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
White Papers
Provided by Personify Health
Further Reading
Let’s be real: The enthusiasm behind real-time (or instant) payments stems almost entirely from the seller’s side of B2B. After...
Failed B2B payments can be disruptive in areas beyond cash flow. For instance, if your bank has to repeatedly put in extra work to process ...
IRS is extending tax relief to businesses in Broward County, FL affected by the tornadoes, severe storms and flooding from April 12-14. Fed...
Heads up: Companies can avoid criminal prosecution and million-dollar payouts for serious violations and mistakes by taking advantage of th...
The Securities and Exchange Commission (SEC) just fined a company $35 million because it didn’t maintain adequate disclosure rules fo...
If a poll of attendees of a recent IOFM webinar is any indication, it’s going to be a very busy Form 1099 reporting season in 2024 fo...
