Preventing Procurement Fraud in Businesses
Our finance team recently discovered fraudulent invoices submitted by an internal employee. It’s made us realize we need stricter controls in place. What are some effective ways to prevent procurement fraud and ensure transparency in purchases?
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To minimize procurement fraud, businesses need strict approval workflows and real-time tracking. A procurement system like precoro website provides transparency by ensuring all purchase orders go through multiple approval stages. With automated invoice matching, businesses can detect discrepancies before payments are processed. Additionally, setting up access controls ensures that only authorized personnel can approve and modify purchase requests. Implementing these safeguards helps prevent fraud while maintaining accountability in procurement operations. Transparency and automation significantly reduce the risk of unauthorized transactions, making the procurement process more secure.