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.
