Finance leaders are taking center stage when it comes to making business decisions. Where to cut back spending, how to manage cash flow, and where to invest going further are all questions that need to be answered. Managing finance procedures such as supplier invoices, and getting complete visibility and control over spending is what every finance professional has to emphasize today.
This is what many businesses are struggling with. Here are a few ways you can gain greater control over supplier invoice process:
Centralize Invoice Procedures
Having centralized access where suppliers can submit invoices gives you a clear picture of spending before invoices are sent across business lines for approval. Purchase Order (PO) procedures can further improve visibility by allowing you to project spend prior it occurs.
Spot Duplicate and Fraudulent Invoices
Suppliers often send invoices manually. The manual process increases the risk of duplicate invoices and paves the path for duplicate payments. Automated procurement solution instantly flags duplicate invoices before it reaches the finance department. Without proper monitoring, you can be a victim to invoice fraud. An automated solution can help spot discrepancies so that you can avoid suspicious activities from happening.
Unlock Spend Data
If data is locked in spreadsheets, analyzing, and spotting trends becomes impossible. By integrating spend data and viewing it from across the business, you can make informed decisions. You can figure out areas to cut costs, and can better negotiate with suppliers based on your Return on Investment (ROI).
Finance leaders are expected to have complete control over enterprise-wide spend. Only then you can better manage cash flow and make smart decisions. However, you can only manage what you can see. Gaining visibility into employee spending and supplier invoices allows you to scale spend up and down accordingly. So, deploying automated procurement solution will equip your employees with the tools required to get complete visibility over enterprise spend so that you can propel your business forward.