
25/07/2023 3 min Read
Is Your Accounts Payable in Good Health?
Accounts Payable continues to be one of the most laborious process within the Finance Bank-Office hardly ever attracting leadership attention expect for the wrong reasons.
Take a close look before it’s too late
Is Your AP Team Struggling ?
- The life of an AP lead is unenviable. As long as things are okay, no one cares.
- But when something goes wrong – which can be often – all hell breaks loose.
- Very soon all is forgotten and life goes back to what it was. Till the next disaster strikes Get them Out of this Vicious Cycle Before it’s Too Late.
Does your AP Exhibit these Symptoms?
Wrong Payments?
- Vendors get paid twice.
- Sometimes without adjusting rebates.
- Payments go to the wrong vendors
High Exceptions?
- Special approvals for deviations are the norm
- Invoices are booked & paid simultaneously
- Supporting documents are missing
Inactive Vendors?
- You transact only with a fraction of the vendors on your master.
- Payments regularly bounce back.
- Master Data is Incomplete
Delayed Payments?
- Your team struggles to keep pace.
- Vendors complain of delays
- Most payments are based on regularised documents Lock the Gates Before it’s Too Late
Do You Address these Symptoms With Quick Fixes?
- Just fix it for now and move on?
- Like Popping A Pill for a chronic headache.
- No Audit Trail of the issue nor the corrective action, Destined to repeat the same mistake time and again.
Learn From Your Mistakes Before it’s Too Late
Root Causes Lie Buried under an Avalance of Transactions
- A Problem Well Understood is Half Solved
- But Getting to the Root of It is Easier Said than Done
- Finding Patterns & Trends in your data can help quick corrective action
Get to the Bottom of it Before it’s Too Late
But How?
Despite the most sophisticated transaction processing systems, mistakes and frauds still happen. A robust scan of each transaction is what you need. A final checkpoint to confirm not one rotten apple gets through. Because as they say, Prevention is Better than Cure.
Get Yourself SmartKatch Before it’s Too Late
What SmartKatch Does
Prevents Cash Leak
- Identifies Potential Errors before Pay Run – Intentional & accidental
- ROI visible daily ; typically, 4-6 x
Enhances Controls
- Root Cause Analysis of the errors
- Corrective and Preventive actions
Improves Process Maturity
- Results analysed to improve end to end P2P process
- Improved effectiveness and efficiency
Provides Insights
- On-going IBuisiness Intelligence
- Reveals Transformation opportunities
With SmartKatch It’s Never Too Late