. They may think, “It’s not my job,” even as they attempt it. However, incomplete, imprecise and inaccurate data in the vendor master file delays payments and strains vendor relationships. Failing to collect mandatory information, such as tax identification numbers or certifications, exposes the organization to regulatory fines and audit failure. A lack of standardized checks and validations increases the likelihood of fraudulent vendor setups, which can result in financial losses. Scattered data collection results in more manual follow-ups, duplicated efforts and wasted time, slowing down procurement and payment cycles. Read the solution here: https://lnkd.in/eDgc5eiX

Save your seat! FREE WEBINAR: Overcoming the Biggest Challenges in Supplier Onboarding and Information Management Tuesday, Dec 10, 2024 1:00 PM - 1:45 PM EST Onboarding suppliers and managing their information is no small task. Manual or outdated processes can waste valuable time, frustrate suppliers and colleagues and leave your organization exposed to compliance issues and fraud risks. When things slip through the cracks, the consequences can be costly. During this webinar, the expert speakers will reveal how traditional approaches to supplier onboarding and information management fall short – and what you can do about it. You’ll learn actionable strategies for streamlining these processes to save time, reduce frustration, mitigate compliance and fraud risks and key considerations when evaluating automated solutions. Plus, see a live demo of one solution that automates supplier onboarding and supplier information management. What you will learn: • Actionable strategies to eliminate inefficiencies, reduce delays and enhance the onboarding experience for suppliers and internal stakeholders. • How to minimize vulnerabilities that expose your organization to compliance violations and fraud schemes by adopting best practices in supplier information management. • How one solution automates supplier onboarding and supplier information management, saving time while improving accuracy and security. Expert Speakers: Mark Brousseau, President Brousseau & Associates Phil Binkow, CEO Financial Operations Networks Register here: https://lnkd.in/g3RzYZvJ

Vendor Management Risks and Solutions: Enhancing Resilience with Technology Effective vendor management is essential for organizations to ensure compliance, protect financial assets, and maintain smooth supply chain operations. However, vendor management processes are fraught with risks, such as payment fraud, compliance breaches and communication inefficiencies. The growing complexities in global supply chains and increasingly sophisticated cyber threats compound these challenges. Risks often stem from manual processes, inadequate oversight and lack of visibility across the vendor lifecycle. Leveraging innovative technologies can mitigate these risks while streamlining operations and enhancing vendor relationships. Read the rest of the article here: https://lnkd.in/g_meEY2t

If it feels like your AP department is under siege by fraudsters, you are not alone. Increased risk of fraud is the biggest challenge that AP leaders say they face these days according to the Institute of Finance and Management (IOFM). VendorInfo can help you stop fraudsters in their tracks. VendorInfo's Bank Account Verification solution verifies that the bank account you are sending funds to belongs to your supplier – and not a scam artist. ... Authenticate the owner of an account in real time ... Validate that the account is open ... Ensure that the account is in good standing ... Validate account owner name, address and taxpayer identification number Learn how you can mitigate your risk of making payments to a fraudster’s bank account with automated bank account validation. Visit www.vendorinfo.com.

Free Webinar: Overcoming the Biggest Challenges in Supplier Onboarding and Information Management Tuesday, Dec 10, 2024 1:00 PM to 1:45 PM eastern time Onboarding suppliers and managing their information is no small task. Manual or outdated processes can waste valuable time, frustrate suppliers and colleagues and leave your organization exposed to compliance issues and fraud risks. When things slip through the cracks, the consequences can be costly. During this webinar, the expert speakers will reveal how traditional approaches to supplier onboarding and information management fall short – and what you can do about it. You’ll learn actionable strategies for streamlining these processes to save time, reduce frustration, mitigate compliance and fraud risks and key considerations when evaluating automated solutions. Plus, see a live demo of one solution that automates supplier onboarding and supplier information management. What you will learn: • Actionable strategies to eliminate inefficiencies, reduce delays and enhance the onboarding experience for suppliers and internal stakeholders. • How to minimize vulnerabilities that expose your organization to compliance violations and fraud schemes by adopting best practices in supplier information management. • How one solution automates supplier onboarding and supplier information management, saving time while improving accuracy and security. Expert Speakers: Mark Brousseau, President Brousseau & Associates Phil Binkow, CEO Financial Operations Networks Register here: https://lnkd.in/g3RzYZvJ

