At enterprise-level, the role of the accounts payable (AP) department is among the most important. Inundated with carrier service invoices, AP is tasked with ensuring all bills are processed, recorded, authorized and settled on-time and without error. Often, this is a delicate juggling act, and should the ball be dropped, significant financial repercussions can ensue. But, thankfully, many of the difficulties AP departments face can be alleviated via the partnership with a dedicated TEM provider. Here’s a closer look at how TEM can help relieve the billing burden.
TEM Eradicates Missed Payments
Missed payments are an economic burden for enterprises. Often leading to late fees, the additional outgoings can quickly add up and even large organizations can begin to feel the strain.
The responsibility for removing this financial burden routinely falls at the feet of the AP manager. Typically charged with removing the threat of missed payments altogether, staying on top of the influx of service carrier invoices is a heavy load to bear – and only through a procure-to-pay TEM service is it ever truly accomplished.
A great TEM service offers assurances that all invoices will be paid on-time and to the correct amount. By auditing every line of every invoice, identifying anomalies and making electronic payments directly to carriers, TEM providers can eliminate the risk of missed invoice payments, and help AP managers achieve their cost reduction targets.
Overcome Sickness and Holiday Complications with TEM
Unlike missed payments, unexpected sickness days are unavoidable, and even when holidays are planned far in advance, authorization complications may be inescapable.
In these situations, difficulties arise when invoices accrue with a short payable term. Processing, managing and recording the abundance of invoices that arrive at the door of the AP department is already time-consuming. Add to the mix an inability to authorize payments and a fast-approaching deadline, and missed payment penalties are virtually unavoidable.
To put an end to these concerns, a first-rate TEM service will settle invoices on behalf of the organization and send electronic payments directly to the bank. By removing the time-sinks associated with mailing checks and taking control of the payment processes, AP managers can rest assured that invoices will continue to be paid even in the event of sickness or holiday.
Retain Financial Control with TEM
Dealing with the monthly influx of telecom invoices can be harrowing. The processing of (literally) thousands of invoices – each one complex, extensive, and potentially mired in error – is a laborious and time-consuming task. And even with a team of dedicated AP staff working tirelessly around the clock, organizations may still find themselves adrift in a sea of paperwork.
A high-quality TEM service not only provides a solution to common billing concerns but also provides transparency throughout all processing, management, and billing stages. By eliminating the
TEM for Accounts Payable Managers
The value of great telecom expense management (TEM) is undeniable. It not only helps a business cut immediate costs, but, when delivered as an ongoing service, it can streamline processes and eradicate inefficiencies to continue to deliver savings year on year. And that’s just the beginning. By consolidating and optimizing the telecoms inventory, a truly great TEM service is able to virtually eliminate missed payments, even in the event of sickness or holiday, and help AP managers and departments regain financial control over their payment environment.
Cass is the unique choice for bill paying in the telecoms expense management space. We are the only TEM provider that literally owns the bank, allowing us to make global, electronic payments in local currency virtually anywhere around the globe – all while giving you the security and transparency of a 112-year-old financial institution.
Topics: TEM
