What Should i know about invoice verification?
In the complex web of business transactions, invoice verification is an essential process, often underemphasized yet hugely consequential. Incorrect invoices contribute to 61% of late payments —a compelling testament to the significance of efficient invoice verification. The dangers of invoice fraud loom large, as even savvy business moguls are not immune, including ‘Shark Tank’ investor Barbara Corcoran, who fell prey to a sophisticated invoice scam where she lost nearly $400,000. This article aims to shed light on the critical role of invoice verification, not only as a tool to facilitate on-time payments but also as a vital safeguard against potential fraud. Read on to learn more about how to check invoices and the steps to ensure accuracy in accounting and operations. What Is Invoice Verification? Invoice verification is a process businesses use to confirm that the products or services they receive match the details listed on the supplier’s invoice. This process ensures that i