Procure-to-Pay – Accounts Payable
A complex business process, Procure-to-Pay is especially vulnerable to mistakes and violations that ultimately impact your bottom line. Invalid vendors, duplicate POs and invoices , and e rroneous payments are just a few of the potential errors that can happen throughout the Procure-to-Pay process. Left undetected, low-level errors—alone or in conjunction with others—can constitute considerable cost to correct, especially as errors multiply and create problems downstream. By gathering data from all your financial systems and monitoring the Procure-to-Pay process continuously, Oversight Systems can point you directly to breakdowns as they occur, enabling early correction to minimize the impact on your organization. For example, catching and eliminating a duplicate vendor record as it is created in the system – before a duplicate payment results, requiring a costly funds-recovery action.
Oversight Systems' subject matter experts have identified areas where mistakes and violations typically occur throughout the Procure-to-Pay process. To identify potential issues, we pull data from multiple financial systems in real time as transactions are processed and continuously monitor every transaction.
Quickly Resolve Errors & Defects
Because Oversight monitors the Procure-to-Pay process and all of its related records in real-time, you're able to quickly resolve exceptions before they turn into larger business issues:
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Duplicate vendors, vouchers and invoices
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Erroneous POs
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Non-compliance with trade regulations
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Unused discounts or rebates
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Inappropriate sales tax
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Discrepancies in freight charges
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Unreconciled liabilities in accounts for unvouchered receipts or Goods Received Not Invoiced (GRNI) |
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