Controlling corporate spending is no easy feat.

Companies might have hundreds, if not thousands of employees, with an exponentially higher number of invoices processed annually. Across departments and locations, it can be difficult, if not impossible to track that money is getting spent as it should. And this can lead to duplicate invoices getting paid, unnecessary late fees, and other undesirable outcomes throughout the procurement-to-pay (P2P) process. 

Furthermore, one of the most significant issues facing Controllers and AP teams is the rise of “Shadow Spend,” where employees bypass corporate procurement policies to obtain proper approvals and authorization for spend by placing purchases on a corporate credit card. AP teams lack visibility into these credit card purchases until the monthly statements arrive, consequently disrupting the entire procure-to-pay process and controls that were put in place by AP to ensure proper oversight. To rectify this disruption, AP is forced into a manual and time-consuming process to determine who made the purchase and what it was for, verifying approvals, hunt down the proper documentation, and manually enter in their financial system to close the books.

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