A number of nagging issues are forcing many Accounts Payable departments to improve their payment processes — some of these issues may surprise you.
The number one problem? Over half (57%) of A/P pros said a lack of visibility into invoices and other documents is hurting the payment processes.
That’s according to the “Invoicing and Workflow” study by the Aberdeen Group.
The study also highlighted several other payment issues, which included:
- Difficulty managing paper-based invoices (23%)
- A need to reduce risk of fraud (15%), and
- Inability to capture early-pay discounts (13%).
Problems also frequently crop up when A/P doesn’t have vendor contracts in front of them to compare invoices to — because it makes it easier for the wrong prices, rates, etc., to sneak by.
To prevent mispayment problems, it’s a good idea to have both A/P and approvers go over those details together.
