Separation of Duties
Separation of duties is critical to controlling fraud, abuse and waste. When your contract officer signs the vendor agreement, ACH or wire transfer payment details are automatically set up or updated in your ERP system. Finance staff separation of duties controls should be enforced through automation to avoid the same people entering the payment information in your internal system of record and the banking payment system for accounts payable transactions.
Streamline Vendor Onboarding & Offboarding
Tasks and automated workflows manage your vendor onboarding process from initial request, to risk rating, due diligence collection and SME reviews to ensure that all vendor risks are identified and appropriately mitigated. This also ensures that Accounts Payable is kept in the loop as new vendors are approved and will be invoiced for. Additionally, you can leverage workflows to manage your vendor offboarding process to ensure that Accounts Payable is automatically notified when a vendor is not going to be leveraged going forward.
Strengthen Vendor Accountability
Sign-offs for vendor renewals by Finance of the users of a key product or service requires the coordination of multiple stakeholders – and Finance is often in the uncomfortable position of chasing down SLA performance, contract term verifications, legal reviews, pricing changes, process owner approvals and budget approvals. LogicManager automates this process with rules and workflows that provide transparency and accountability for all stakeholders in a timely and predictable manner.
At the end of the day, your bank risk assessments should give you a better understanding of what each branch is up against. This will allow you to appropriately allocate resources to reinforce where needed.
Gain More Accurate Data
The root cause of overpayment of vendors is frequently not paying vendors on time. This results in multiple reminder invoices or the invoice amount needing to be validated in the contract without having access to the most recent contract on record. The same is true for name changes or address changes due to mergers and acquisitions of vendors and products. Vendor details and contract information should be standardized and consolidated into a single repository. Your ERP system is not purpose built for contract management and duplication of efforts on payment information, change of address, product and service terms or contractual obligations; it is a waste of resources.