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Have you ever received an invoice from a vendor you’ve never heard of? Of course. You check the master file, but it’s not there. And it’s due in 30 days. Just kidding—it’s due by the end of the week. Last week. If you're lucky, the buyer's name is noted on the invoice. Or maybe the buyer is the one that forwarded the invoice to you. Employee buyers mean well, but their focus is on getting what they need for the job they have to do. It's not on the details required to pay the vendor. That there are 12 tasks involved in onboarding of a new vendor eludes them, even though you explained everything in a  Zoom meeting last month. They don't have time to think about payment reporting, compliance issues, bank verification or even the need for a correct address. If they need authorization to purchase, that's as far as it goes for some. Others may go a bit further. And a few conscientious ones try to get everything that's needed from a vendor, but their own work deadlines interrupt their seeing vendor onboarding tasks through. Control, efficiency and timeliness are lacking in many of the purchases made throughout an organization. Employees do...

Working from home is challenging productivity. Several factors play into that challenge. Leading issues are children, space, privacy, lack of time boundaries, and importantly, the lack of professional social connection. Stanford University Economist Nicholas Bloom, a noted work-from-home advocate, expects a productivity decline in the large shift to remote work, at least for a time. He also posits a dip in new ideas tied to the lack of interaction with other workers. Bloom is quoted by Adam Gorlick in a Stanford News article as saying in-person collaboration is necessary for creativity and innovation. Several surveys indicate productivity and morale challenges to those who have suddenly found themselves clearing space to work from home. A survey by the Global Association of Risk Professionals (GARP) found that despite companies’ adaptions and successes in shifting to a remote workforce, respondents report problems. They’re working more but feeling less productive and engaged. Hours are irregular, and workers are feeling stressed. IT workers are an apparent exception, according to a survey by Sectigo. “… nearly 50% of those polled reported that productivity had increased since they were asked to [work from home] WFH, while 35% "feel it's stayed consistent," and only 16% noted an actual decrease in productivity.” But...

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column width="2/3"][vc_column_text] Introduction Automated Clearinghouse (ACH) payment is a common method of vendor payment across all types of industries and organizations, from manufacturers to health care providers, construction companies to educational institutions. What’s the status of ACH payment use, and importantly, how do companies gather, verify and store the necessary information from venders? This is the focus of Financial Operations Networks’ spring 2020 ACH survey. [/vc_column_text][vc_empty_space][button target="_blank" hover_type="enlarge" button_shadow="yes" text="CLICK HERE TO VIEW SURVEY" link="https://secureservercdn.net/166.62.115.136/p0z.89e.myftpupload.com/wp-content/uploads/2020/06/ACH-Vendor-Banking-Info-Survey-Results.pdf"][vc_empty_space][/vc_column][vc_column width="1/3"][vc_single_image image="19617" img_size="full" alignment="right" onclick="custom_link" img_link_target="_blank" qode_css_animation="" qode_hover_animation="darken" link="https://secureservercdn.net/166.62.115.136/p0z.89e.myftpupload.com/wp-content/uploads/2020/06/ACH-Vendor-Banking-Info-Survey-Results.pdf"][/vc_column][/vc_row] ...

Statistical Law Can Uncover Fraud Do you know what happened 140, 82, and 25 years ago? No, not other pandemics!  Those are the numbers of years ago a mathematician and statisticians first discovered, then rediscovered and finally proved a statistical law that has fraud-busting application to accounts payable. The mathematician (and astronomer) was Simon Newcomb. In 1881 he published a paper that showed that in a group of naturally occurring numbers, contrary to assumption, not all numerals (1, 2, … 9) appear with the same frequency in the first digit place. Rather, lower numerals occur more frequently and higher numerals less frequently. In fact, the numeral “1” occurs 30 percent of the time, whereas the numeral “4” occurs about 10 percent of the time, and “9” only 4.5 percent of the time. Some of you have heard of this before, thanks to the statistician that got involved in our story nearly 60 years after Newcomb. His name is Frank Benford. The phenomenon, called the “law of anomalous numbers” or “significant digit law” is more commonly known as Benford’s Law. In 1938, Benford built on Newcomb’s observations. He demonstrated that the frequency of each numeral appearing in the first digit position, and in the...

