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.

Duplicate Invoice Fraud

Avoid Duplicate Invoice Fraud

Why Good AP Managers Need to Be Control Freaks-AP-Now

“Whoever coined the saying the devil is in the details certainly could have been talking about accounts payable.Without exacting attention to every tiny facet of the process, duplicate payments can arise and the door for fraud opened.

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

 
This is a helpful guide of process steps and invoice activity items that must be standardized in order to avoid fraudulent payables problems for your SMB….more
A Shameless Plug. SnapAP has a proven effective three-point verification process for preventing error related losses from processing invoices and reducing potential financial loss opportunities.  Learn more about SnapAP’s Paperless Invoicing process.