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Purchase to Pay Assurance

Purchase to Pay Assurance

Measures and monitors the suppliers’ costs, as it improves invoice accuracy and time delivery. Allows retailers to detect costs variances and/or possible fraudulent behaviors.

 

diagram retail purchase to pay assurance 2Purchase To Pay (often abbreviated to P2P) is one of the processes where monitoring and cost control is imperative.Technology enables comprehensive, tight and accurate control of the relationship between costs budgeted and actual costs.

RAID Purchase To Pay Assurance monitors the entire supplier process, as it improves invoice accuracy and timing of deliveries. It also allows a retailer to match incurred costs with budgets and accruals in order to detect possible costs variances and/or possible fraudulent behaviors.

KEY AREAS COVERED
Give analysts a broader insight across the organization
  • Suppliers Monitoring
    Evaluates the relation with suppliers in order to identify the best choices as suppliers in terms of costs and services provided. New suppliers are monitored to ensure conditions to provide services accurate and with quality and timely.
  • Invoices & Payments Accuracy
    Validates purchase orders, invoices and payments, to assure a correct payment to suppliers, with the expected amounts, on time to avoid delays and further disputes with suppliers. Simultaneously, guarantee payments do not occur before the agreed due date to maximize the cash flow.
  • Suppliers Cost Control
    Analyses the retailer’s defined budgets for each business unit and in order to detect costs variances and/or possible fraudulent behaviours. By checking the cost assignation break down it can be identified invoices and users that do not assign costs in an effective way.
CHALLENGES ADDRESSED
Address industry-specific regulatory and compliance requirements
  • Are suppliers’ setting up correctly?
  • How accurate are the suppliers' invoices?
  • How much time is spent to approve invoices?
  • Are the payments processed timely?
  • Who are the most profitable suppliers?
  • Are suppliers’ costs controlled?
  • Which is the suppliers’ attrition rate?
KEY RISKS AT A GLANCE
Since the product provides a holistic view of data across multiple business environments and applications, you will get the visibility you need to quickly understand the financial impact and risk of each alarm and quickly identify the root cause of each exception
  • System or Human Errors
  • Over Invoicing
  • Invoice Validation
  • Flags High Costs from Suppliers
  • Supplier Disputes and Attrition
  • Abuse and Fraud

REAL-TIME SUPPLIER’S PERFORMANCE MONITORING

1. Suppliers Monitoring2. Suppliers Monitoring
RAID Retail will audit, not only the supplier’s behaviour, trend and risk patterns, but also their relation with the internal invoices approvals, allowing to detect risky and irregular payments and services acquisitions.

By checking the cost assignation break down, RAID Retail will find invoices and users that do not assign costs in an effective way.

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AVOID DISPUTES WITH SUPPLIERS DUE TO DELAYS OR ERRORS

RAID Retail validates purchase orders raised, the accuracy of the invoices and payments to guarantee invoices are according to the POs and payments performed, correctly and in due time. The approvals flow is also monitored to avoid payment delays, wrong payments and, by consequence, disputes with suppliers.

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3. Invoices and Payments Accuracy4. Invoices and Payments Accuracy

MEASURE YOUR COST BUDGETS AND COMPARE WITH OTHER UNITS

5. Suppliers Costs Control6. Suppliers Cost Control7. Supplier Costs Control
By providing instant access to information, RAID Retail allows users to control cost budgets and costs allocated to each business unit, monitoring and alerting eventual deviations to planned costs.

It also provides unit budget comparison in order to detect discrepancies between similar unit performances.

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LEARN MORE ABOUT PURCHASE TO PAY ASSURANCE FOR LARGE RETAILERS

Overview

RAID RETAIL COVER DATASHEET
 

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