Duplicate payments are one consequence of a lack of accounts payable visibility.
It is no wonder that 46 percent of finance executives cite a lack of visibility as their top accounts payable challenge, the Institute of Finance and Management’s (IOFM) research finds.
But it doesn’t have to be this way.
Fully automated accounts payable solutions provide anytime, anywhere visibility into the status of purchase orders, invoices and payments, create a complete audit trail of all invoice processing activities, alert purchasers and managers of any invoices that require attention, track exceptions and errors, facilitate online collaboration between internal stakeholders and suppliers, offer personalized dashboards with operational, financial and spend information, and generate ad hoc reports.
The enhanced visibility provided by a fully automated accounts payable solution helps businesses: