Blog Series: Lavante Guide to Optimizing Supplier Statement Auditing This is the second in a four part blog series by Lavante's Josh Morrison. In this series Josh lends his insights from over twenty years of experience as a Procure-to-Pay expert. Blog#2 –Processes & Controls Surrounding Supplier Data Accounts Payable Recovery Audit has been around for [...]
Blog Series: Lavante Guide to Optimizing Supplier Statement Auditing by Josh Morrison In this four part blog series, Josh Morrison of Lavante lends his insights from over twenty years of experience working as: a global head in the P2P suite for a multi-billion dollar enterprise; a highly regarded industry consultant; and a Senior Solution Expert [...]
Notes from the Field: Presentation to IFO Chapter Meeting Focuses on Finding Lost Vendor Credits as Part of an Automated Statement Audit Process
Last month I shared some thoughts about a recent trip to Minneapolis where we presented The Future of AP at an industry lunch & learn session. I’d like to spend a few minutes now with some ideas about a second presentation I made on this same trip, this one at the IFO Northern Lights Chapter [...]
Recently, we have heard the term “profiling” used most often in association with controversy. It has become a new word to describe the age-old desire to put people or objects in nice, neat buckets or categories while ignoring the reality that life just isn’t that simple. The attempt to extrapolate perceived qualities across an entire [...]
Word is spreading like wildfire. Articles featuring best practices and tips on credit recovery from Lavante have been hitting the streets over the past two months. If you are looking for some expert advice on how best to put dollars back to your bottom line, the following articles may give you the valuable insight you [...]
The Connections Between Accurate Supplier Data and High Recovery Credits Discussed in Sourcing Innovation Blog by Michael Lamoureux
Earlier this month, Michael Lamoureux, better known as “the Doctor”, posted two very informative blogs on Sourcing Innovation, focused on the process of statement side recovery benefits. His initial entry, Recovery Audits – Are they Worth It, argues that indeed, with the right technology, the money recovered is significant. He states: “… using technology and [...]
Last month, Lavante teamed up with our partners at Winshuttle to offer a unique look at how our combined solution is able to automates a stream of recovered dollars back to your company's bottom line. During the session, we focused on how our technology solutions work to streamline a company's SAP financial recovery auditing processes, [...]
This is the second in a series of three blog posts devoted to five changes that are coming to AP: 1. More Importance Will be Given to the Quality of Supplier Information 2. Supplier Networks Become a Reality 3. Technology Provides New Ways to Automate AP Systems & Processes 4. Buyers & Suppliers Collaborate 5. [...]
IAPP Fusion 2011 Delivered AP Thought Leadership – From 1099 Reporting and Statement Audit Best Practices to Innovative Technology and Team Building
This year’s Fusion (May 8-11 in Orlando, FL) began with the announcement of the association’s name change from IAPP to the Institute of Financial Operations (IFO) – which was exciting news for everyone present at the conference. The conference then fulfilled on its promise to present thought-provoking sessions along with ample opportunity to network with AP and Shared Services professionals.
Large enterprise accounts payable organizations manage millions of payments to thousands of vendors each year. Business changes including mergers and acquisitions, consolidation, and centralization, as well as new systems and automation mean that 100 percent payment accuracy is nearly impossible – even for AP organizations with the strongest controls. To identify the highest percentage of anomalies and recover the most dollars, it is necessary to investigate both a company’s internal AP data and processes, as well as its suppliers’ AR data and processes.