In the past 12 months, nearly a third (31%) of businesses in the UK have been the targets of invoice fraud.
Invoice fraud targets customers by posing as a supplier, issuing invoices, and requesting payment urgently or revising payment details to trick customers into making a payment. This type of fraud is increasingly affecting businesses in the UKM, making it crucial for local companies to stay vigilant.
New research by Ivalua also found that of those businesses targeted, only 39% managed to stop the transaction before the invoice was paid and the money had left their account. This highlights the importance of having robust fraud detection measures in place.
Ensuring that individuals in businesses who deal with invoice payments are trained and remain alert is important in spotting and preventing invoice fraud. Staff in Cheadle and Manchester should be particularly cautious, given the rise in such fraudulent activities in the area.
Furthermore, having automated systems, such as those included with digital accounting, can help minimise the chance of being a victim. The research also showed that 64% of UK businesses do not have automated processes to match invoices to orders, contacts, and payment information. Businesses in Cheadle and Manchester are encouraged to adopt these technologies to protect themselves.
At Cutts and Co Accountancy in Cheadle, Manchester, we are experts in Xero, a leading digital accounting software. Xero offers robust automated systems to match invoices to orders, contacts, and payment information, significantly reducing the risk of invoice fraud. We provide tailored advice and solutions to help local businesses leverage Xero effectively.
Cutts and Co Accountancy emphasises the need for local businesses to invest in training and technology to combat invoice fraud effectively. By staying informed and prepared, companies can significantly reduce their risk of falling victim to this pervasive threat.
For businesses in Cheadle and Manchester looking to enhance their fraud prevention strategies, Cutts and Co Accountancy offers expert guidance on using Xero to its fullest potential. Ensuring your business is equipped with the right tools and knowledge is essential in today’s challenging environment. Contact us today to find out how we can help protect your business from invoice fraud.
