Spend management software provider Compleat Software is leveraging artificial intelligence to reduce invoice fraud by 90 percent among British businesses, equating to a potential £8bn a year.
In a climate where British SMEs lose £9bn a year to invoice fraud, Compleat is to launch iCompleatInvoice, a self-service purchase invoice automation software which will all but eliminate fraud associated with paper-based accounting, where invoices are processed through the iCompleat platform.
A report by the Tungsten Network revealed that invoice fraud is costing the average UK SME £1,658 per year and that 54 percent of businesses see it as the biggest threat they face.
iCompleatInvoice removes the risk of fraud associated with manual paper-based processes – such as fraudsters impersonating suppliers – via the its secure supplier network. Supplier details are automatically validated to payee and bank detail levels to ensure veracity. Management can view, approve or deny invoices from any connected device, removing the need for manual handling of invoices.
“Fraud is exceptionally damaging to British businesses and by extension, the economy. We know that invoice fraud alone is costing SMEs billions”, says Neil Robertson, CEO of Compleat. “According to Barclays, half of SMEs in the country have been targeted and tens of thousands of people have been laid off to cover the costs inflicted by fraudsters. Some of the tactics used can be simple, but with a devastating impact – such as impersonating suppliers and sending fake invoices. This is the right time to embrace automation. By doing so growing businesses and accounting practices can concentrate on activities that create value and be at ease knowing that their accounts are protected from malicious activities.”
Through artificial intelligence and machine learning, the iCompleatInvoice solution will also improve productivity – the software automates between 60 percent to 80 percent of the repetitive invoice process that exists in every business, leading to productivity gains that can exceed 90 percent of the current workload.
Alongside businesses, accounting practices can also use iCompleatInvoice to outsource services such as bookkeeping, helping clients to reduce administration costs, obtain real-time information to improve cash flow management, and build stronger relationships with their key suppliers.