Detect Corporate Fraud through Electronic Invoicing
Protecting Your Business with Purchasing Software
The introduction of electronic invoicing is helping many businesses detect corporate fraud. In Europe, e-invoicing is becoming the standard requirement by governments to prevent fraud before it becomes a problem. Corporate fraud has hurt businesses and the government alike not only in Europe, but everywhere.
Electronic invoicing and procurement help companies detect fraud in a few ways.
First, companies using digital procurement have far superior insights into their spending trends and have fast insights into their spending trends through e-procurement. Vroozi provides real-time feedback on spend data. With that real-time data, companies can quickly see outliers that can tip off procurement leaders to procurement fraud.
3-way checks are another powerful way to detect fraud. A 3-way check is simply an electronic, automatic check between your Purchase Order, Goods Receipt, and Invoice. This system instantly alerts you to discrepancies in product ordered, delivered, and billed. Duplicate invoices and even innocent clerical errors are all costly issues for companies managing a large volume of spend.
There are many ways to detect fraud through e-procurement and invoicing, and the power to have that insight can literally save businesses from financial ruin.
To learn more about how to detect fraud through e-procurement, register for a live demo today.[/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]