Working successfully from home requires more than secure Wi-Fi, a VPN and video conferencing. And younger workers are finding it more difficult than older ones. That is according to a new survey by Engine Insights, commissioned by Smartsheets. When the workforce suddenly shifted from working on-site to remote locations, organizations first focused on getting everyone set up with access to the systems, software, data and connections they needed to continue working. Security, as InvoiceInfo and VendorInfo have discussed, is a crucial but challenging aspect of that. But accessing necessary systems, software and files only supplies the workers with their usual tools. They need more than that. According to the survey, 75 percent of the overall remote workforce “feels less connected,” these days. And there are some generational differences of which to take note. That sense of disconnection is higher among the younger generations, with 82 percent of Generation Z and 81 percent of Millennials saying so. Sixty percent feel less informed and again, younger workers feel it most: 74 percent of Gen Z and 66 percent of Millennials, vs. 53 percent of Gen X and 50 percent of Baby Boomers. And though workers feel disconnected and out of the loop, they nevertheless say time spent...

Overnight, working remotely became "a thing." Essential industries were allowed to keep operating, but everyone else had to stay home. In 2020, fortunately, many could stay home and still work. Working remotely has been less easy for accounts payable. Even companies with a high degree of automation still have some paper coming in. Others are less automated. And checks, according to a 2019 AFP study, still account for more that 40 percent of supplier payments....

[vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column][vc_column_text css=".vc_custom_1591019334197{margin-bottom: 30px !important;}"]This report will explain how a vendor portal streamlines vendor registration and information management and allows vendors to get answers to invoice inquiries by themselves. Done effectively, this leads to recouping thousands of hours, increasing control over vendors, providing visibility into vendor behavior, generating actionable metrics and analytics and highlighting operational insights into process improvement opportunities. [/vc_column_text][vc_column_text] Click the button below to download How VendorInfo and InvoiceInfo Portals Support Initiatives for Efficiency, Controls, Security & Verification. [/vc_column_text][vc_empty_space height="38px"][/vc_column][/vc_row][vc_row css_animation="" row_type="row" use_row_as_full_screen_section="no" type="full_width" angled_section="no" text_align="left" background_image_as_pattern="without_pattern"][vc_column width="2/3"][vc_empty_space height="18px"][button target="_self" hover_type="default" text="Download PDF" link="https://invoiceinfo.com/new-how-vendorinfo-and-invoiceinfo-portals-support-initiatives-for-efficiency-controls-security-verification/"][/vc_column][vc_column width="1/3"][vc_single_image image="19366" img_size="full" alignment="center" qode_css_animation="" css=".vc_custom_1589907149744{padding-top: 7px !important;padding-right: 30px !important;padding-bottom: 15px !important;padding-left: 30px !important;}"][/vc_column][/vc_row]...

The value of electronic versus manual procure-to-pay processing has never been more evident. And the notion of “touchless” processing takes on new meaning in the current context. As people and organizations look at “opening back up,” many are facing the reality that opening up cannot mean returning to things as they were back in January. What we’ve succeeded in doing is getting a handle on the virus to the extent that medical services and facilities are not now facing a whelming flood. They’re more confident that they can handle the flattened rate of those in need of serious care to beat the virus. That’s all. The virus is still here. And every time we think we know who’s vulnerable and who’s not, some new manifestation pops up and surprises. It’s still unclear how the arrival of summer may affect the virus, and predictions of recurrence in the fall are not encouraging. Already Germany is seeing a rise in R factor to 1.1—it needs to be at 1 or below, i.e. each infected person is only infecting one or less other people, to keep the spread in check. But back to touchless processing. The fact is, “touch” is not the only concern in transmission....

With all our attention consumed by the shapeshifting new normal, you probably want to hear that payment fraudsters have taken a holiday. But they haven’t. A new AFP survey on payment fraud shows 80 percent of organizations experienced attempted or actual payment fraud last year. Payment fraud remains at a high level, having jumped up 11 points in 2015 to 73 percent of organizations and rising to 81 percent in 2018. The target areas? Checks (at 75 percent of organizations), followed by wire transfer (40 percent), commercial credit card (34 percent), ACH Debit (33 percent), and ACH Credit (22 percent). As the AFP report states, “ACH payment methods appear to be of interest to fraudsters.” Business email compromise or “BEC” has boomed, the study says. It is the first year that BEC has taken the lead spot among the sources of payment fraud. Fraudsters are becoming more sophisticated in their BEC technique. NACHA’s Michael Heard, SVP ACH Network Administration, points out that checks “not only have the highest level of reported fraud, but also an increasing rate of fraud during a period when check use has dropped substantially.” At the same time, he continues, “The report also shows that fraud rates remained nearly flat for ACH during a...

