GUILDFORD, England, February 27 /PRNewswire/ -- Against a background of increasing corporate fraud, Compleat Software Limited http://www.compleatsoftware.com warns that a lack of eProcurement and spend control is a major contributor to business fraud. Compleat Software advises that businesses consider eProcurement to improve spend control and reduce opportunities to commit fraud. According to research from consultancy firm KPMG, UK companies suffered a five-fold increase in fraud last year.
Better spend control and the use of simple eProcurement processes can provide significantly better control over cashflow, enabling full commitment accounting and guarding against unmanaged purchasing which may be at the route of much corporate fraud in the SME marketplace.
Commenting on the lack of spend control and eProcurement in most SME businesses, Neil Robertson, CEO of Compleat Software, exclaims: "A major cause for concern should be the lack of basic controls over the spending of corporate cash through the purchasing process in most SME businesses."
Robertson cites the slow uptake of eProcurement and a reliance upon manual purchasing process which creates an ideal opportunity for fraud:
- Lack of formal / documented purchase ordering
- Inability to control delivery locations
- Failure to use delivery notes as a means of confirming receipt
- Inability to verify agreed purchase values
- Total reliance on manual signatures for approval to pay for thousands
Robertson of Compleat Software continues: "Only by automating the purchasing process through eProcurement can businesses gain visibility of all cashflow requirements from the moment a commitment is made, and improve spend control. As people become more desperate, the volume and value of fraud will continue to escalate, with those that are detected, and successfully prosecuted, remaining just the tip of the iceberg."
There should be no excuse to laying the organisation open to such practices, through the absence of better control through spend control and eProcurement.
The use of catalogues and templates as part of an eProcurement software solution enables businesses to establish the limitations of their corporate policy in terms of suppliers, items and values, for every user. This information is captured automatically and any deviation is automatically sent to a new level of authorisation in the eProcurement workflow for review and approval.
The inclusion of receipting in the spend control and eProcurement process means that any discrepancy as well as partial receipt which could indicate fraud can be automatically highlighted to the relevant authority.
According to Compleat Software, with a completely automated purchase process and centralised control, from requisition and purchase ordering to receipting and purchase invoice approval, the opportunities to commit a fraud are significantly reduced. eProcurement also provides a complete audit trail of transaction, people, dates and times, so that any concerns can be raised with the appropriate individual based on fact.
About Compleat Software Limited
Compleat Software Limited (formerly Vectra IT) is a provider of e-procurement and expense solutions for the mid-large marketplace. Committed to product and client satisfaction it strives to be at the forefront of technologies in order to provide best-of-breed software solutions.
About Compleat Procurement
Compleat from Compleat Software Limited is a Microsoft web-based e-procurement and expense solution that tightly integrates with most mid-ware accounting solutions. Providing your business with immediate cost-control, Compleat controls all aspects of your company's procurement cycle. With the most advanced, customisable workflow solution and real-time financial integration Compleat provides a winning procurement framework.
For further information, please contact:
Clare Granville/Krista Cundy
The itpr Partnership