Visibility Whitepaper - CFO's Guide to Spend Visibility

State of delivery
As any savvy veteran of the “corporate wars” knows, finance does not just pay
invoices. There is no vendor ATM near the CFO’s office. And before finance even
thinks about paying a vendor invoice, it first needs to check that the selected vendor
is an approved vendor for the organization.
For the finance function, payment of invoices is considered the last link in the
procurement process. For visibility purposes, finance needs to know that the goods
and services ordered were, in fact, received and in good shape. One method to
ensure this critical info is received is to partner, or establish a go-to contact with the
receiving team. Then, it could just be a matter of picking up the phone, walking down
the hall, or emailing the submitter to inquire about the status of the delivered goods.
Another potential way of understanding the state of received goods could include
instant messaging, but auditing remians difficult. People always move around in
finance and other departments, and no relationship is built to last.
And what happens if the goods received are defective in some way? Or what if the
delivery is short? If the goods are defective, finance needs to interface with a system
to return the goods in question for repair or replacement. If the goods are short,
finance needs to have a way to create a credit in the system, or another method of
making reparations for the shortage.
Procurify | CFO’s Guide to Spend Visibility 6