{"id":6848,"date":"2024-09-23T11:28:54","date_gmt":"2024-09-23T11:28:54","guid":{"rendered":"https:\/\/www.zaharasoftware.com\/?p=6848"},"modified":"2025-03-04T12:50:59","modified_gmt":"2025-03-04T12:50:59","slug":"combating-financial-fraud","status":"publish","type":"post","link":"https:\/\/www.zaharasoftware.com\/accounts-approvals\/combating-financial-fraud\/","title":{"rendered":"Combating AP Fraud"},"content":{"rendered":"<p>Fraud is on the rise. Figures from Crowe\u2019s Annual Fraud Indicator show that the UK private sector lost an eye-watering \u00a3157.8 billion to fraud in 2023. To put that into perspective, the same sector lost only \u00a314 billion in 2017.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.zaharasoftware.com\/accounts-approvals\/combating-financial-fraud\/#are_traditional_business_methods_vulnerable_to_ap_fraud\" >Are traditional business methods vulnerable to AP fraud?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.zaharasoftware.com\/accounts-approvals\/combating-financial-fraud\/#what_can_automated_account_payable_do_to_help\" >What can Automated Account Payable do to help?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.zaharasoftware.com\/accounts-approvals\/combating-financial-fraud\/#fighting_fraud_with_better_invoice_processing\" >Fighting fraud with better invoice processing<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.zaharasoftware.com\/accounts-approvals\/combating-financial-fraud\/#or_stronger_purchase_order_management\" >Or stronger purchase order management<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.zaharasoftware.com\/accounts-approvals\/combating-financial-fraud\/#and_dont_forget_enhanced_audit_trails\" >And don\u2019t forget enhanced audit trails<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.zaharasoftware.com\/accounts-approvals\/combating-financial-fraud\/#getting_ready_for_the_jump_to_digital\" >Getting ready for the jump to digital<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.zaharasoftware.com\/accounts-approvals\/combating-financial-fraud\/#financial_security_summary\" >Financial Security Summary<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.zaharasoftware.com\/accounts-approvals\/combating-financial-fraud\/#just_to_reiterate%e2%80%a6\" >Just to reiterate&#8230;<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.zaharasoftware.com\/accounts-approvals\/combating-financial-fraud\/#the_best_way_to_learn_more_about_ap_automation\" >The best way to learn more about AP Automation:<\/a><\/li><\/ul><\/nav><\/div>\n\r\n<p>UK Finance, a trade organisation that represents 300 UK firms, said that these businesses alone lost \u00a350 million to invoice fraud and that the figure is climbing year on year.<\/p>\r\n<p>You might be thinking: \u2018Nah, it\u2019ll never happen to me.\u2019 but you\u2019d be wrong. There\u2019s no rhythm or rhyme to types of businesses that fraudsters will hit. There are, however, some small steps you can take into the world of AP automation that provide big protections.<\/p>\r\n<p>&nbsp;<\/p>\r\n<h2><span class=\"ez-toc-section\" id=\"are_traditional_business_methods_vulnerable_to_ap_fraud\"><\/span>Are traditional business methods vulnerable to AP fraud?<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<p>By lacking the checks and balances that automated <a href=\"https:\/\/www.zaharasoftware.com\/\">AP software<\/a> gives you, you\u2019ve opened yourself right up to fraud.<\/p>\r\n<p>Threats can come from both inside and outside your company, taking advantage of the lack of controls in non-automated methods that leave you wide open for exploitation.<\/p>\r\n<p>The gaps come largely from a lack of scrutiny. Even the most watchful eye in a company with a lot of money going in and out might not be able to spot someone spending company money on themself, or syphoning a little here and there for a nice holiday or a gift for the wife&#8230;<\/p>\r\n<p>Other fraudsters will take advantage of human error.<\/p>\r\n<p>There\u2019s no way the person tasked with filing invoices is going to have the brain power to spot tiny discrepancies when they get into the midst of this kind of mind-numbing work.<\/p>\r\n<p>Your thief just needs to submit a realistic-looking invoice with some altered bank details and you\u2019re shipping money straight to their account.<\/p>\r\n<p>What\u2019s more, if you\u2019re not fully digital, finding your stolen money and the fraudster responsible is going to be difficult.<\/p>\r\n<p>So leave that up to the machines&#8230;<\/p>\r\n<h2><span class=\"ez-toc-section\" id=\"what_can_automated_account_payable_do_to_help\"><\/span>What can Automated Account Payable do to help?<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<p>Zahara\u2019s <a href=\"https:\/\/www.zaharasoftware.com\/blog\/the-best-accounts-payable-automation-software-2024\/\">AP automation<\/a> protects your business by building a system of control around the money that goes out of your business. <strong>It works at the areas of your finance department that are most vulnerable to fraud. <\/strong><\/p>\r\n<h2><span class=\"ez-toc-section\" id=\"fighting_fraud_with_better_invoice_processing\"><\/span>Fighting fraud with better invoice processing<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<p>A common method for some swindler to try to get their paws on your money is through invoice fraud. They\u2019ll likely try to replicate invoices that your finance team are used to seeing, but have the money sent straight to their account.<\/p>\r\n<p>Preventing this is all about being able to verify the legitimacy of an invoice. <strong>Zahara\u2019s invoice processing software uses AI<\/strong><strong> to hold a magnifying glass to each invoice<\/strong> put through the system. It can spot the smallest discrepancies and flag them to an approver before your invoice is paid.<\/p>\r\n<p>It also uses 3-way matching \u2013 comparing info between goods receipts, purchase orders (more on these below), and the invoice \u2013 to ensure that all the info matches up before any payments are made.