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Tiresome, Expensive Audits. Without AP automation to centralize all of the invoices and related documents, audits are a nightmare for AP teams that must physically sort through stacks of paper to find the docs they need. This is the second highest it’s been since 2009. Increased Vulnerability to Fraud. Streamlines Processes.
In 2009, after reaching the 100 client mark, AvidXchange introduced the AvidBill Network, their electronic vendor invoice submission service, to further streamline the invoice process for customers and eliminate dataentry. In 2011, AvidXchange formed a new Energy Information Services (EIS) group, delivered by EnergySolve.
Companies may also incur expenses related to potential restitution, program reviews, audits, and retrofitting or redesigning of processes and systems. Satyam Computer Services , an Indian IT services company, faced a major financial shadow spend scandal in 2009.
OnPay even makes it easy to switch from other payroll services by doing all the dataentry for each client that you set up. The last time the IRS sent stimulus checks, in 2008 and 2009, it took more than two months to get the money in the mail. To learn more, head over to cloudaccountingpodcast.promo/onpay.
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