Procure to Pay

Organizations lose millions of dollars in their procure-to-pay processes to unintentional errors, misuse, and ineffective controls. With overpayments alone costing the typical organization a thousand dollars for every million spent, detecting problems before they escalate or even occur can drive substantial cost savings. SafePaaS Procure to Pay Advanced Controls will enable you to improve business execution via process optimization, reduce fraud and errors, and achieve compliance.

We provide out-of-the-box as well as configurable content from our Controls Catalog to mitigate risk in the entire procure-to-pay (P2P) business process to achieve control objects for P2P Business Process Owners, Control Owners, auditors, and IT managers. For example, P2P Supplier Master controls to ensure that the supplier profile is accurate according to negotiated contracts and terms. Any violations of supplier master policies, procedures, or business rules are detected and prevented based on the risk tolerance level.

You can set up controls to continuously monitor changes made to supplier data to ensure the accuracy of the data. MonitorPaaS™ Transaction Monitor will allow you to reduce errors, fraud, and abuse in the P2P process. Advanced controls can identify potential duplicate vendors in the system where standard ERP controls are ineffective. Transaction Controls can compare and find suppliers that have similar—but a different—spelling, perhaps as a result of abbreviations or simple transposition errors. Transaction Controls can also improve your Recovery Audit process by timely detection of duplicate invoices and payments that can reduce the cost of third-party investigations for post-audit recovery and collections.

In addition, our P2P controls include monitors that track changes to key supplier master data and configurations including address, bank routing information, receipt and purchase order dates, payment terms including discounts, and tax information. MonitorPaaS™ Configuration Monitor will produce 'snapshots' of before and after values that are updated. A "change tracker" control will provide answers to who, what, and when the updates were made.

Examples:

• AP Invoices Over Threshold 
• PO Over Threshold Amount,
• Split Purchase Orders 
• Duplicate Vendor Payments 
• Inventory – Purchase Price Variance 
• Changes to key supplier master file data (e.g. bank account or delivery address info) 
• Matching supplier payment info to employee bank account info 
• Check for invoice amounts not matching contracts or purchase order amounts 
• Compare prices across vendors to see if prices from a particular vendor are unreasonably high 
• Review for unexplained increases in inventory. Determine if purchase quantities of raw materials are appropriate for production level 
• Check to see if increases in quantities ordered compare similarly to previous contracts or years or when compared to other plants

Learn how to prevent risks and streamline the procure-to-pay process.