Today’s payable environment is intense. Whether you’re an executive
of a Fortune 500 company or of a growing private company, your payables
staff is likely lean, volume driven, and under relentless
pressure to process payments.
Daily transactions can be measured in the thousands and money is often dispatched
to vendors near instantaneously. One errant stroke at the computer
terminal may send a large sum to a one-time, near bankrupt vendor
in Florida even as it was intended to satisfy an obligation with
a Fortune 500 supplier in Michigan. One poor tax decision
tends to be repeated over time.
inadvertently introduce invisible pressures
and opportunities to overpay".
this pressure and intensity, add the
flux of change, a near constant in the corporate environment.
New Software. New Vendors. Rapid Growth. Acquisitions. Price Changes.
Changing and complex sales and use tax statutes, varying by state,
county, municipality, and special tax districts.
many vendors inadvertently introduce invisible pressures and opportunities
to overpay. Multiple invoices. Improper or inaccurate sales taxes. Double billings.
Cancelled Invoices. And many natural opportunities to withhold or
use those credits to offset aging invoices.
larger organizations have more sophisticated controls, such
controls are often marginalized with personnel turnover,
decentralized operations, reliance on "foolproof" software,
and lack of interdepartmental communication.
the numerous pitfalls, pressure and distractions of this environment,
the bulk of accounts payable professionals still do a remarkable
job, operating at a level exceeding 99% efficiency.
is where your job ends
and ours begins.