Supply chains and centralized servicing models are overly complex and result in poor outcomes:
Aged Payables – Late Payment Fees, Sourcing Leverage
- When outstanding invoices begin piling up, it increases the administrative effort needed to manage payments, increases the amount of LPFs applied by the vendors, and reduces sourcing leverage on rates and payment terms.
Tax Leakage – Inaccurate Payments to Governments
- Tax inaccuracies plague companies without automated tax processes or a tax team regularly monitoring global tax changes. Inaccurate filing could lead to overpayments, or underpayments with associated tax penalties applied.
Fines/Penalties for Non-Compliance
- Fines and penalties as a result or being non-compliant can become the norm, with businesses choosing to treat these as a regular cost of doing business.
Simplify the Process for Getting Invoices Paid
Paymaster by FourQ Systems Streamlines the Global Vendor Invoice Management Process
Paymaster is a full-service software solution for automating and centralizing the global vendor invoice management process, including invoice receipt, validation, audit, approval, payment, and inquiry.
- Automate Manual AR/AP Processes to Increase Productivity, Improve Accuracy, and Reduce Costs
- Eliminate Late Fees, Penalties, and Past-Due Invoices with On-Time Vendor Payments
- Achieve Balance Sheet Compliance and Transparency
How it Works
We provide support through each step of the process.
- Collaborate with Internal Team and Consultants
- Collect Information about All Vendors and Suppliers
- Develop Rules for Invoice Validation
- Establish a Project Timeline
- Educate Vendors on Program Requirements
- Identify SPOCs with Vendors
- Establish Project Timelines with Vendors
- Manage All Vendor-Related Activities for On-Boarding
Implementation & Testing
- Validate Automated Invoice Processes
- Validate Automated Payment Processes
- Test Reporting Platforms
- Test Dispute Processes, Ensuring Proper Teams are Notified
Go-Live, Scalability, Support
- Develop a Go-Live Plan for Visibility and Urgency
- Ensure Vendor Inputs Align with Requirements
- Ensure Payment Outputs Align with Requirements
- Validate Reporting Data
- Train Staff
Centralized & Automated Invoice Processing
We’ve learned how complicated and complex the process for getting invoices paid can be and automating these processes with specific acceptance criteria allows companies to reduce the number of resources spent on billing investigations, disputes and resolutions, settlements, and reconciliations.
Tax Accuracy and Recovery in 100+ Countries
Our tax team works to understand your tax exposure and continually monitors international tax changes to automate and optimize your workflows to mitigate unnecessarily incremental tax costs and penalties.
Compliance & Tax Audits
Paymaster is built with a focus on compliance and provides the most up-to-date compliance documentation possible for tax authorities and real-time audits.
Request Personalized Demo
Please fill out the form to contact our team. We would be happy to answer any questions or explore how we could help your business solve your toughest intercompany challenges.