To a criminal exploring ways to steal from a business, the accounts payable department often looks like the equivalent of a poorly guarded cashbox. The 2016 AFP Payments Fraud and Control Survey found that 73 percent of all U.S. companies experienced payments fraud last year.
Technology and automation take the slack out of manual processing, making it more difficult for crooks, who rely on inefficient processes, to sneak fraudulent invoices through. Reducing these losses should be part of any business case for AP automation.
This session will analyze the following:
- Types of payment fraud
- Fraud statistics by payment method
- How each stage of AP Automation helps prevent fraud
- Invoice capture and imaging automation
- Workflow automation
Mim Davis provides financial and systems consulting to various industries, specializing in advertising and marketing firms. For the past five years she served as the VP/CFO of Sq1 (a digital ad agency based in Dallas that was acquired by Ansira Partners, where she became the CFO of the Dallas South branch). Before joining Sq1 full-time, Mim spent the prior 3 years working as a financial, systems and management consultant to regional advertising agencies & media buying firms where she was contracted as an outsourced CFO. Before returning to this consulting practice, she was the Controller for Moroch Partners for 5 years where she was also the VP/CFO for NEXTMedia, a national network media buying firm that had a strategic alliance at Moroch. Mim previously served as Controller for LMS/MARC USA Dallas for 8 years and prior to that worked with agencies across the country for 3 years as the National Project Manager and Systems Trainer for Professional Software Systems/AdAid an ad agency software company in New York (PSS was acquired by Harris EAS). Before working at PSS, Mim served as the Controller for 6 years at Hemmer & Yates Ad Agency in Pensacola, FL, transitioning from working at a CPA firm for 3 years. Mim left the CPA firm to fulfill a lifelong career goal of working in the advertising industry.
Heather Stone is responsible for the global business development of the company's electronic payment platform among mid-size and large multi-national corporations and global strategic partnerships. She oversees business development for the company's innovative globalVCard suite of virtual card payment solutions for travel, accounts payable and mobile payments, as well as the global-fleet fuel card and corporate purchasing card divisions. Her expertise in payments spans multiple industries including sports and entertainment, manufacturing, energy, construction, hospitality, media and advertising.
Heather is one of the pioneering women in the payments industry and has driven CSI into market-leading positions since the company’s inception in 1989. She is a frequent national speaker, has been recognized for leadership by the International Women’s Leadership Association, was named Professional Woman of the Year in 2013 by the National Association of Professional Women and is actively involved in many national charities.
Heather is an alumnus of Pepperdine University where she studied business and journalism.