Incorrect supplier payments cost companies over SEK 100,000 a year
Published: September 22, 2022, 8:52 p.mMagnus Månsson, Inyett’s CEO. A Swedish company probably makes 3-4 payments to registered scam companies per year without knowing about it. Here we tell you about the most common and costly errors in supplier payments – and how you can avoid them.This way you reduce the risk of incorrect supplier paymentsThe cost of incorrect supplier payments averages over SEK 100,000 per year for a Swedish company. At the same time, it takes valuable time to correct errors – more precisely, around 25 days per company. This is shown by a survey from the fintech company Inyett, which reads 60 million transactions every year. We asked Inyett’s CEO Magnus Månsson to list some of the risks that all companies should take a closer look at:
1. Scam company
More than three billion kroner end up in the hands of scam companies every year, and many companies do not know that they have paid a scam invoice. For example, it could be about a made-up company that sends out invoices at random. – If you receive, for example, an invoice that says “delivery of coffee” and an amount of SEK 2,000, you don’t always have the energy to check whether the invoice is correct, especially not if you have another 50 invoices to review that day. The vast majority also do not have the opportunity to manually go through Svensk Handel’s warning list every time it is time to pay an invoice, says Magnus Månsson.
2. Deviating payment patterns
The whole idea for Inyett’s automated solution, which warns of mistakes, risks and fraud linked to supplier payments, was born after a municipal employee transferred over SEK 398,000 instead of SEK 3,980 to a woman’s account. The woman had time to spend the tax money before the error was discovered and the court ruled that she did not have to pay it back. – In that case, it was an administrative error, but a deviant payment pattern can, for example, also be a sign of a breach of contract, where the supplier charged more than was normal or previously agreed upon.
3. Payments to suppliers who do not have F-tax
If you pay an invoice of SEK 100,000 where it says that the supplier has F-tax, but this is not the case, you will have paid 30 percent too much. In the event of a possible tax audit, you as the client may be obliged to pay the unpaid social security contributions to the Tax Agency. This would mean that you need to pay a total of SEK 130,000 instead of the correct amount of SEK 70,000. Inyett’s research shows that approximately 6.3 percent of an organization’s supplier payments are made to companies that do not have F-tax. – This could then be a supplier who previously had F-tax but got rid of it, which is completely impossible for you to find out if you don’t sit and key in each individual recipient, says Magnus Månsson. – Our service, on the other hand, can perform that check in real time. It not only flags fraud, deviant payment patterns and missing F-tax, but also if a supplier has been declared bankrupt or if the giro number is incorrect. We have created an advanced service that is at the same time very easy to use.This way you reduce the risk of incorrect supplier payments The article is produced by Brand Studio in collaboration with Inyett and not an article by Dagens industri