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Fraud

Mismanaged Master Supplier Files - A Breeding Ground for Error

Start the Clean-Up

As a busy Accounts Payable professional, setting up and maintaining something which could truly be considered a comprehensive master supplier file is likely to be one of those things you know should be done and yet....

 

Often Accounts Payable departments are relatively small compared to the company size and tend to process a large volume of transactions.  In this environment it’s easy to overlook processes or to simply not have the time to adhere to them.

Lost capital - Overpayment or fraud?

Andrew Jesse, VP Basware UK, shows how taking control of the purchase-to-pay (P2P) cycle can help reduce cash loss

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There are many ways in which businesses of all sizes can lose money in the accounts payable process. This normally stems from a document or project’s disjointed journey through the purchase-to-pay lifecycle when they hit undefined areas of responsibility. The net impact is that capital leaks out of the organisation in a number of ways.

 

What makes P2P fraud so easy to do?

Looking back at the news over the last few months, it seems that there’s been at least one case of accounting fraud almost every week. All of which has resulted in billions of pounds lost to the UK economy and, in the cases where the fraud traces back to within the organisation itself, either a high profile exit or two - or a quiet letting go of senior, unnamed executives for less brand damaging “accounting inconsistencies.”

The Overlooked Factor Attacking Your Bottomline

Overview of Duplicate Payments

Duplicate payments are an overpayment error occurring within the accounts payable department. The Institute of Internal Auditors suggests duplicate payments make up between 0.5% and 0.1% of annual invoice payments (www.theiia.org), which means one in a 1000 payments could be a duplicate. If your organisation makes £50 million in annual invoice payments you are likely paying out £50,000 or more in duplicate payments per year.

The Top Six Ways to Carry out P2P Fraud

By Pete Loughlin, Purchasing Insight

Purchase to pay process, compliance controls, segregation of responsibilities – all things which to a business  can, and are,  seen as obstacles to just getting things done. But, they’re a necessary evil without which fraud would run rife.

So what are the most common purchase to pay frauds? We can’t necessarily know which are employed most often, but based on common knowledge and a bit of personal experience we think these are good candidates for the top six.

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