Whether intentional or accidental, fraud can entail a great loss of revenue for a business if unchecked. In most cases, it’s the result of an accident or confusion as to what your business’ policy is on expense claims or an incomplete supplier invoice. Regardless, companies with anti-fraud safeguards and expense and invoice management systems in place can easily detect anomalies in spend and work quickly to guard against fraud losses.

Fraudulent expenses, for example, are a significant source of cost for an SMB. Employees are spending money across different spend categories, using more payment methods than ever before. And often remotely, with less advance visibility into that spend. This can leave organisations more vulnerable to duplication, fraud and compliance risks. It’s important for all businesses to understand the risk (intentional or not) across all sources of business spend and do what they can to reduce it.