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In a time where organisations are transitioning to more digital processes, online data management and cloud-based solutions, the risk of fraud is greater than ever. UK Finance reports that over £1.2 billion was stolen from companies by criminals through fraud in 2022, with £49.5 million through invoice and mandate fraud alone. The report also highlights that 78% of company fraud cases in 2022 originated from online sources.
Read more - Invoice fraud detection: What is it and how can you spot it?
“UK SOx” has been one of the 2023 buzzwords for most finance departments in the UK. But what exactly is UK SOx and more importantly, what is needed to ensure your business is compliant by January 1st 2025? After speaking to a broad range of our customers at our 2023 UK Customer Day, we learned that there’s still much uncertainty around the topic of UK SOx, which is understandable considering the requirements are not fully locked down yet. So, let's get started on the topic of UK SOx and how ...
Read more - UK SOx 2024: Compliance & Internal Audit Controls
What is master vendor management? Master vendor management is the practise of maintaining an accurate master vendor file so your business can have efficiency in their Procure-to-Pay processes and transparency in their vendor data. Good management of your master vendor file ensures your data is accurate, avoiding things like duplicate vendors, inactive vendors and fraudulent vendors.
Read more - Managing your master vendor file: Everything you must know
A year-end financial audit may seem like another daunting task on your to-do list, but it doesn't have to be. Beyond compliance, Accounts Payable audits help uncover financial discrepancies, enhance transparency, and build trust with stakeholders. In this post, you’ll learn about the benefits of carrying out a year-end Accounts Payable audit and the practical steps to take to ensure your audit not only goes smoothly but also acts as a valuable tool for your company.
Read more - How to prepare for your year-end Accounts Payable audit
There’s a new reality in manufacturing. And to survive it, you’ve got to treat your suppliers like gold. Driving down costs through the supply chain is no longer an option, and paying invoices on time is non-negotiable. Combined, these changes could erode your profit margins and disrupt cash flow.
Read more - The biggest Accounts Payable issues in manufacturing
Business process outsourcing companies (BPOs) have been riding a wave of opportunity for the past two years. And it’s about to get even bigger. With enterprise customers turning to BPOs to help accelerate growth and profitability, the industry’s market value is set to hit a massive $335.2 billion by 2024. However, at the same time the BPO landscape is becoming more and more competitive. Savvy industry players are having to respond by upping their game and re-positioning themselves for success. ...
Read more - Four ways you can boost BPO profitability in F&A and drive more value for your customers
The procure-to-pay process can’t simply rely on trust between the Payee and Payer. A secure, information exchange process is required – one that reduces the risk of fraud, overpayments and reputational risk to all parties.
Read more - Procure to Pay Guide to Secure Payments
Navigating challenging economic conditions like the US recession and the EU economic crisis calls for a judicious approach to every investment made. It is paramount for businesses to be mindful of maximising returns and ensuring sustainable growth with every pound spent.
Read more - Preventing duplicate invoices: everything you need to know
High competition and low-profit margins in retail mean every penny counts. So there’s no room for inefficiency in Account Payable in the retail sector. Finance teams can’t afford to make mistakes – and business leaders need to understand the root cause of AP problems in order to prevent them.
Read more - Three Accounts Payable problems undermining retail in 2022 (and how to fix them)
Accounts Payable (AP) is an integral part of any business as this is the base of your company’s relationships with key suppliers. However, some businesses are so focused on innovation and growth that they neglect Accounts Payable duties.
Read more - 6 ways Accounts Payable automation helps with setting your goals and objectives
Supplier statement reconciliation might not be high on your agenda - between making sure suppliers get paid promptly and fielding enquiries about when they’re going to get paid, you haven’t got the time to speculatively match up thousands of documents and data points.
Read more - What Accounts Payable teams should know about supplier statement reconciliation
You spoke and we listened. We asked Xelix customers what would be truly transformative for their overstretched Accounts Payable teams. And they said ‘automated supplier statement reconciliation’.
Read more - The age of AI: Automated statement reconciliation
Outlining the Overpayment Story Last week saw the Southern District of New York release their judgement on one of the largest payment errors in recent memory. Finance giant Citibank intended to pay $7.8 million in interest payments to a syndicate group of lenders. Accidentally, Citibank overpaid the group by almost 900 million dollars, an amount that nearly matched the full value on the loan.
Read more - Citibank’s $900 million dollar overpayment error
Your Master vendor file (MVF) exists in a constant state of change. Names, phone numbers, addresses, bank details and payment terms are not static, and the rapid rate at which it changes inevitably leads to issues with data accuracy. A dirty Master Vendor File drives a constellation of risks, but what exactly are they? And how can they be addressed before they do serious harm to your organisation?
Read more - 6 risks of working with a dirty Master Vendor File
Remote working has become the new normal for many P2P professionals, and it’s fair to say that working from home elicits mixed emotions. For many, it’s a chance to save time and money by abolishing the commute. But it can also be a huge headache for firms and their people, hampering productivity and introducing new risks.
Read more - What does Remote Working mean for Accounts Payable?
Despite the marketing headlines, most – if not all – players in the duplicate invoice prevention market use rules-based tools to detect errors. The complexity and variety of data from different organisations around the world, however, mean this “one size fits all” approach is simply not efficient. High numbers of inaccurate results (false positives) are surfaced, which creates huge amounts of additional work for Finance teams.
Read more - Using AI to build world-leading duplicate invoice prevention software
For too long, Accounts Payable teams have relied on standard controls to spot risks and avoid costly payment errors. But these traditional processes fail to prevent many types of fraud and overpayments, exposing organisations to serious risks. Indeed, some organisations lose a whopping 5% of their revenue to fraud and overpayments each year.
Read more - The problem with Accounts Payable – and how to fix it
In 2019, UK Finance issued data that indicated 26% of large businesses have fallen victim to invoice fraud, despite 84% not fully understanding what invoice fraud actually means. With the ever-growing sophistication of fraudsters, finance teams need to look beyond their ERP to fully safeguard their business. Conviction of Evaldas Rimasauskas; Manhattan Using imitation email addresses, Lituanian national Evaldas Rimasauskas successfully defrauded US tech giants Facebook and Google out of a total ...
Read more - The Worst Invoice Fraud Cases in 2019/2020