Recent fraud cases in the UK and Singapore have highlighted how disgruntled employees and dishonest managers can use invoicing systems to carryout serious levels of fraud that can threaten the business. Unless your invoicing systems are transparent and have enough checks and controls, employees can create bogus invoices to channel funds from their employer's bank account into their own accounts. Creating companies that do not actually exist is quite easy when the invoice looks formal and correct.

However, installing electronic invoicing systems do not necessarily tackle the problem, although they certainly provide greater transparency into purchasing and payment activities, and where suspicions are raised transactions can be tracked much more easily. Nevertheless, the checks and balances still need to be in place, otherwise fraudsters can simply migrate to the digital environment.

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How fraud resistant is your e-invoicing system or service? Have you had it checked recently?