The Bottom Line

Get to the bottom of all things banking with weekly expert musings from SRM. The Bottom Line takes what we hear from financial institutions, fintechs, and industry influencers - separating the news from the noise. We offer unfiltered observations and thoughtful forecasts responding to industry developments and trends as they happen, with emphasis on how financial institutions can better serve their stakeholders.

Automating Vendor Invoice Auditing Delivers 44% Cost Savings

Posted by Michael Carter on Aug 4, 2019 9:00:00 AM

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Vendor invoices in the financial services industry are complicated, with some listing over 500 line items. Further, annually auditing these invoices is a time-consuming task and, in the face of that kind of resource drain, many financial institutions tend to compare one month’s invoice to the last. If the amounts are similar, the invoice is approved. 

This may sound rather casual, but even when banks and credit unions commit the time required to manually review vendor invoices, human error compromises the value of that effort. Further, human errors made during the manual review process can become self-perpetuating, compounding over time without the institution’s knowledge.

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Topics: Contract Management, Vendor Contract, Vendor Invoice Auditing

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