In today’s tough economic environment, many companies are trying to find ways to increase productivity. One of the areas many companies should consider is how to use electronic payment technologies to automate the account payable.
To implement Electronic Fund Transfer (EFT) or electronic checks within Microsoft Dynamics GP, enterprises must be aware of the potential security risks and make sure the EFT software they choose addresses these issues:
Are Bank Account Numbers Encrypted When Stored in the System?
Are Bank Account Number Masked When Displayed or Printed?
With such a widespread phishing problem in the Internet, a company cannot afford running the risk of being identified as the one who accidentally leaks the bank account number of a phishing victim.
Does the EFT Software Have Adequate Safeguard Against Potential Employee Frauds?
Can the Vendor Routing/Account Number in the Vendor Account Setup window be changed without approval by an authorized person before becoming effective? This exposes the company to the risk of employee frauds.
Can the EFT Software Support Multiple Level of Approval with Dual Signatures Before the EFT File Is Generated?
When preparing electronic payments to vendors or employees, a best practice procedure is to have multiple persons involved in the payment process. Companies should not compromise fraud protection and just rely on a single person to generate the EFT file for payment.
Can the System Administrator Alter the Key Payment and Approval Database Directly?
Key payment information and approval signatures must be cryptographically protected against tampering to ensure data integrity.
Does the EFT Software Send Out Email to Notify Payees with the Payment Information?
The EFT Software needs to send out emails to notify payees about the payment. This ensures the payees are aware the payment immediately and it provides additional audit trail as well as better customer satisfaction.
Should you send remittance information along with the payment?
It is good to send additional remittance information along with the payment through the bank, so that the vendor will be able to identify the payment information on their monthly statement. This will reduce the amount of vendor calls on payments.
Call us to help your company implement EFT properly.