Avoid Fraud Loss. Prevent Duplicate Invoice Payments
Invoice fraud is more common as a financial loss than we think. Consider this.Barclays Bank released in March of 2019 that as many as one in seven small businesses (SMBs) have been victimized by invoice fraud within the past 12 months.
BusinessNewsWales reported that data from the bank also showed that about 28 percent of those scams led to those firms losing as much as £5,000 ($6,625 USD). SnapAP Blog’s fact source.
For this direct loss to the bottom line reason alone, and because research indicates that the numbers are similar in North America, this articles strategic outline of an anti-invoice fraud process is valuable for reading and heeding.
Why Good AP Managers Need to Be Control Freaks-AP-Now
That’s why it is imperative for accounts payable operations to standardize the way associates process invoices right down to the very last point.” AP-Now original post