Directly download our new article that provides in-depth information about the current risks that we identify in the accounts payable data of our clients.
An effective and well-functioning accounts payable department is vital for any organization. However, almost every enterprise corporation struggles to achieve it and is prone to accounts payable risks. Duplicate payments are common as they represent 0.5% of all the payments processed by an enterprise corporation to their vendors.
By realizing more than 150 projects on an annual basis for global organizations that have hyper-automated their accounts payable process and are taking a leaner approach to their vendor management, we have identified various root causes that are very common – yet the systems or the processes of these organizations find it hard to detect. Based on the projects that SpendLab has realized we see two common trends in accounts payable risks.