Every Category Needs a System of Record.
Moving away from the traditional ERP and payment system to alternative options removes the global financial system of record creating significant risk to the business.
Risk #2: Compliance and Control
Losing control over spend data and not being able to leverage supply base or spend volume puts your company at risk. Signs include:
- Loss of front-end approvals reduces control
- Budget overages and accrual challenges
- Risk of fraud
- Inability to ensure budget compliance in advance of meeting expenditures
- Virtual card numbers being emailed or faxed to pay suppliers
Stop the Risk! Don't lose control! Choose a process that makes your spend data: