Reputation risk: A supplier's poor ESG performance can damage the reputation of the buying organisation, resulting in negative publicity and potentially lost business. Here are a few reasons why it is important for P2P teams to have a view on supplier-related ESG risk:ġ. They must also take into account the potential environmental, social, and governance (ESG) risks associated with their suppliers. However, in today's business environment, it is not enough for P2P teams to focus solely on cost savings and efficiency. Procure-to-pay (P2P) teams are responsible for managing the purchasing process, from requisition to payment, and ensuring that the organisation obtains goods and services at the best possible price and quality. #AccountsPayable #PcoureToPay #Accounting #YearEnd #Finance #WorkingCapital #SupplierRisk #Fraud #AI By identifying and mitigating these challenges, AP teams can ensure that their processes are efficient, effective, and accurate – get in touch to learn more! In conclusion, with year-end fast approaching, AP teams must be proactive in managing invoice risks. FISCAL Technologies helps AP teams at 300 leading organisations do all of the above, and more! To mitigate these risks, AP teams can implement rigorous controls, such as automating invoice processing, using data analytics to identify anomalies in transactions, and implementing strict verification processes for all invoices received. AP teams must take extra care to ensure that all invoices are accurate before they are processed for payment. Inaccurate Invoices: At year-end, vendors may send invoices with incorrect details such as incorrect purchase order numbers or incorrect billing addresses. AP teams should be vigilant in verifying the legitimacy of all invoices received and ensure that the proper checks and balances are in place.ģ. Fraudulent invoices could result in significant financial losses for the company. Fraudulent Invoices: Year-end presents an opportunity for fraudsters to create fake invoices and slip them into the system. AP teams must ensure that they have robust processes in place to detect and prevent duplicate invoices.Ģ. Such errors could lead to overpayments, which could affect the company's bottom line. Duplicate Invoices: Duplicate invoices may occur due to the high volume of transactions processed at year-end. Here are three challenges we know AP teams often encounter at this critical time.ġ. As we approach year-end, it is essential to understand the challenges Accounts Payable (AP) teams face with regards to invoice risks.
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