McLean, VA (PRWEB) June 24, 2013
Corcentric, a leading provider of Accounts Payable automation and electronic invoicing solutions, looks at the latest statistics on AP fraud and how automation may result in decreases in these events.
Though fraud is decreasing, 61% of companies participating in the AFP 2013 Payments and Fraud Control Survey still say they’ve experienced either real or attempted fraud this year. One noticeable trait: companies with $1 billion in revenue and a vendor base of 100 or more experiences considerably more fraud than a $1 billion company with 26 vendors in their payment accounts. This makes sense since most companies aren’t necessarily growing their staff as they grow their payment accounts. Normal human error, coupled with massive amounts of invoices, results in a natural breeding ground for fraud
When it comes to invoice fraud, companies that implement AP workflow automation and e-invoicing have additional safeguards to protect a company from these incidences. The solution should require that every vendor have a unique vendor number and that each should be set up by the client’s AP department. A system of checks and balances will prevent duplicate billing (which may often be an oversight and not intentional), overbilling, or invoicing that has no PO to match against, and may therefore, be a phony bill. These situations automatically fall into the exception category and need higher approval before being sent for payment.
The Corcentric blog is a knowledge center for accounts payable professionals to explore automation best practices along with the latest trends and news in financial process automation.
View Corcentric’s latest blog at http://blog.corcentric.com/accounts-payable-fraud/
For more than 15 years, Corcentric’s cloud-based financial process automation solutions have revolutionized how the world’s largest organizations manage and protect their financial assets. By connecting best practices with deep expertise, Corcentric’s ground-breaking Accounts Payable and Accounts Receivable automation solutions have enabled organizations to reduce costs, streamline processes, and provide unmatched visibility executives need to make critical business decisions.
Learn more at http://www.corcentric.com or call 888.525.7677.