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In one 2017 survey, 69% of companies said they didn’t have full visibility into their supply chain, which is a key aspect of the P2P process. Rather, the software is a tool that a company’s procurement, receiving, and accountspayable staff use to support the company’s own individual process. accountspayable).
If it’s like 69% of companies surveyed in a 2017 study, then you don’t have total visibility into your supply chain ( GEODIS, cited by Finances Online ). Implementing both the Accounts Payment and Procurement modules streamlines the whole procure-to-pay process in a centralized digital platform.
Consider the time and money spent manually entering a printed invoice into your accounting system, then continuously tracking approvals, the purchaseorder, and other details just to pay the vendor on time. In fact, in 2017 the IC3 of the FBI received over 15,000 BEC complaints and resolved claims totaling over $675 million.
He manages an accounting team of 15 and is charged with making sure the company’s books, financial processes and procedures are accurate and consistent. He keeps an eye on what’s in the accountspayable (AP) queue and ensures that internal management and external auditors have the financial information they need, when they need it.
Better data access and reporting When businesses use paper to make payments, they often spend a lot of time (and therefore money) searching for invoices and purchaseorders. 4 Technologies Powering the Future of AccountsPayable Automation A lot happens behind the scenes to power accountspayable automation.
Unlike cash or paper checks, electronic payments are routed digitally from one bank account to another through payment systems. As FinTech continues to innovate, accountspayable processes are becoming paper-free through automation, and companies are exploring electronic payments as part of that transformation. In 2017, 3.3
By using Bill.com, accounting firms can free up more time for valuable strategic advisory services by helping clients shift their accountspayable process online. I know we've been thinking, oh, it's gonna be 2016, 2017. Blake Oliver: [00:17:20] Yeah. Is this finally the year? You said it.
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