What Procurement Can Learn From AP

Posted by Angela Sarno on Oct 21, 2021 10:06:00 AM

At PaymentWorks we love Procurement and AP equally. We have amazing champions and customers in both areas, and our platform has strategic benefits to both functions.  Yet, we are constantly surprised that these two seemingly made-for-each-other departments don't always appreciate all they do in support of each other.

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So we thought we'd take a stab in this two part series at playing 'counselor' to this couple, and walk through just how much they could learn from each other.

Let's begin.

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Topics: payments fraud, AP, procurement, supply chain

Verifying Vendor Information: What Does it Mean to "Verify?"

Posted by Angela Sarno on Sep 21, 2021 10:15:00 AM

In the course of building our network and our platform, we did what product people do: we talked to the market.  When it comes to the risk associated with vendor onboarding, everyone we spoke to was united.  However, when it came to how to solve it, consensus was elusive. Vendor management, AP and Procurement personnel know they should not trust banking information that arrives via email.  That is a given. To solve this most seem to focus verifying vendor banking information.  But what, exactly, does that mean?

shutterstock_1951920238How banking information gets 'verified', generally falls into these three buckets:

  1. Collecting a voided check or account info on bank letterhead
  2. Calling the vendor to confirm the change
  3. Multi levels of internal approvals for changes

All of these seem, on the surface, to be solid, but are not infallible in defending the vendor master from infiltration by fraudsters.  The devil, as they say, is in the details. If your organization is relying on any of these three ways to ensure the validity of your vendor master file's banking info, you are likely leaving holes wide enough for a fraudster to walk right in.

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Topics: payments fraud, AP, ACH, vendor master, risk

The ROI on Vendor Management

Posted by Angela Sarno on Aug 12, 2021 10:02:00 AM

Julie-Anne White isn't going to argue that having a clean vendor master file is more important to a company than generating sales and growing revenue. (Because it isn't.)Julie-Anne White Headshot

But that doesn't mean the financial industry veteran thinks companies should penny pinch by failing to devote resources to vendor management. (Because they shouldn't.)

We interviewed Julie-Anne on the importance of accurate vendor information for our Risky Business podcast.  You can listen to the entire interview here.

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Topics: AP, insurance, ACH, vendor master

Fraudsters are targeting AP and Treasury. Are you next?

Posted by Angela Sarno on Aug 3, 2021 10:01:00 AM

"I feel as if I am holding a hand grenade with the pin pulled."

This is an actual quote from one of our customers, before she was a customer.  We hear versions of this all of the time when we speak to prospects. People are scared. 

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Topics: compliance, payments fraud, AP, ACH, vendor master, risk

"Where is My Vendor?"

Posted by Taylor Nemeth on Nov 17, 2020 10:01:00 AM

 

Wendy Grayauskie, Assistant Director for Procurement at Villanova University, and Miguel Silva, Procurement Assistant for CSU Monterey Bay, joined us for the 4th installment of our podcast: PaymentWorks Presents Risky Business. 

Below is an edited excerpt from that conversation where they discuss how the title of this blog is what keeps them up at night. You can listen to the full podcast here.

Wendy Grayauskie and Miguel Silva

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Topics: higher education, AP, procurement, podcast, vendor master

5 Ways Your Vendor Master is Costing You Money - Mistakes & Fraud Edition

Posted by Angela Sarno on Oct 6, 2020 10:02:00 AM

Mistakes are going to happen in any business, at least any business that involves humans. There really isn’t any way around that. 

While it would be wonderful to eliminate the scourge of mistakes completely, that just isn't realistic. The goal, instead, should be to minimize exposure to risks while decreasing the high costs that come with onboarding and maintaining your vendor master. And make no mistake, the costs are indeed high. Benchmarking among our customer base indicates it costs $100-200 to onboard and maintain each of your vendors, each and every year you keep them on your vendor master!  

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We have five ways your vendor master is costing you money, along with some practical advice on how to keep those costs down.

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Topics: payments fraud, AP, procurement, ACH, vendor master

Five Ways Your Vendor Master is Costing You Money- Compliance Edition

Posted by Angela Sarno on Sep 29, 2020 10:15:00 AM

Compliance is not anyone’s favorite word. The angst and tension many procurement and AP staff work with on the daily is only exacerbated by the worry of accidentally violating terms of compliance.  There are the considerations of the external world, such as the OFAC and debarment lists that haunt payments professionals (hello giant federal fine!), but there is also the world of internal compliance- much of it shifting with stunning regularity.  linkedin wasted money

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Topics: compliance, AP, insurance, vendor master

Business Payments Fraud in Times of Crisis

Posted by Taylor Nemeth on Apr 28, 2020 10:15:00 AM

 

While the coronavirus pandemic is disrupting businesses all over the world, there’s one industry that’s booming: payments fraud. 

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Topics: payments fraud, AP, procurement

 

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The Business Identity Platform that automates complex payee management processes to:

  • Eliminate the risk of business payments fraud  
  • Reduce cost
  • Ensure compliance

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