Purchase to Pay Quick Tip #1: The Lack of Budget Compliance Headache

Purchase to pay quick tips are a series of short best practices tips designed to help the viewer run a more efficient P2P operation. The first focuses on lack of budget compliance in the P2P process. This #P2PQuickTip is designed for #accountspayable, P2P and #accounting professionals. Procurement professionals will benefit as well.

Do you have employees who treat the budget as a suggestion rather than hard and fast guidelines for what they can spend? Do you only find out after the fact, that they’ve exceeded budget guidelines? Since they’ve already committed the organization, you’re stuck paying the bill. Stick around while we share some tips on how to rein in these rogue purchasers who are giving you a budget compliance headache.

Lack of budget compliance creates a huge headache for purchase to pay, or procure to pay, professionals. This often includes accounts payable. The procurement team is focused on purchasing the products needed by the organization, sometimes without regard to budget. The creates budget compliance problems when there are budget variances. Spend and budget problems create additional headaches for accounting, when purchase ledger professionals produce reports on budget variances.

Link to Purchase to Pay Quick Tips Playlist:
https://youtube.com/playlist?list=PLtL6rWSXZ-Hci6r3HHsWJDv8tr1z9wKqP

Learn more about Compleat:
https://hubs.ly/Q01b1z2v0

Host: Mary Schaeffer www.ap-now.com