Best practices for using and securing invoice automation

Best practices for using and securing invoice automation

With the amount of technology at the average business' disposal, it's hard to believe that many companies have yet to capitalize on the benefits associated with electronic workflow. The rest of the world is moving into the digital age, operating more quickly and efficiently than those choosing to partake in outdated practices that are quickly becoming ancient.

Take it to the web
According to Banking Business Review, Bank of America Merrill Lynch recently launched an online banking solution, appropriately named CashPro BillPay, which provides both small and medium-sized businesses with the ability to utilize automatic monetary transactions. Users are able to pay bills, transfer funds and obtain a comprehensive view of all account activities. Cindy Murray, head of BofA Merrill's Global Treasury Product Platforms and E-channels, stated that the platform is easy to use and reduces the amount of time it takes for professionals to conduct financial tasks.

For companies handling hundreds of fiscal proceedings a day, invoice automation may be their best option. Mailing out numerous payments via check can be both time-consuming and tedious. In addition, periodically sending employees to the bank to deposit checks from customers or clients prevents them from doing the jobs they were hired to perform in the first place. Galen Robbins, head of Global Commercial Banking Transactions for BofA Merrill, acknowledged that time is of the essence when it comes to running a business with limited labor resources.

"When our clients utilize CashPro BillPay, they are able to spend less time managing their manual accounts payable and payments processes and more time focusing on growing their business," said Robbins, as quoted by the news source.

Keeping it all secure
If an unauthorized figure gains access to a company's account, the results could be severely detrimental for business operations. For this reason, banks and other financial institutions utilizing online document management software are beginning to invest heavily in database and network security. Some are expanding their IT departments while others are outsourcing to digital infrastructure service specialists to provide them with the added protection they require.

However, there are still a number of necessary best practices a company engaged in online banking should take. Kim Komando, a blog writer specializing in digital technology, recently wrote an article detailing what businesses should do in order to protect their monetary assets. Although organizations offering electronic transactions via paperless document management do everything they can to defend their clients' accounts, negligent behavior on the users end of the bargain can cripple an enterprise. Komando recommended taking three steps:

  1. Implement a unique login and password to access your bank account. If a business uses the same information to enter other online platforms, a hacker could gain access to an entire system.
  2. Hold down the fort by continuously updating software and malware security programs on business PCs. In addition, make sure that employees are cognizant of phishing scams - alerts or notifications that appear legit but are actually harboring viruses.
  3. Finally, make sure the connection is defended. Komando advised businesses to encrypt the avenues through which they communicate with their accounts.

Typical document management software possess encryption features for those looking to restrict access to unwarranted figures. However reliable the system may be, that doesn't mean that files, records and banking transactions won't be exposed when workers engage in reckless online behavior. For this reason, companies should consider implementing a PC usage policy that prohibits employees from visiting malicious websites, purchasing items online or subscribing to websites that may or may not be validated.

Though necessary, ensuring security is simple and easy to execute when the necessary steps are taken. Of course, organizations can choose to abstain from switching to an electronic system, but they would miss out on the list of benefits associated with it.