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Get the latest on Accounts Payable Processes

There's always room to improve your Accounts Payable processes. Explore our hub of content below to discover the latest tips, tricks and advice when it comes to the core Accounts Payable audit and control processes.
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Invoice fraud detection

Invoice fraud detection: What is invoice fraud and how can you spot it?

In a time where organisations are transitioning to more digital processes, online data management and cloud-based solutions, the risk of fraud is greater than ever. UK Finance reports that over £1.2 billion was stolen from companies by criminals through fraud in 2022, with £49.5 million through invoice and mandate fraud alone. The report also highlights that 78% of company fraud cases in 2022 originated from online sources.
Read more - Invoice fraud detection: What is invoice fraud and how can you spot it?

UK SOx compliance and internal audit controls: Get started with UK SOx in 2024

“UK SOx” has been one of the 2023 buzzwords for most finance departments in the UK. But what exactly is UK SOx and more importantly, what is needed to ensure your business is compliant by January 1st 2025? After speaking to a broad range of our customers at our 2023 UK Customer Day, we learned that there’s still much uncertainty around the topic of UK SOx, which is understandable considering the requirements are not fully locked down yet. So, let's get started on the topic of UK SOx and how ...
Read more - UK SOx compliance and internal audit controls: Get started with UK SOx in 2024

Managing your master vendor file: Everything you need to know

What is master vendor management? Master vendor management is the practise of maintaining an accurate master vendor file so your business can have efficiency in their Procure-to-Pay processes and transparency in their vendor data. Good management of your master vendor file ensures your data is accurate, avoiding things like duplicate vendors, inactive vendors and fraudulent vendors.
Read more - Managing your master vendor file: Everything you need to know

How Xelix supported Moderna’s AP team as turnover rocketed from $800M to $20B

Moderna became a household name overnight during the pandemic. Tasked with fast-tracking Covid vaccine deliveries, it grew from a small biotech firm to a global player with offices in over 30 countries. All in the space of four years.
Read more - How Xelix supported Moderna’s AP team as turnover rocketed from $800M to $20B

How to prepare for your year-end Accounts Payable audit

A year-end financial audit may seem like another daunting task on your to-do list, but it doesn't have to be. Beyond compliance, Accounts Payable audits help uncover financial discrepancies, enhance transparency, and build trust with stakeholders. In this post, you’ll learn about the benefits of carrying out a year-end Accounts Payable audit and the practical steps to take to ensure your audit not only goes smoothly but also acts as a valuable tool for your company.
Read more - How to prepare for your year-end Accounts Payable audit
Identifying and fixing common Accounts Payable problems in manufacturing companies: a guide for the finance team

Identifying and fixing common Accounts Payable problems in manufacturing companies: a guide for the finance team

There’s a new reality in manufacturing. And to survive it, you’ve got to treat your suppliers like gold. Driving down costs through the supply chain is no longer an option, and paying invoices on time is non-negotiable. Combined, these changes could erode your profit margins and disrupt cash flow.
Read more - Identifying and fixing common Accounts Payable problems in manufacturing companies: a guide for the finance team
Four ways you can boost BPO profitability in F&A and drive more value for your customers

Four ways you can boost BPO profitability in F&A and drive more value for your customers

Business process outsourcing companies (BPOs) have been riding a wave of opportunity for the past two years. And it’s about to get even bigger. With enterprise customers turning to BPOs to help accelerate growth and profitability, the industry’s market value is set to hit a massive $335.2 billion by 2024. However, at the same time the BPO landscape is becoming more and more competitive. Savvy industry players are having to respond by upping their game and re-positioning themselves for success. ...
Read more - Four ways you can boost BPO profitability in F&A and drive more value for your customers
Procure to Pay Guide to Secure Payments

Procure to Pay Guide to Secure Payments

The procure-to-pay process can’t simply rely on trust between the Payee and Payer. A secure, information exchange process is required – one that reduces the risk of fraud, overpayments and reputational risk to all parties.
Read more - Procure to Pay Guide to Secure Payments
Managing Duplicate Payments: Everything You Need to Know

Preventing Duplicate Invoices: Everything You Need to Know

Navigating challenging economic conditions like the US recession and the EU economic crisis calls for a judicious approach to every investment made. It is paramount for businesses to be mindful of maximising returns and ensuring sustainable growth with every pound spent.
Read more - Preventing Duplicate Invoices: Everything You Need to Know
Three Accounts Payable problems undermining retail in 2022 (and how to fix them)

