Earlier this month, Spend Matters published an insightful article written my colleague here at Lavante, Aloke Bhandia, Sr. Director of Product Management. In it, he provides an overview of how the results of a statement audit can benefit not only Accounts Payable, but has the potential to deliver many often overlooked advantages to Procurement.
He aptly states:
“For too long, such supplier credit recovery has been confined to the AP suite as a tool for improving the efficiency of Accounts Payable. With increased focus on the broader P2P process, supplier credit recovery audit results should be more frequently evaluated by the procurement professionals in the context of the larger supplier management process.”
In August, we will post more articles not only on how statement audit is a best practice, but additional ideas about the organizational benefits gained by bringing AP and Procurement close together, with suggestions of how that can be accomplished.
Once you have had a chance to read Aloke’s article on Spend Matters website, I welcome your comments!