Here’s everything you need to know about transitioning to 3-way invoicing matching and 3-way match accounts payable, and how doing so can benefit your casino or gaming business. Three-way matching simply ensures that your company is paying solely for the goods and services that were received. Plus, it’s a cost-effective alternative to manually fulfilling and managing invoices. Organizations in the casino and gaming industry are turning to this practice, which reduces risks of fraud, embezzlement, and human error. As accounts payable departments work to manage the flood of supplier invoices, this statistic threatens the very livelihood of the hospitality industry, particularly for casino and gaming organizations.įortunately, that’s where 3-way invoice matching and 3-way match accounts payable come in. Such high-risk fraud poses a very real nightmare for CFOs and finance professionals. Pre-pandemic, payment fraud and misplacement reached a global dollar loss of $12 billion however, just three months into the 2020 COVID-19 outbreak, that amount shot up by a staggering 75%. The PwC’s Global Economic Crime and Fraud Survey 2022 also states that as of this year, nearly 50% of businesses have reported invoice fraud. According to recent industry data, nearly 2% of a company’s invoices are duplicated, charged for the incorrect amount, or contain some form of error.

Accounting for casinos and gaming