If ever there was a time you want good relations with vendors, it’s now. The impact of the pandemic on the economy is presenting a tremendous challenge if not crisis to many businesses, opportunities to others. As businesses work to survive the storm of change brought on by COVID-19, it is critical they have supply partners they can trust. “Money is the currency of transactions," says Rachel Botsman, author of Who Can You Trust? "Trust is the currency of interactions.” Studies have shown the importance and value of good supplier-customer relationships to success. A 2014 Gallup study was designed to help companies understand how to do it. Gallup identified five elements in gaining supplier engagement and commitment: clarity, simplicity, integrity, reciprocity and connectivity. Clarity involves expectations of the two parties and open and honest communications. Simplicity is defined as being “easy to do business with.” Integrity means organizations can count on each doing what they say they will do, and when problems occur, working to resolve them fairly. Reciprocity means parties trade considerations with each other, it’s not one-way. Connectivity means they are set up well for easy exchange of information. Those are the things suppliers want from customers and customers want from suppliers in regular...

Stop Calls and Emails, Enhance
Service and Increase Profit!

InvoiceInfo saves labor hours and cost by helping suppliers and internal staff easily and instantly get answers online to their invoice-payment questions.

If you are like many finance leaders today, you are being challenged to reduce costs more quickly. InvoiceInfo delivers real bottom-line results almost immediately, allowing you to deploy your customer service staff to focus on more productive, bottom-line oriented tasks.

Let us show you how InvoiceInfo's vendor self-service portal can help your organization eliminate invoice inquiry emails and calls while enhancing service to your accounts payable customers.

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Get Up and Running Quickly and Seamlessly

InvoiceInfo and VendorInfo are standalone applications that can be up and running in as little as two weeks, with little or no IT resources required.

The faster your online portal is up and running, the sooner you will start reaping the benefits. InvoiceInfo and VendorInfo are dedicated solely to helping AP and procurement departments slash the time and expense of servicing vendors, while improving customer service for their suppliers.

InvoiceInfo and VendorInfo are simple solutions with big results. They are easy to implement and easy to use. Here’s how one customer described the process: “You give vendors a URL, provide instructions about what they need to know and tell them to go use it.” It really is that easy.

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Improve Productivity with a Self-Service Solution

For most organizations, deploying a technology solution is a significant investment, and like most investments, the decision point ultimately comes down to the expected return on that investment.

According to a recent benchmark study by The Accounts Payable Network, 60% of AP customer service calls are from vendors while 40% are from internal customers. Vendor issues actually make up even more of the AP call volume than the 60% identified. Many times when a vendor has an issue, the vendor contacts their buyer or purchasing representative, who in turn contacts AP. Even though the call comes from an internal customer, the question originated with the vendor.

Vendor calls affect productivity in your organization exponentially. When vendors call the requisitioner, they are affecting that person’s productivity. Your internal customer’s productivity shrinks when fielding the vendor’s call and again when making the follow up call to AP and getting back to the vendor. Finally, AP’s productivity suffers as a result of the internal customer’s call, the payment status research and the follow-up communication.

With a minimal investment of IT time and talent, you can start reducing customer service calls and expense in a matter of weeks. In addition, you improve vendor relations since you are giving your vendors what they want — answers to their questions immediately — a win-win for everyone involved!

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Easy and Economical Solution to Serve Vendors Around the World

InvoiceInfo can help you provide best-in-class customer service to your vendors around the world at a fraction of the cost.

Many organizations today have offices and operations throughout the world and are dealing with many time zones, different languages, and in some cases multiple ERP systems. InvoiceInfo currently supports different languages and can easily work with multiple ERP systems in different locations.

The key to good customer service is to provide the information that the customer wants when they want it. Whether your customer is a vendor waiting for a payment or a colleague that needs information on payment status, they want their information right away. If your organization has vendors and offices in other countries, they can be challenging and expensive to serve. But, with InvoiceInfo, your international vendors and internal customers can access the information they need when they need it.

