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Automation solutions increase chances of spotting fraudulent invoices

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Processing fraudulent invoices can represent as much as 70% of the total cost of all purchasing activity.

A recent report suggests that the UK public sector alone lost £2.3bn to fraudulent purchasing activity in the last year, and multiple invoicing was the main cause. The report also suggests that detecting exceptions, duplicates and incorrect invoices is a complex task, with failure to detect leaving organisations vulnerable to risk and increased procurement expenditure.

Invoice automation solutions help detect fraud and exceptions early in the purchase-to-pay cycle, protecting companies against losses and providing a compliant purchase-to-pay process. DCS offer solutions to achieve a “touch-less” automated invoicing process, where:

  • Invoices are converted to digital format on receipt via post, email or fax.
  • Invoice information is updated directly in existing accounting or ERP systems and automatically matched to purchase orders or goods received notes. At this stage, exceptions such as duplicates, incorrect amounts or fraudulent invoices can be easily detected and action taken to achieve timely resolution.
  • Based on the results of matching, invoices are either processed straight through or routed automatically into business workflows for further approvals and payment.

Invoice automation solutions allow detection of fraud at an early stage in the procurement cycle and automate the processing workflow thereafter.

For DCS customers, automating management of invoice processing has resulted in a transparent purchase-to-pay process, which is auditable and has resulted in reductions of up to 50% in invoice exceptions and fraud.

To know more about how you can control your purchase-to-pay cycle and avoid losses by eliminating multiple or duplicate invoicing, talk to one of our business consultants on 01753 616 720 or send your enquiry to info@dcs.co.uk.

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