Singapore: Since 2019

Error Rates Rise over 40% During COVID

A comprehensive accounts payable audit of the critical period of 2020 through 2022 is vital in returning hard dollar recoveries lost to IPE, confirming the P2P process is intact, and providing peace of mind following this volatile time.

Accounts payable professionals worldwide faced a myriad of challenges over the last decade.  With the onset of the COVID-19 pandemic the world changed, and those challenges became even more intense.  Working remotely suddenly became the new normal, with companies forced to develop and transition to new protocols.  As large organizations grappled with changes triggered by COVID, invoice processing errors (IPE) have increased by 40% since March 2020, with some experiencing error rates increasing over 300%.

Moving into 2023, companies continue to restructure, making additional changes to personnel, systems, technology, and procedures.  The purchase-to-pay process has become a significantly more complex environment than just three years earlier.  AP professionals have realized just how vulnerable their organization’s cash flow and assets are under the weight of a severe event.  The lessons learned are these – effectively managing change, supply chains are invaluable, the workplace must be adaptable, clear communication, and ongoing training are key.

A comprehensive accounts payable audit of the critical period of 2020 through 2022 is vital in returning hard dollar recoveries lost to IPE, confirming the P2P process is intact, and providing peace of mind following this volatile time.  The world of AP will always face challenges, small to global in scale, but companies can learn to navigate the new normal with greater peace of mind and stability by practicing continued due diligence in their daily operations and verifying processes on an ongoing basis. 

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Contact us for the full white paper on the rise of errors during the COVID period.