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Fraudsters are no longer relying on rudimentary methods; instead, they use advanced techniques such as social engineering, phishing, and malware attacks to manipulate invoice processes and divert payments. In this scenario, fraudsters either create fake invoices or manipulate legitimate ones to divert payments.
Examples of these transactions are the delivery of goods to a company’s warehouse for resale, or the provision of office supplies, or the liability incurred when a magazine subscription is initiated, or when a business enters into a rent agreement, or when the local utility provides electricity to a business.
It may end up being more or less than what we ultimately realized as the invoice value. You know, the closer that, you are subsetting information or filtering information and not being required to fully reconcile it back to a base that everyone agrees is facts.
They owe this money, and they need to pay these invoices. David Leary: [00:33:00] Not even then because it wasn't fully reconciled, because I was like, oh, she's in New York. So, right now, currently, small businesses are owed $900 billion in receivables and a lot of it is corporations, or government agencies. They have artwork.
Consolidating multiple invoices. Now, instead of creating a separate invoice for every order in NetSuite - and orders and invoices are a separate concept - you can group multiple orders into a single invoice for your customer to pay. [00:09:22] Automated matching transactions from bank statements.
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