Fraud and Compliance
“What am I supposed to do with this?”
It’s something you probably ask yourself when opening an invoice you didn’t expect or can’t believe (or perhaps you use a different, more colorful phrase we can’t repeat here). The fact is, no matter how perfect a procurement process you have, some spending is going to fall outside your system. And when those invoices start rolling in, the question of what to do with them falls to you.
Take, for example, invoices from your utility providers. Or from marketing, catering, and events. Or really from any purchases people have to make beyond the bounds your procurement system. Or from vendors who aren’t on your approved list. How do you know what these things are for? How do you know what to do?
If you can’t easily answer those questions, is it maybe time to rethink your invoice solution? There’s a spending tip sheet out there with the answers, but let’s ask a few more questions first.
Are you approving spending before it’s spent, so you can curb out-of-policy spend?
If this seems like a no-brainer, that’s because it is. When you have the option (or a new solution gives you the option) to hold the reins on spending before your money goes out the door, the answer to that option is always “yes.” Pre-spend authorization lets you proactively control costs, be confident in compliance, and more easily manage cashflow – all while driving your people to approved vendors.
Do you have to open envelopes or emails to get your invoices?
This isn’t a bad thing – it’s how invoices are delivered after all – but if you and your teams are still keying in all that information, someone is going to make a mistake and you’re going to fall behind. Wouldn’t you rather have a solution that automatically scans invoices whether they’re paper or PDF, whether they’re from an approved vendor or from someone you’ve never heard of, and all the information just works into your workflow? Again, the answer is yes.
Are you earning supplier discounts because you’re automatically paying invoices early?
Or is it more like this: You wait until the last minute because a) You haven’t seen the invoice yet, b) Cash is tight, or c) It’s coming from outside your system, so you don’t even know what it is. Your solution should automatically pay your invoices in a way that meets your policies and your suppliers’ terms. So you can make the most of discounts and keep more money in your pocket.
Can your employees easily review invoices from their sofa?
People are working from everywhere these days, and if they can’t look at an invoice at the drop of a hat, well, you probably already know you’ve got a problem. You want a solution with a simple mobile app that lets your users review, accept, and reject invoices in an instant – from anywhere. That way, you’ll have answers on all your invoices, no matter where they came from or where your reviewers happen to be
These are pretty simple questions, and while the answers might not be so easy, the solution actually is. You just need to know what to look for. Again, it’s all outlined in the 7 Essentials Spending Tip Sheet. Essentially, it all amounts to this: An easier way to ensure you’re spending policies are being followed, that you’re ahead of all the surprises, and that you’re paying the right amount at the right time.
If you can’t keep up with all that, you need a new invoice solution. Find out what you should be looking for in the 7 Essentials Spending Tip Sheet.
What have you got to lose?