Charging for New Vendors to Influence Behavior
Introduction To create an efficient and low-cost process for Accounts Payable, standardization and new technology tools can only get you so far. The biggest factors tend to be the quality of the inputs to the process, including clean processes and … Continue reading
Gaining Control Over the Duplicate Payment Issue
Introduction A key part of any Accounts Payable control structure is the ability to minimize duplicate payments. Even with all the integrated controls of the major ERP systems, companies continue to find it necessary to supplement ERP functionality with other … Continue reading
Experiences in Outsourcing Purchase-to-Pay Process Areas
Introduction As external service providers continue to improve their service offerings, more companies are including outsourcing as an important part of their overall strategy for Purchase-to-Pay. With the significant introduction of Intelligent Automation at many outsourcing providers, their capabilities have … Continue reading
Using Evaluated Receipts Settlement in P2P
Introduction Many are familiar with the book, Reengineering the Corporation, by Hammer and Champy, published in 1993, that cited Ford Motor Company’s ability to eliminate 75% of their AP staff by implementing Evaluated Receipts Settlement (ERS) as an example of … Continue reading
Starting the Clock on Payment Terms
Introduction Making improvements to working capital or cash flow requires a clear understanding of the details for current work processes, including fundamentals that include when payment terms begin, and the frequency and timing of payment runs. For example, saying your … Continue reading
Administering One-Time Payments to Non-Vendors
Introduction In the world of Accounts Payable processing for large companies with billions in annual revenue, streamlining processes and eliminating complexity wherever possible is critical. In some cases, the efforts required don’t seem to be justified based on the nature … Continue reading
Effective Strategies to Enhance AP’s Relationship with Internal Customers
Introduction Developing a solid relationship with key internal customers, such as Procurement, Finance, and IT, is important for the long-term success of any Accounts Payable organization. During a recent Peeriosity PeercastTM, we looked at the experiences of one of our … Continue reading
Effective Accounts Payable Audits & Controls to Combat Fraud
Introduction With the significant amount of fraud risk associated with the Accounts Payable process, having the proper controls and audit program in place is key to the overall health of this critical function. While there are both internal and external … Continue reading
Driving Up Usage Levels for Electronic Supplier Payments
Introduction A variety of electronic payment options for suppliers have been around for a number of years now, but a significant percentage of vendor payments are still made by paper check. This is especially true in North America, which tends … Continue reading
Improving Accounts Payable Processing Efficiency Through OCR Technology
Introduction Even though Optical Character Recognition (OCR) technology has been readily available for several decades now, a significant number of the major companies in the world do not currently utilize it. With the recent advances in this technology, which have … Continue reading