Timely, accurate vendor invoice payments are always a challenge. But for many companies and federal agencies, overpayments, data errors and inconsistent procure-to-pay processes are a constant reality and a multi-million-dollar concern. Post-payment audits (most organizations' first and only recourse) help somewhat. But a far better solution is to prevent payment errors and overpayments before they occur.
The Accenture Transaction Compliance & Analytics Tool is specifically designed to prevent errors and overpayments. The tool monitors purchasing and payables transactions using sophisticated algorithms beyond those of even advanced ERP or legacy systems solutions. This is a radical change in finance and accounting management—an opportunity for companies to move from a cyclical, post-payment audit routine to a prevention-focused environment where errors are identified and corrected before payment is made. The data analytics the tool offers are also invaluable in identifying improvements to the procure-to-pay process.