If you’ve had anything to do with supplier invoicing over the years, you’ll be familiar with the masses of associated paperwork that can float around an organisation – or get lost in someone’s in-tray. There are quotes to compare to invoices, invoices to match to order numbers, recurring and one-off invoices to review, code, and approve. There’s the effort to collect signatures from all concerned before the invoice is marked for payment, and the time to manage calls from suppliers wanting to know when their invoice is going to be paid. Then there’s the search for mislaid or queried invoices. Plus the effort required to prepare EOM cashflow reports.
Yes, it’s a month-round lolly scramble. Not only is using paper an incredibly slow way to manage the whole process, but it leaves you open to fraud, and keeps your account payable team bogged down with manual procedures. And it’s a problem that only gets worse as you get bigger and busier.
So, it’s thank goodness for procure-to-pay!