Forget Accounts Payable problems, let's talk Accounts Payable solutions. Learn how tech is impacting AP - from the latest in AI to major AP system developments.
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?
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
Under the hood of Xelix's Accounts Payable Control Centre By combining rule-based algorithms and machine learning models, Xelix has become a leader in detecting anomalies within Accounts Payable data. Central to our anomaly detection expertise is advanced modelling techniques with Artificial Intelligence (AI).Read more - How AI and Data Science are driving finance transformation
It’s that time of year again, and planning for 2023 is top of the agenda for businesses everywhere. But this time, the rules of the game have changed.Read more - Three Top Accounts Payable trends in 2023 that finance teams must know about
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
Accounts Payable is one of the most important, yet challenging, functions within the pharmaceutical industry. With vast numbers of transactions taking place every day across hundreds of key suppliers, AP teams need to be efficient and reliable.Read more - Identifying and fixing the AP problem in Pharma
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
ERP (Enterprise Resource Planning) systems tend to be ‘Jacks of all trades, masters of none.’ Sure, they do the fundamentals well, but ultimately, they cover too much ground and don’t entirely fit all your team’s requirements, leaving big capability gaps.Read more - The future of finance – the best ERP bolt-ons
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
You don’t have to be a doctor to know that prevention is better than cure. From car maintenance, to vaccination and even wrinkle control, prevention is cheaper, time-saving and far less painful (we’re looking at you, Botox).Read more - Prevention is better than cure: why it’s time to replace your AP recovery audit
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
There’s no doubt that Enterprise Resource Planning (ERP) software is invaluable to many businesses operating around the world today, and the data collated from these systems is both insightful and practical. But too many businesses are using their ERP as a ‘one size fits all’ approach to data analysis and planning, when in reality, an ERP should be just one aspect of an effective business strategy. Here are five instances where an ERP-only approach falls short of being comprehensive for most ...Read more - Why your ERP system can no longer ride solo
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