<\/p>\r\n<p><a href=\"https:\/\/www.zaharasoftware.com\/invoice-processing\/invoice-processing-software\/\">Read more about Zahara\u2019s Invoice Processing software here<\/a><\/p>\r\n<h2><span class=\"ez-toc-section\" id=\"or_stronger_purchase_order_management\"><\/span>Or stronger purchase order management<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<p>When a company grows, so too do the number of people with the power to spend. If this is left unchecked, you open yourself up to internal fraud.<\/p>\r\n<p>Good <a href=\"https:\/\/www.zaharasoftware.com\/purchase-orders\/purchase-order-management\/\">purchase order management<\/a> will increase compliance to make sure no one is spending company money on a nice fur coat for their other half or tickets to Ibiza for the summer hols.<\/p>\r\n<p>Instead, anyone who wants to spend will have to raise a purchase order and comply with your controls. These can be spend limits for projects, departments, or individuals. It could also be controls on expensable items.<\/p>\r\n<p>The long and the short is that you can <strong>say goodbye to unauthorized purchases<\/strong> and say hello to a system that will allow you to <strong>track spending simply and efficiently<\/strong>.<\/p>\r\n<p><a href=\"https:\/\/www.zaharasoftware.com\/purchase-order-software\/\">Read more about Zahara\u2019s Purchase Order software here<\/a><\/p>\r\n<h2><span class=\"ez-toc-section\" id=\"and_dont_forget_enhanced_audit_trails\"><\/span>And don\u2019t forget enhanced audit trails<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<p>A huge number of businesses can be prevented through automated invoice processing or purchase order management, but fraudsters are crafty. No solution is going to provide total protection&#8230;<\/p>\r\n<p>But if fraud happens, your new automated AP software will have a detailed record of everything that occurred. This will make it much easier to get your money back and protect your business against similar scams in the future.<\/p>\r\n<h2><span class=\"ez-toc-section\" id=\"getting_ready_for_the_jump_to_digital\"><\/span>Getting ready for the jump to digital<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<p>Are you interested in making the jump to automated accounts payable? Before you get your AP solution up and running, these are a few tips that can bolster your protection against fraud.<\/p>\r\n<ul>\r\n\t<li><strong>Show your system plenty of supplier invoices<\/strong>: Doing this will ensure that your system knows what your supplier invoices look like. You should train your solution on hundreds of example invoices before you put it into action. This will give the AI a wide pool of examples to work from when detecting a crooked invoice.<\/li>\r\n\t<li>You should <strong>ensure that your purchase orders and invoices are being handled digitally<\/strong>. Contact your suppliers and let them know where to send invoices and send them digital templates if you need to.<\/li>\r\n\t<li><strong>Prepare your staff<\/strong>. Make sure they know how to handle the new software \u2013 especially when it comes to POs or invoices that get red-flagged.<\/li>\r\n<\/ul>\r\n<h2><span class=\"ez-toc-section\" id=\"financial_security_summary\"><\/span>Financial Security Summary<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<h3><span class=\"ez-toc-section\" id=\"just_to_reiterate%e2%80%a6\"><\/span>Just to reiterate&#8230;<span class=\"ez-toc-section-end\"><\/span><\/h3>\r\n<p>Whether implementing automated Invoice Processing or Purchase Order Management, <strong>you\u2019ve instantly put yourself in the big leagues of business security. <\/strong><\/p>\r\n<p>The approval workflows built into the software will make all the difference in fraud prevention and detection. If someone finds a way around, it\u2019ll be much easier to track them.<\/p>\r\n<p>Controlling your costs will do wonders for your bottom line, and it will also mean your CFO can sleep at night without the worry of someone dipping their hands into the company coffers.<\/p>\r\n<p>We know we\u2019re obviously a little biased here, but we can\u2019t stress enough the benefits of adopting this software.<\/p>\r\n<p><strong>You can download this article as a handy PDF here: <a href=\"https:\/\/www.zaharasoftware.com\/download\/CombatingFraud.pdf\" target=\"_blank\" rel=\"noopener\">Combating Financial Fraud<\/a><\/strong><\/p>\r\n<h2><span class=\"ez-toc-section\" id=\"the_best_way_to_learn_more_about_ap_automation\"><\/span>The best way to learn more about AP Automation:<span class=\"ez-toc-section-end\"><\/span><\/h2>\r\n<p>Want to hear more about what Zahara can do for your business? <strong><a href=\"tel:+44 (0)1225615075\">Give us a call<\/a> or <a href=\"https:\/\/www.zaharasoftware.com\/book-a-demo\/?nonitro\">book a demo<\/a> with one of our expert consultants here<\/strong><strong>. <\/strong><\/p>","protected":false},"excerpt":{"rendered":"<p>Fraud is on the rise. Figures from Crowe\u2019s Annual Fraud Indicator show that the UK private sector lost an eye-watering \u00a3157.8 billion to fraud in 2023. To put that into perspective, the same sector lost only \u00a314 billion in 2017. UK Finance, a trade organisation that represents 300 UK firms, said that these businesses alone &hellip; <a href=\"https:\/\/www.zaharasoftware.com\/accounts-approvals\/combating-financial-fraud\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Combating AP Fraud&#8221;<\/span><\/a><\/p>\n","protected":false},"author":88683,"featured_media":6850,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"iawp_total_views":101,"footnotes":""},"categories":[712,62],"tags":[],"class_list":["post-6848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounts-approvals","category-business-efficiency"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.8 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Combating AP Fraud How Zahara helps protect businesses.<\/title>\n<meta name=\"description\" content=\"Fraud is on the rise. 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