Preventing the No. 1 billing error: Is automation the key?
Sure, simple keying errors are bound to happen. But with almost three-fourths of all improper payments resulting from these types of mistakes, it’s worth taking some extra steps to prevent them.
Research from The Aberdeen Group found that a full 70% of improper payments result from invoice and billing mistakes.
These findings make a strong case for increased automation. In addition to preventing mistakes on your end, less keying on your vendors’ end translates directly into fewer mistakes.
And you don’t have to go all the way, either. Automation can be anything from electronic invoicing to automating recurring payments.
In addition to invoice/billing errors, The Aberdeen Group also found that vendor/supplier errors, duplicate invoices and noncompliance with current contracts or pricing were major reasons for improper payments.
- Share on
Free Training & Resources
White Papers
Provided by Anaplan
Further Reading
Fall is the crunch-time season for unclaimed property reporting and escheatment. The states with approaching deadlines are almost as numero...
The median time to complete a monthly financial close is six days – and for some organizations, it takes as long as 10, according to the ...
Whether they’re triggered by criminal fraud, duplicate charges, a technical glitch or a dissatisfied customer, credit card chargeback...
Late or slow payments continue to stall progress for today’s finance teams. These delays often stem from large organizations renegotiatin...
Not all companies handle payroll records the same way. Firms may keep data in multiple systems — payroll, HR, timekeeping and the gen...
Auditors sought a single principle for accounting of software costs. But after months of consideration, the Financial Accounting Standards ...
