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Not only is failing to take precautions a security risk, it’s also a huge waste of time, with each business wasting hundreds of hours every year with manually processing both old and new invoices.
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Think of it this way you wouldn’t blindly send a payment to a stranger, yet that’s one of the risks many businesses are taking by not providing the proper resources and technology to their finance departments to help prevent these errors from occurring. Ever received a late payment or wrong invoice? Although it might be a genuine mistake some of the time, most of the time it comes down to teams manually processing what are vital functions of a business. The problem of billing within businesses is more extensive than you’d think. They say money makes the world go round, but that doesn’t happen unless the invoicing cycle flows smoothly including Purchase Order (PO) numbers organised, invoices processed, and payments sent. However, this can all change in a heartbeat if people, suppliers, and vendors don’t get paid. Your operations work like a well-oiled machine, and an efficient workforce is helping maintain growth and regularly hit new highs. As a business you do brilliant work every single day.