Have you seen this video of a moose on the loose blocking traffic on a highway? The lesson here is simple: your accounts payable function can’t have bottlenecks. And those bottlenecks will slow down processes and waste company time, money, and opportunities in 2022.
Northeast Treatment Centers is a Philadelphia-based non-profit which provides a continuum of trauma-informed behavioral health and social services designed to meet complex needs of all family members. In this guest blog post, NET’s Controller, Robert Ferrandino, and Accounts Payable Specialist, Teresamarie Morris, explain how Chrome River’s expense and invoice automation solutions let business flow by enabling the finance team to focus on high value activities.
It was recently revealed that a sophisticated invoice fraud scheme extracted more than $100 million from two of the world's largest companies. What steps can AP teams take to avoid their own organization falling victim to scams like these?
Hospitals typically receive a quarter of their invoices outside the PO system - often from smaller, local vendors. Processing these invoices manually can take thousands of hours and cost tens or hundreds of thousands of dollars each year. What can hospitals do to streamline these processes and reduce administrative costs.
Interest in back-office technology continues to increase as a way to control costs and increase productivity. What are the latest trends in the industry, and what benefits could it bring to the way your AP team processes invoices?
We recently ran a webinar in conjunction with Vendorin, which discussed some of the challenges faced by CFOs with their accounts payables processes. As part of the webinar, we asked some questions to gauge the current state of invoice automation, and some of the bigger issues currently impacting the function. The upshot of our findings is that, although technology plays a significantly greater role in AP than just a few years ago, there’s still plenty of opportunity to improve efficiency.
Organizations often expect the CEO to provide strategic vision, but an article on CFO.com explains that the CFO can play a key role in scaling the company. To focus on growth, CFOs should first clear their desks of basic finance and accounting tasks by using outsourcing and AP automation, then use analytics to reveal financial obstacles and identify strategic opportunities.
Few would argue with the truism “Numbers don’t lie,” but inaccurate numbers can and do lie all the time. A good example is the vast number of inaccurate numbers that can enter an organization’s financial system via expense reports. Organizations that allow employees to write or type expenses into a form that is manually reviewed and re-entered into the accounting system by a staff member have introduced several opportunities to enter inaccurate information for each transaction.
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Our choice of Chrome River EXPENSE was made in part due to the very user-friendly interface, easy configurability, and the clear commitment to impactful customer service – all aspects in which Chrome River was the clear winner. While Chrome River is not as large as some of the other vendors we considered, we found that to be a benefit and our due diligence showed that it could support us as well as any large players in the space, along with a personalized level of customer care.
We are excited to be able to enforce much more stringent compliance to our expense guidelines and significantly enhance our expense reporting and analytics. By automating these processes, we will be able to free up AP time formerly spent on manual administrative tasks, and enhance the role by being much more strategic.