Three Accounts Payable problems undermining retail in 2022 (and how to fix them)

High competition and low-profit margins in retail mean every penny counts. So there’s no room for inefficiency in Account Payable in the retail sector. Finance teams can’t afford to make mistakes – and business leaders need to understand the root cause of AP problems in order to prevent them.
Read more - Three Accounts Payable problems undermining retail in 2022 (and how to fix them)
6 ways Accounts Payable automation helps with setting your goals and objectives

6 ways Accounts Payable automation helps with setting your goals and objectives

Accounts Payable (AP) is an integral part of any business as this is the base of your company’s relationships with key suppliers. However, some businesses are so focused on innovation and growth that they neglect Accounts Payable duties.
Read more - 6 ways Accounts Payable automation helps with setting your goals and objectives
Here’s what high-performing Accounts Payable Managers know about supplier reconciliations (and you should too)

What Accounts Payable teams should know about supplier statement reconciliation

Supplier statement reconciliation might not be high on your agenda - between making sure suppliers get paid promptly and fielding enquiries about when they’re going to get paid, you haven’t got the time to speculatively match up thousands of documents and data points.
Read more - What Accounts Payable teams should know about supplier statement reconciliation
Banish the bane of your AP existence: automated supplier statement reconciliation is here

Banish the bane of your AP existence: automated supplier statement reconciliation is here

You spoke and we listened. We asked Xelix customers what would be truly transformative for their overstretched Accounts Payable teams. And they said ‘supplier statement reconciliation automation’.
Read more - Banish the bane of your AP existence: automated supplier statement reconciliation is here
Citibank’s $900 million dollar overpayment error

Citibank’s $900 million dollar overpayment error

Outlining the Overpayment Story Last week saw the Southern District of New York release their judgement on one of the largest payment errors in recent memory. Finance giant Citibank intended to pay $7.8 million in interest payments to a syndicate group of lenders. Accidentally, Citibank overpaid the group by almost 900 million dollars, an amount that nearly matched the full value on the loan.
Read more - Citibank’s $900 million dollar overpayment error
6 risks of working with a dirty Master Vendor File

6 risks of working with a dirty Master Vendor File

Your Master vendor file (MVF) exists in a constant state of change. Names, phone numbers, addresses, bank details and payment terms are not static, and the rapid rate at which it changes inevitably leads to issues with data accuracy. A dirty Master Vendor File drives a constellation of risks, but what exactly are they? And how can they be addressed before they do serious harm to your organisation?
Read more - 6 risks of working with a dirty Master Vendor File
What does Remote Working mean for Accounts Payable?

What does Remote Working mean for Accounts Payable?

Remote working has become the new normal for many P2P professionals, and it’s fair to say that working from home elicits mixed emotions. For many, it’s a chance to save time and money by abolishing the commute. But it can also be a huge headache for firms and their people, hampering productivity and introducing new risks.
Read more - What does Remote Working mean for Accounts Payable?

Using AI to build world-leading duplicate invoice prevention software

Despite the marketing headlines, most – if not all – players in the duplicate invoice prevention market use rules-based tools to detect errors. The complexity and variety of data from different organisations around the world, however, mean this “one size fits all” approach is simply not efficient. High numbers of inaccurate results (false positives) are surfaced, which creates huge amounts of additional work for Finance teams.
Read more - Using AI to build world-leading duplicate invoice prevention software
The problem with Accounts Payable – and how to fix it

The problem with Accounts Payable – and how to fix it

For too long, Accounts Payable teams have relied on standard controls to spot risks and avoid costly payment errors. But these traditional processes fail to prevent many types of fraud and overpayments, exposing organisations to serious risks. Indeed, some organisations lose a whopping 5% of their revenue to fraud and overpayments each year.
Read more - The problem with Accounts Payable – and how to fix it
The Worst Invoice Fraud Cases in 2019/2020

The Worst Invoice Fraud Cases in 2019/2020

In 2019, UK Finance issued data that indicated 26% of large businesses have fallen victim to invoice fraud, despite 84% not fully understanding what invoice fraud actually means. With the ever-growing sophistication of fraudsters, finance teams need to look beyond their ERP to fully safeguard their business. Conviction of Evaldas Rimasauskas; Manhattan Using imitation email addresses, Lituanian national Evaldas Rimasauskas successfully defrauded US tech giants Facebook and Google out of a total ...
Read more - The Worst Invoice Fraud Cases in 2019/2020