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Three-way match should be incorporated into accountspayable processes whenever you need to ensure the accuracy and validity of invoices — in other words, whenever possible. In accountspayable, the primary benefits are: Catch fraudulent invoices. When should you use a 3-way match?
For decades, the many steps and stakeholders in large enterprise purchasing meant procurement teams had to rely on heavyweight, expensive solutions, while mid-market companies either had to adopt one of those overly cumbersome solutions or throw some ad-hoc procedures together to try to controlspend. Accountspayable and procurement.
Amid shutdowns and travel restrictions, a dramatic decline in business trips had some in the industry wondering what the future of card spend would look like. After all, the corporate card is traditionally the payment method of choice for traveling employees, yet it had historically lacked a presence in the accountspayable (AP) department.
This is referred to as spend under management (SUM), and is an extremely useful KPI at any stage Centralizing a decentralized world. SUM is a basic procurement metric that measures the proportion of an organization’s total managed and controlledspend through procurement processes.
Payhawk is the leading spend management solution for domestic and international businesses throughout Europe, the US, and the UK. Combining company cards, reimbursable expenses, accountspayable, and seamless accounting software integrations into a single product, Payhawk makes business payments easy — for everyone.
Plus, a commercial card linked to a mobile app supports corporates’ need to become more flexible, whether it be to generate an expense report while in a taxi or for accountspayable professionals to review and approve transactions while away from their desks.
In a live discussion with Karen Webster, Duvedi outlined the essentials that any good spend management approach should deliver and how businesses can measure the success of such programs. Controllingspend doesn’t have to mean giving employees less capital to work with, said Duvedi. Found Money. The Bottom Line on Benefits.
By comparison, modern spend & expense management solutions can provide proactive insights based on real-time data. Modern spend & expense management solutions allow companies to take advantage of all the rewards and services they are used to with personal credit cards in their business transactions.
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