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
Webinars
Provided by Yooz
Further Reading
The start of the new year looks a lot like what we saw over 2022: Businesses are struggling to pay their bills. Late payments are highe...
Just as consumers are finally cutting back on spending, we can count on B2B customers to do the same, across all industry sectors. The good...
College students can’t stand the 150 credit hour requirement to sit for the CPA exam. Employers are desperate to find the next wave o...
The conditional formatting tool in Excel allows users to apply many different formatting options to data. The benefit: sorting and recogniz...
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...
Non-bank financial institutions are facing a double whammy, courtesy of the Consumer Financial Protection Bureau (CFPB). A new federal...
