I ask this question and the typical CFO response does not match their actual processes. The CFO (or senior finance manager) lists protocols related to invoice receipt, designated approval authority, and practices to avoid check fraud. However, our documenting invoice workflow identifies multiple activities that A/P has implemented to process the invoices. Often these workflows do not match the CFO’s impression.
We have uncovered practices that have caused needless work, added bottlenecks, and created black holes where vendor payments ‘vanish.’ I do not believe that fraud occurs, rather A/P workers attempt to process paperwork. focus on turning invoices.
Our E-Invoicing implementation process documents existing invoice workflows which are reviewed with the client. We confirm the optimal workflow and implement a solution provides management tools, speeds processing, and improves vendor relationships.