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Having our customer’s back…office — Bill.com gives you the tools to protect against fraud

November 7, 2011

Tomorrow I’m presenting Seven Ways to Minimize the Risk of Fraud and Liability for Your Firm and Your Clients, at the 2011 Sleeter Group Accounting Solutions Conference. The purpose of my presentation is to encourage financial professionals to examine their processes and controls to uncover potential weaknesses in their accounting organization—and demonstrate the benefits of cloud computing and Bill.com as a cost-effective, trustworthy solution to protecting your assets.

I’d like to share some of my key points with you because fraud is such an important topic in our field. In the Association of Certified Fraud Examiners’ 2010 Report to the Nations, individuals in accounting departments—topping the list—committed 22% of the frauds in their study. Think about what activities like check tampering, over-paying, and depositing funds into the wrong account can cost an organization! Small businesses are especially vulnerable, as they tend to lack tools to prevent and detect fraud. This is where Bill.com can help.

Bill.com is a business owner’s command and control center that enables you to establish prevention procedures, go paperless, enforce separation of duties, automate work processes, enforce payment controls, eliminate incoming and outgoing checks, and perform more regular internal audits – all the things I recommend you do to minimize the risk of fraud and liability. When you move your financials into the Bill.com cloud, you can put controls in place that are simply not possible in a paper-based system. 

As your back office, the Bill.com cloud may actually be safer than your physical office. The cloud provides the industry’s most advanced, multi-pronged security. Your data is backed up to multiple locations and all communications sent through Bill.com uses bank level encryption. Our servers – not to mention our facilities – require strict authorizations for access in order to protect client accounts, our network and databases.

Bill.com’s unique end-to-end solution incorporates best practices to safeguard your assets and protect against fraud, bringing prevention, control, and accountability to the forefront, so nothing falls through the cracks. Bill.com makes it easy for you to put controls in place, giving you the oversight you need to manage your processes with confidence.

For example, you can separate the data entry, approval, and payment processes so the employee who enters the bills into the system doesn’t have the ability to authorize payments for them. When you use Bill.com’s electronic payments, bills are guaranteed to go directly to your vendor’s bank account over our secure connection.

And since sending checks through the mail exposes your business to security risks, including information theft and check manipulation, every bill you pay through Bill.com is drawn on a FDIC-insured Bill.com bank account. If we pay a vendor with a check that gets altered, our Positive Pay Process ensures it can’t be cashed, leaving your bank account out of the risk.

Bill.com enables you to “go paperless,” reducing physical checks and other financial documents that can be easily stolen or tampered with. This keeps important information off of employees’ desks and out of sight. Using Bill.com, your “paperwork” is already in order—scanned, processed and searchable—so you can keep track of the process from A to Z with greater transparency. Plus, you’re auditor-ready with organized files that can be accessed securely online.

Bill.com is the only integrated solution that streamlines your back office services—while guarding against errors and fraud. By using Bill.com as a preventive security tool, you’re making the most of cloud technology to reduce your company’s exposure to risk and run your business with peace of mind.

If you’re at the Sleeter Conference this week, please join me at my session or stop by the Bill.com booth to say hello. I’d love to meet you! We’re hoping to get a recording of the presentation to post on this page, so stay tuned to this blog for a link where you can view it after the conference.

René Lacerte
Founder and CEO
@rlacerte

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