The demands on operational finance are more arduous than at any time before. Teams are under pressure to navigate increasing complexity and automation while simultaneously lowering their operating costs and reducing improper payments.
Complexity: Procure-to-Pay (P2P) and Accounts Payable (AP) supplier invoice processing must now support more ways for suppliers to submit invoices and to receive payments, while new feeder systems and ERP upgrades have become a regular occurrence.
Automation: We ushered in new systems to speed up processing and reduce costs, but these brought with them new issues and threats that we are only now fully understanding – existing controls are no longer adequate due to increased invoice automation and remote working.
Urgency: The pandemic has intensified finance leaders’ focus on cost efficiency, improving analytics and optimising working capital – according to The Hackett Group’s 2021 Key Finance Issues report. Finance teams must seize the opportunity to leverage solutions available if they are to rapidly meet these goals in the face of increasing risks and limited resources.
This whitepaper looks at 5 best practices for effective procure-to-pay risk management.
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