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Time and Cost to Manage and Reconcile Invoices and Payments

  • You spend a lot of time managing low dollar invoices.
  • Unknown what % of your transactions are under $2,500.
  • Unknown what % is that of your total dollars spent.
  • For those small purchases.
  • Unknown time spent on Invoicing.
  • Matching POs.
  • Is a manual process.
  • Paper based.
  • You sometimes pay out of petty cash.
  • Unknown how it is reconciled.
  • Unknown what is your cost/transaction.
  • You give credit cards to employees.
  • You cannot control employee spending on an open credit card.
  • You cannot prevent unauthorized spending.
  • Unknown how you reconcile.
  • Unknown cost to company.
  • There is a disconnect between who made the purchase, who approved it, and who received it.
  • Typically, where is the disconnect.
  • There are items that should not be on the statement.
  • Unknown how it gets reconciled.
  • You manually track merchant data.
  • You do not easily have access to tax information.
  • Unknown how you generate 1099s.
  • It takes long.
  • There are errors.
  • Unknown how it is reconciled.
  • Unknown how you track purchases made with each merchant.
  • It takes a long time to assign vendors in your ERM.
  • It is a manual process.
  • You cannot track it by a transaction basis.
  • You have to manage all vendors individually.
  • You cannot group them.
  • Is a manual process.
  • It takes long.
  • It is tedious to manage and pay individual vendors.
  • Unknown number of vendors you deal with.
  • Unknown how many or what % you only deal with once or twice for very small amounts.
  • Unknown process for setting up a new vendor in the system.
  • Time.
  • For paying vendors.
  • Time.
  • Cost.
  • It is difficult to go back and review transaction detail.
  • You have to log in and out of different systems.
  • It takes much time.
  • It is frustrating.
  • You sometimes just give up.
  • Issues integrating with other systems.
  • Unknown how you post transactions to the GL.
  • A/P.
  • It is a manual process.
  • It takes much time.
  • It is not error prone.
  • They get out of sync.
  • Unknown what happens if they do.
  • Unknown how you reconcile it.
  • Time.
  • Cost.
  • Your transaction process is paper based.
  • You have to manually assign account codes.
  • It takes long.
  • Card transactions are rejected if information is missing.
  • The GL account information is required.
  • Vendor information.
  • Unknown what happens if rejected.
  • Unknown how you fix it.
  • It takes much time.
  • You cannot set up default cost allocations for cardholders.
  • There is delay between the time of the transaction and when it hist the accounting system.
  • You have to wait until the end of month.
  • Until expenses are filed.
  • Unknown impact on your account reconciliation.
  • Cash flow.

About the Author: AJ Amjad Khanmohamed

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