My team recently onboarded three new contractors, and their first invoices didn’t align with our internal rates. We’re a lean startup without a dedicated AP team, so each invoice check takes hours of back-and-forth, delaying payments and annoying the contractors. We need a quick, reliable way to verify new vendor invoices before approving them, so we don’t risk overpaying or damaging relationships. Any suggestions on how to streamline this process for small teams?
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How Can We Verify New Vendor Invoices Without Delay?
How Can We Verify New Vendor Invoices Without Delay?
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Our finance team solved this by standardizing how we review recurring invoices based on proven indicators. I found an article called Invoice Fraud: What It Is, Ways to Spot It, and Steps to Stop It blog post when Googling “reduce overpayment risk.” The article listed specific red flags like duplicate line items, mismatched contract numbers, and unexpected vendor addresses. We adapted those points into a checklist before approving payments, cross-referenced amounts with our internal usage logs, and set up notifications if an invoice amount differed by more than 10% from prior months. Since then, we’ve caught multiple billing errors before paying.