Employers are using robots to catch fraud in expense reports
News Roundup for SMBs is a new series we’ve started this year, with a new issue coming out every week. We’re putting together news regarding Finance, Economy and Small Business Opportunities, so you can spend less time reading up on the news and more time focusing on growing your business.
The Association of Certified Fraud Examiners (ACFE) shares its findings on annual losses from fraud, that goes up to over $7 billion in annual losses, based on companies’ expense reports. What’s there to do? ACFE director recommends relying on machine learning tools instead of random spot checks, as algorithms can recognize fraud patterns in expense reports more easily and faster.
There’s potential for success when an older and younger entrepreneur team up and launch a business. So if you’re still looking for a business partner, check out 4GenNow’s platform, a nonprofit that plays matchmaker for prospective intergenerational partnerships. You might just find your match made in (entrepreneurial) heaven.ct them with potential funders.
UPS, the shipping giant, is partnering up with Inxeption, a provider of blockchain-based marketing services, to create an e-commerce platform for B2B merchants. In this way, the merchants will more easily let their customers order and receive products via UPS, simplifying processes through a tailored process and easier transactions.
Bill.com, the platform helping small and midsize businesses manage their daily payment needs, is partnering with Mastercard to bring virtual payments to processing invoices. Instead of handling cash or clearing checks, which can take up days, business owners will now be able to handle their transactions online.
The first quarter of the year is over, and it’s time to take a breather and see how small businesses are doing and where they’re headed. That’s why it’s interesting to take a look at the MetLife-U. S. Chamber of Commerce first-quarter survey of business owner expectations. The responses show a declining optimism about the economy, with the exception of Midwest, where “overall business health has improved”.