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Optimizing vendor invoice processing: a guide to tailored matching policies
This blog outlines best practices in matching policies for vendor invoice processing, considering various factors like vendor characteristics, purchase value, and GL account specifics. 1. Understanding Matching Policies Matching policies are controls put in place to ensure that payments made to vendors are accurate, authorized, and for received goods or services. The most common types…
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Best practices for optimizing purchase requisitions, invoices, and payment approvals
Creating a comprehensive and efficient purchase requisition, invoice, and payment approval process is crucial for organizations to maintain operational efficiency and financial control. Given the diversity in practices across companies, its beneficial to consolidate best practices that can serve as a guideline for establishing or refining these processes. This blog aims to outline these best…
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How AI connects and elevates P2P business processes
Artificial Intelligence (AI) is rapidly transforming the landscape of business operations offering innovative solutions to enhance decision-making and optimize performance. The Procure-to-Pay (P2P) process, encompassing a wide range of tasks from purchase requisition to payments, stands as a prime candidate for such AI-driven transformation. By acting as a unifying glue, AI can not only tie…