Working With SMEs to Reduce Invoice Fraud

Criminals are adopting increasingly-sophisticated strategies to trick accounts payable teams into processing fraudulent invoices.

Scammers are getting better at spoofing emails and mimicking the identities of trusted suppliers to create invoices and communications that appear to be completely authentic.

But while the criminals’ methods evolve, so are the tools that are being developed to better protect our businesses from the threat of invoice fraud.

Webexpenses Invoice Processing is a cloud-based solution that streamlines and automates supplier invoice management to give finance teams more effective ways to monitor and control payments.

Webexpenses has been working closely with SMEs to refine the process and to create a fast, simple and fully-integrated workflow. By removing the need for information to be manually input or transferred, it empowers financial controllers.

Outdated invoice processes raise risks, here’s how to fix them

It’s the inefficiency of the traditional manual approach that has made accounts payable teams so susceptible to these new sophisticated forms of invoice fraud.

The more invoices that are being handled, the greater the risks become with only cursory checks likely to be made as vital signs of fraudulent activity remain undetected.

With Webexpenses Invoice Processing, any invoice that’s received is automatically scanned. OCR technology identifies the relevant information and converts into a digital format.

Automated checks verify the legitimacy of all the invoice information, from purchase order numbers to the known details of trusted suppliers. If discrepancies are found, invoices are flagged for further investigation.

Full integration with a range of accounting software provides a fast and fluid way to share this invoice data across finance platforms. Through reducing the administrative burden, accounts payable teams have the time and tools they need to carry out thorough checks.

The rising problem of invoice fraud and the benefits of an integrated approach are explored in more depth in the latest edition of XU Magazine, a publication for Xero users.

Follow the link to read the full article “How Technology is Helping to Fight Invoice Fraud”.

Related articles

Mobile expense management: the best platforms compared

Mobile expense management lets your team capture receipts, log mileage and get claims approved from their phones, so employees are repaid sooner and finance sees spend while it’s still fresh.  This guide compares eight platforms businesses use for it, on the things that matter most to finance teams: app usability, reimbursement speed, integrations and policy control.  Disclosure: this guide is written and published by Webexpenses, […]

Why Webexpenses Looks Different This Month 

If Webexpenses looks a little different lately, that’s not a glitch. We’ve changed how it looks, not how it works. Nothing has moved and nothing works differently. We’re calling it the ‘core interface refresh’ internally, but the name matters less than what it means for you: everything still works the way you’re used to, it […]

The Great De-Stackification: Why Finance Wants One Platform 

For a decade, the advice to finance teams was simple: build a tech stack. One tool for expenses, one for accounts payable, one for accounts receivable, one for cashflow, each one connected to the others by an integration.  That approach solved individual problems and created a new one: nobody had the whole picture.  That was […]