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Safe and secure payments built for unparalleled control, audit readiness & EBITDA gains
Configure approval flows and track each payment using digital audit trails. Maximises ITC recovery and boost your EBITDA by 5% by offering early payments to your vendors.
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Safe and secure. Compliant with RBI guidelines & IndAS
Talk to Sales
Safe and secure. Compliant with RBI guidelines & IndAS
Trusted by more than 3000 companies
The Problem Today
Payment process lack fool-proof controls, are managed manually, lack clear communication and are prone to errors
Payment systems lack controls - leading to incorrect GST deductions, double payments, payments made without approvals or audit related issues. Payment reconciliation is also manual, time consuming and error prone.
Compliance is ignored
Invoices are rarely checked for compliance issues - struck off PANs, incorrect GST, MSME,
e-invoice checks and more.
No central database
Invoices and vendor data is distributed, and often inaccessible when required for audits and future reference.
Unreliable OCR systems
Legacy OCR scanning only offers about 65% accuracy, reducing trust in the system and leaving invoices to be checked manually.
The Problem Today
AP teams spend 100s of hours booking invoices
This is not only a waste of time and productivity, but many a times the invoice booking process has compliance loopholes, uses outdated technology and there is no central storage system for audit readiness and future reference.
Compliance is ignored
Invoices are rarely checked for compliance issues - struck off PANs, incorrect GST, MSME,
e-invoice checks and more.
No central database
Invoices and vendor data is distributed, and often inaccessible when required for audits and future reference.
Unreliable OCR systems
Legacy OCR scanning only offers about 65% accuracy, reducing trust in the system and leaving invoices to be checked manually.
Lack of in-built controls
No way to prevent double payments. No way to proactively check vendor GST compliance and withhold GST component of payments.
Reconciliation is a pain
UTR reconciliation is a manual, error-prone process. H2H banking integrations are bank specific & complex to implement.
Vendors are in the dark
Vendors are often in the dark about when they’ll be paid out. And have no way to request to be paid early in exchange for a discount.
The most comprehensive payment control suite built for large Indian enterprises
ITC Ultra with Payment Hold
Save on ITC losses and boost your bottomline by up to 7% with proactive GST checks
Check GST compliance status at vendor and invoice level. Withhold GST component of payment from non-compliant vendors with the tap of a button.
Approval Flows
Build custom payment approval flows and be audit ready with a digital trail
Implement multi-level approval matrices to facilitate speedy approvals that are compliant with company policies and audit ready on day one.
Clearing Account
A daily clearing account to make vendor payments in a safe, secure and compliant manner
An integrated daily clearing account to pay your vendors, while taking advantage of automatic reconciliation with your ERP
Funds Safeguarded in Tier 1 Indian banks for a day
We have nearly 90% of our domestic payments being handled on CashFlo right now, with 3 of our divisions live on CashFlo. Throughout this journey, there has been top level involvement from CashFlo’s side.
Ramesh Iyer, CFO
Bank Reconciliation
Automatically reconcile payments with your ERP. Works with all banks and ERPs
Get the advantage of certainty and clarity on upcoming payments with rich, accurate data that you can trust. Allow your FPnA teams to better plan for the future.
Vendor Payment Communication
Instantly and efficiently update vendors on completed payments
Send detailed payment advice to vendors on email and WhatsApp so they never have to raise queries again on adjustments made, payment breakups.
Dynamic Cash Discounting
Offer early payments to vendors against discounts to boost your EBITDA. It’s a win-win.
Use CashFlo’s dynamic discounting system to maximise vendor discounts, while offering vendors a way to get paid early.
Explore our entire suite of Corporate Finance Automation Products
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Unlock the potential of your finance team & boost productivity 10x. Let us show you how.
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Overview of Payment Control
Payment control involves a set of processes and systems designed to manage and oversee financial transactions. It encompasses payment verification, authorization, and fraud prevention in payments to ensure secure and accurate financial transactions. Effective payment control is essential for maintaining financial transaction management, financial compliance, and risk mitigation. Key elements include secure payment methods, transaction monitoring, internal controls, and maintaining an audit trail.
Key Components of Payment Control
Payment control manages and monitors financial transactions for accuracy, security, and regulatory compliance. It authenticates payments, aligns them with contracts, and prevents unauthorized activities. Key aspects include authorization, verification, segregation of duties, reconciliation, and compliance adherence.
