Unleash Hidden Profit with Novus Analytics
Optimizing Your Procure-to-Pay (P2P)
You've meticulously managed your business, quarter by quarter, but a shadow of doubt may linger: are there unforeseen expenses silently eroding your bottom line?
You might not even be aware, but the impact is undeniable. Imagine this.
Duplicate payments, vendor overcharges, and buried fees lurk within your Procure-to-Pay (P2P) process, slowly siphoning away your hard-earned profits.
Your organization's financial health is paramount. Reclaim lost revenue.
Not just another analytics and audit firm; they’re your trusted financial advisor, dedicated to safeguarding your profitability.
Illuminate Hidden Costs
Offering cutting-edge technology and seasoned auditors meticulously scrutinize your P2P process, unearthing every instance of duplicate payments, overcharges, and contractual discrepancies. Leave no stone unturned, ensuring you possess a comprehensive understanding of your P2P landscape.
Reclaim Lost Revenue
Meticulously recovering every penny unjustly taken by hidden costs. Novus Analytics handles the complex negotiations with vendors and meticulously pursues the return of lost revenue, allowing you to focus on what truly matters – guiding your organization towards sustained growth.
Future Proof Success
Novus Analytics go beyond mere remediation. They fortify your P2P process with robust security and efficiency. Their team identifies and addresses vulnerabilities, optimize your systems, and equip you with actionable insights to prevent future financial drains.
Novus Analytics
2708 Alt. 19 N, Suite 603, Palm Harbor | FL 34683
6 Procure-to-Pay (P2P) Mistakes Crippling Your Procurement Resources
High Proportion of Paper Invoices Received: Relying on paper invoices is cumbersome, time-consuming, and prone to errors. Transitioning to automated procure-to-pay (P2P) solutions can streamline this process and reduce manual effort.
Non-PO (Purchase Order) Based Invoices: Dealing with non-PO invoices is challenging, as they lack the efficiency of three-way matching. Accounts Payable (AP) professionals should evolve into problem solvers, addressing issues proactively to improve operations.
Suppliers Chasing Buyers for Unpaid Invoices: Managing late payments and unpaid invoices can strain buyer-supplier relationships and impact customer service. Collaboration with Finance Managers is crucial to resolve these issues and prevent SME suppliers from facing potential closure.
Lack of Automation: To maximize talent, organizations should invest in Procure-to-Pay (P2P) automation alongside ERP systems. Automation reduces manual tasks, allowing procurement resources to focus on strategic objectives, cost reduction, and advanced analytics.
Lack of Accurate Spend Visibility: Many businesses struggle with incomplete spend visibility due to ERP limitations. Leveraging external software and systems, such as Big Data, Artificial Intelligence, and Machine Learning, can provide real-time spend analytics and cost savings.
No Single Accountable P2P Owner: The absence of a single accountable owner for the Procure-to-Pay (P2P) process can lead to inefficiencies. Establishing clear ownership within either procurement or AP, while maintaining coordination with all stakeholders, is crucial for success.
Offering a powerful combination of proprietary technology backed by five plus decades of auditing experience to help you reclaim lost revenue.
$105 Billion accounts payable spend analyzed
$15 Billion accounts payable errors uncovered
No error recovery, no fee basis