Continuing the push to adopt the Pan-European Public Procurement On-Line (PEPPOL) technology standard for e-invoicing in Australia, the Australian Taxation Office (ATO) has been formally established as the Australian PEPPOL authority.

Accounts payable fraud can impact any business, regardless of its size. The organisations that are most vulnerable are those without robust systems for verifying invoices against purchase orders and evidence of goods or services received. When controls on invoice approvals and payments are not consistently and rigorously enforced, this creates an opportunity for financial crime.

Managing the accounts payable department can be a challenging task. Companies are often tripped up by manual data entry errors, lost paper invoices, missing information and delayed approvals. Beyond wasting time and eroding efficiency, these stumbling blocks can also lead to financial loss – especially when gaps in poorly managed processes result in overpayments or facilitate fraud.

Two non-profit organisations have just released their findings on a brand new solution for business process automation created by Australian software development company Cypher IQ.