1. Payment Authorization: Ensuring that only authorized personnel can initiate or approve payments.
2. Payment Verification: Cross-checking payment details with supporting documents (e.g., invoices, purchase orders).
3. Segregation of Duties: Dividing responsibilities among different individuals to prevent fraud and errors.
4. Payment Reconciliation: Regularly comparing bank statements with internal records to identify discrepancies.
5. Compliance Management: Adhering to relevant financial regulations and organizational policies.
1. Payment Authorization: Ensuring that only authorized personnel can initiate or approve payments.
2. Payment Verification: Cross-checking payment details with supporting documents (e.g., invoices, purchase orders).
3. Segregation of Duties: Dividing responsibilities among different individuals to prevent fraud and errors.
4. Payment Reconciliation: Regularly comparing bank statements with internal records to identify discrepancies.
5. Compliance Management: Adhering to relevant financial regulations and organizational policies.
Benefits of Payment Controls
Regulatory Compliance
Ensures financial transactions meet compliance regulations, reducing legal risks and penalties through effective payment control and internal audit processes.
Improved Accuracy and Efficiency
Enhances financial transaction management by automating payment verification and invoice processing, reducing errors and speeding up operations.
Enhanced Financial Security
Strengthens transaction security with robust payment authorization, secure payment methods, and fraud detection, safeguarding against financial breaches.
Transform Financial Oversight with Safe and Secure Payment Systems
1. Enhanced Control: Payment control measures such as payment authorization, transaction monitoring, and segregation of duties streamline financial oversight and risk management.
2. Audit Readiness: Maintaining a detailed audit trail and adhering to compliance regulations ensures that all financial transactions are transparent and easily auditable.
3. EBITDA Gains: Efficient financial transaction management, including payment verification, invoice processing, and accounts payable control, improves operational efficiency, reduces fraud, and enhances financial reporting accuracy, leading to better profitability.
2. Audit Readiness: Maintaining a detailed audit trail and adhering to compliance regulations ensures that all financial transactions are transparent and easily auditable.
3. EBITDA Gains: Efficient financial transaction management, including payment verification, invoice processing, and accounts payable control, improves operational efficiency, reduces fraud, and enhances financial reporting accuracy, leading to better profitability.
Best Practices For Effective Payment Control
1. Segregation of Duties and Risk Mitigation: Ensure no single individual controls all financial transaction aspects to enhance internal controls and minimize risk.
2. Multi-Step Verification and Fraud Prevention: Require multiple approvals for payments and use secure methods and fraud detection systems to ensure legitimate transactions.
3. Automate and Reconcile Financial Processes: Streamline invoice processing with automation and conduct regular banking reconciliation for accuracy.
4. Compliance and Continuous Monitoring: Adhere to regulations, perform internal audits, and continuously monitor transactions for financial oversight.
5. Reporting and Risk Management: Implement precise financial transaction systems and develop robust practices to identify and mitigate risks.
2. Multi-Step Verification and Fraud Prevention: Require multiple approvals for payments and use secure methods and fraud detection systems to ensure legitimate transactions.
3. Automate and Reconcile Financial Processes: Streamline invoice processing with automation and conduct regular banking reconciliation for accuracy.
4. Compliance and Continuous Monitoring: Adhere to regulations, perform internal audits, and continuously monitor transactions for financial oversight.
5. Reporting and Risk Management: Implement precise financial transaction systems and develop robust practices to identify and mitigate risks.
Common Challenges and Solutions
1. Addressing Human Errors: Automate payment verification and invoice processing to minimize errors in financial transaction management and ensure accuracy.
2. Managing Complex Transactions: Implement robust payment systems and internal controls to handle complex transactions and maintain financial integrity and oversight.
3. Overcoming Compliance Issues: Adhere to compliance regulations through regular internal audits and transaction monitoring to ensure financial compliance and risk mitigation.
2. Managing Complex Transactions: Implement robust payment systems and internal controls to handle complex transactions and maintain financial integrity and oversight.
3. Overcoming Compliance Issues: Adhere to compliance regulations through regular internal audits and transaction monitoring to ensure financial compliance and risk mitigation.
Frequently Asked Questions
How can payment systems enhance financial control?
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What is the difference between payment control and payment management?
How can organizations maintain regulatory compliance in payment control?
How does segregation of duties help in fraud prevention?
What role does payment verification play in financial accuracy?
How can payment authorization improve transaction security?
Why is payment control important for financial management?
Power your corporate finance team with CashFlo
Speak to an expert from our team to see how CashFlo can help you automate and elevate your corporate finance function
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