The Threats of Fraud Are Old and New: Protect Your Organization Criminals do not rest. Organizations face evolving threats from both traditional and modern forms of payment fraud. Paper checks remain a target for fraudsters, while electronic payment systems have proven increasingly susceptible to sophisticated cyberattacks. Real-world examples illustrate these schemes’ significant financial and operational risks, emphasizing the urgent need for robust prevention strategies. Check Fraud: The Farmville Incident A North Carolina business issued a check to a contractor for $468,477. The contractor’s name was Summit Solutionz, Inc. The company made the check payable to “Solutionz” and placed it in the mail. Summit Solutionz, Inc. never received it. Instead, a Farmville woman stole the check. She has since pled guilty to conspiracy to commit bank fraud. Her scheme included creating a fake company, “The Solutionz GA, Inc.,” and opening a corresponding bank account in Georgia to cash the stolen check. This case highlights the vulnerabilities in traditional paper check payments, especially when combined with mail theft and fraudulent account setup. Read the rest of the article here: https://lnkd.in/edBtaKpZ

VendorInfo’s self-service portal … a cost-effective, simplified way for your vendors to check invoice receipt and payment status, as well as onboarding and profile information on-demand! Now, you can eliminate most of the time spent by your staff answering vendor questions about onboarding, invoice receipt, payment status and more! VendorInfo’s secure, self-service vendor portal lets you free up your staff by transferring the handling of vendor inquiries to a secure online location where vendors can get the answers themselves -- quickly and easily. With a secure self-service portal, you sharply reduce the number of telephone calls and emails that your AP staff must handle. As a result, both you and your vendors save time and enjoy improved service at reduced cost ... so everybody wins! VendorInfo actually pays for itself by freeing up valuable staff hours and boosting the efficiency of your AP operations. To learn more about how automating vendor inquiries can put more hours into your day -- and days into your week -- visit www.vendorinfo.com.

Automate Bank Account Verifications to Reduce Payment Fraud When it comes to vendor banking information, our customers tell us: Verifying bank account ownership is crucial to mitigating the risk of payment fraud. But … procedures for verifying banking information, including phoning the vendor, requiring confirmation letters from a vendor’s bank, obtaining voided checks and confirming known information are inefficient and tedious. Collecting bank account information by email is riskier today than in the past. Now, with VendorInfo’s bank account verification module, businesses can put a stop to tedious, time-consuming procedures, reduce risk and eliminate data entry. Your vendors can complete and electronically sign bank account information forms, with automatic verification of: ... Account Name ... Address ... Bank Account Number ... Routing Number ... Tax Identification Number Want to reduce your company’s risk of payment fraud? Visit www.vendorinfo.com to learn how VendorInfo can automatically verify bank account information for new vendors or vendors changing their bank account details.

FREE WEBINAR: Fraud Prevention in Focus: Modernizing Your Bank Account Verification Process Wednesday, Nov 13, 2024 1:00 PM - 1:45 p.m. eastern time Traditional approaches to verifying bank account ownership are no longer enough to protect your organization from the growing threat of cyberattacks and payment fraud. As well-financed fraudsters develop more sophisticated tactics, organizations must adopt more advanced, automated solutions to stay one step ahead. This webinar will empower you to modernize your bank account ownership verification process, ensuring that your defenses are stronger and more resilient against evolving fraud schemes. You’ll also see a live demonstration of one product that automates and verifies ownership of domestic and international bank accounts, helping you secure your payments. Attend this information-packed webinar to: • Recognize weaknesses of traditional bank account verification methods • Learn proven techniques to ensure accuracy and security in your verification processes • Identify red flags that suggest a bank account change request might be fraudulent • Understand how automation can be a game-changer in reducing fraud risk • Discover what to look for when assessing automated bank account verification solutions Expert Speakers: Mark Brousseau, President Brousseau & Associates Phil Binkow Financial Operations Networks Register for free here: https://lnkd.in/ekdjPvHn