5 Procure-To-Pay risks every CFO needs to manage
Press Release | 21st February 2017
Raleigh, NC – February 21st 2017: A key part of a CFO’s role is to maintain a robust risk management strategy to safeguard the corporate wallet, and be prepared to challenge their finance and audit teams to achieve this aim. According to FISCAL Technologies, the world-leading provider of accounts payable forensic software, these risks can be costly in the procure-to-pay function, from substantial overspend depleting working capital to the serious financial and reputational damage of fraud.
CFOs are often are not aware of all these risks, explains FISCAL CEO David Griffiths in a recent blog post 5 Procure-To-Pay Risks Every CFO Needs To Manage. He says: “Organizations with basic controls may be oblivious to risks within their workflow processes or they may be overwhelmed by reports while failing to see the more granular issues within the P2P process.
“Some organizations have entirely outsourced these issues to a third-party service provider, which makes controlling and limiting those risks even harder. Those that keep their P2P in-house tend to rely on three-way matching as their primary control mechanism, but there are substantial flaws within that system too.
“The bottom line is that P2P complexity is increasing. There are multiple ways to input an invoice and multiple ways to pay out, and in between these two processes there are hidden risks to manage. All of these risks can be lessened with an intelligent automated control that is used by your financial HQ which sits over workflow, that analyzes all invoice-related information at whatever speed of processing and provides clear actionable insight.”
Read David’s full post on the five hidden risks CFOs need to manage here.
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About FISCAL Technologies:
FISCAL Technologies is the leading provider of forensic solutions that empower purchase-to-pay teams across the globe to protect organizational spend.
Incorporating unique technology to reduce risk in the supply chain, FISCAL solutions are used on a continuous, preventative basis to protect supplier spend, defend against fraud, increase profitability and drive process improvement.
Since 2003, FISCAL has safeguarded hundreds of millions of payments and is now relied on by over 250 leading organizations.
For more information, please visit www.fiscaltec.com.