Improving payment processes: Top obstacles for A/P
A number of nagging issues are forcing many Accounts Payable departments to improve their payment processes — some of these issues may surprise you.
The number one problem? Over half (57%) of A/P pros said a lack of visibility into invoices and other documents is hurting the payment processes.
That’s according to the “Invoicing and Workflow” study by the Aberdeen Group.
The study also highlighted several other payment issues, which included:
- Difficulty managing paper-based invoices (23%)
- A need to reduce risk of fraud (15%), and
- Inability to capture early-pay discounts (13%).
Problems also frequently crop up when A/P doesn’t have vendor contracts in front of them to compare invoices to — because it makes it easier for the wrong prices, rates, etc., to sneak by.
To prevent mispayment problems, it’s a good idea to have both A/P and approvers go over those details together.
- Share on
Free Training & Resources
White Papers
Provided by Anaplan
Further Reading
Finance teams need to be checking expense reports and payment card bills in 2024 to prevent fraud. Employees who normally wouldn’t t...
If your Accounts Receivable (A/R) process still includes manual steps, you’re not the only one. Not by far. Recent A/R benchmarks hig...
Year-end close is when many finance teams are vulnerable to burnout from a seemingly endless, high-priority to-do list of generating annual...
Check fraud is on the rise again. The U.S. Postal Service just alerted financial institutions that check fraud DOUBLED from 2021 to 2022. ...
Imagine getting a Notice of Final Determination from a state revenue department that said it wasn’t going to recognize a use tax exem...
Collections teams are under added pressure to keep after delinquent accounts and press for payments, even if only partial ones. Waiting too...
