Introduction For vendor and suppliers to get paid, there typically is a process for submitting invoice information that details what was purchased and where to remit payment, plus other details like an invoice number, purchase order number, and payment terms, to facilitate the invoice being approved and processed. Transactions without invoices are also likely at […]
Introduction Employee engagement can be defined as the level of passion and commitment that employees have for the organization where they are employed. Highly engaged employees are more likely to be self-motivated about their work and strive to contribute to the organization’s success. Their energy and enthusiasm are the launching points from which they approach […]
Introduction Implementing any solution on a global basis can be a challenge, and cash application is no exception. Addressing such complex issues as multiple currencies, language barriers, a variety of government regulations, and customers with a large number of diverse locations can extremely difficult. However, the benefits and synergies achieved if this model is properly […]
Introduction With the increased sophistication of reconciliation tools from banks and third-party account reconciliation software solutions, the process for reconciliation and review of bank accounts has changed significantly over the past decade. Today, with no shortage of available tools, there is significant flexibility for who reconciles bank accounts, where reconciliations take place, and how reviews […]
Introduction Implementing Shared Services and related organizational models including Integrated Business Services and Global Business Services creates a unique opportunity for companies to redefine work processes and dramatically change how work streams are defined and accomplished. By taking activities that were secondary and making their optimization a primary objective, by being part of an organization […]
Introduction Even with the advanced ERP systems that most large companies utilize for Accounts Payable processing, the challenge of duplicate payments and fraud control in general continue to be an issue for many AP organizations. Considering the tremendous number of invoices being processed and the corresponding amount of supplier payments being made at most companies, […]
Introduction A significant number of Shared Services / GBS organizations utilize unique organizational designs that have directly contributed to achieving excellent results in improving not only the overall performance of their operation, but also the satisfaction level of their employees. There are several effective strategies for Shared Services organizational design, including how the operation is […]
Introduction An efficient and effective Order-to-Cash (O2C) process is vital to every company’s business with a direct impact on revenue and cash flow. With processes that include the onboarding of new customers and creating new customer records, to receiving and recording orders, to creating and processing invoices, to collecting and posting payments and credits and […]
Introduction Once considered the primary method for vendors to communicate with Accounts Payable, providing phone support for vendor inquiries has fallen out of favor as other methods have become both more efficient and less costly. Even with the most sophisticated phone systems where basic requests for payment status can be answered by a chatbot, providing […]
Introduction With the introduction of advanced travel expense platforms like SAP Concur, for virtually all large companies, paper-based expense reports that are completed manually and processed manually are a relic of the past. Today, expense reporting is a streamlined and highly automated process. In addition, with the transition to having credit cards being readily accepted […]