With InvoiceInfo, you won’t have to staff your customer service team with 24-hour coverage in multiple languages to provide high-quality customer service around the world.

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Enhance AP’s Role As a Strategic Partner

Learn how InvoiceInfo can help AP do more with less while continuously improving productivity and bottom-line results.

Many automation technologies such as scanning, workflow, e-invoicing, ACH, and electronic invoicing require significant investments of money, time and talent, making it difficult to get buy-in from upper management. Not InvoiceInfo!

If your goal for your AP department is to reduce costs quickly, call or email us today to learn more about how InvoiceInfo can help you achieve this goal through a quick, inexpensive and easy implementation of a vendor self-service portal.

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Enhance Vendor Relationships

InvoiceInfo helps suppliers’ AR departments with simple and convenient access to invoice payment status online at a cost savings for all involved.

It may seem that the organization paying the vendor should hold all the cards in the relationship. But sometimes the opposite is true. Past-due payments and customer service perceptions can harm supplier relationships and disrupt the supply chain.

Your vendors and vendor relationship managers are living in a dynamic, fast-paced environment, so when invoice information is required, it is needed quickly and expected to be of high quality. With InvoiceInfo, your suppliers get answers to invoice inquiries real time, 24/7 with no need to leave messages and wait for responses. Studies show that confidence in data increases when suppliers access invoice and payment information themselves.

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Give Procurement and Buyers the Tool They
Need to Respond to Vendors Quickly

Not only can InvoiceInfo be used by suppliers to learn the status of invoice payments, it can also be used internally within your organization.

In addition to reducing calls from vendors regarding invoice status, you can also reduce internal emails and calls from co-workers wanting to learn the status of invoice payment, and save time and effort and boost efficiency and productivity across the organization. Studies show that 40% of AP customer service calls are from internal customers. Many of these are from requisitioners who have received calls or emails from the supplier checking on payment status. These calls are often more expensive for the company because the internal staff member has taken the call or received an email from the supplier, contacted AP for the payment status and had to return the call or email the supplier.

By providing the vendor with a convenient and credible online option to get the answers it needs regarding payment status, you can eliminate multiple calls/emails between the vendor and the requisitioner saving time and money.

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Eliminate Difficult Vendor Calls and See
Productivity and Staff Morale Soar

Reduce invoice payment inquiries and “promote” your vendor service team to more satisfying and profit-producing tasks.

By sharply reducing inbound calls and emails regarding receipt and payment status that your AP staff must handle individually, your staff can focus their efforts on more productive, cost-saving activities, learn new tasks, feel more confident and boost their careers.

According to a recent American Express survey on customer service, more than one-third of consumers have lost their temper with a customer service professional in the past year. Of those who lost their temper, three in ten “hung up the phone.” Your staff will no longer have to deal with difficult collectors who can be upsetting and disruptive. Your staff will feel that their time and talents are being put to better use and will feel better about themselves, their jobs and their organization. Reducing these calls can be a real productivity and morale booster for your AP department!

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Simplify and Streamline Vendor Onboarding

According to Price Waterhouse Coopers, the average organization spends about $20 in labor to file each paper document, approximately $120 in labor searching for each misfiled document and $220 in re-creation of a document.

Wouldn’t it be great to have all your W-9’s, W-8’s and other registration documents completed online and instantly filed online for easy access when needed? With Vendor Self-Service Onboarding Module, VendorInfo, you can onboard your new vendors in one convenient location and eliminate paperwork and hassles.

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Verify the Accuracy of Vendor Information and Stay in Compliance with IRS and Treasury Department Regulations

Government regulators are increasing the complexity of regulations and penalties associated with vendor-related non-compliance.

Penalties for incorrect 1099’s have more than doubled in recent years. Over the last several years, OFAC has levied more than $1 billion in fines against American companies or subsidiaries that did business with restricted businesses, organizations and individuals on its SDN list. In addition to fining these companies, the Treasury Department posts the names of infringing organizations along with fines paid.

VendorInfo Onboarding Module verifies the accuracy of vendor information and helps protect your organization by avoiding embarrassing penalties and fines.

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