Visibility Whitepaper - CFO's Guide to Spend Visibility

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More enlightened buying organizations may send a zip file of Excel spreadsheet attachments via email that need to be downloaded, unarchived, saved, opened and renamed under a new file name with all the necessary payment information. After that tedious experience, the vendor rep needs to email the attachments back to the company. An additional wrinkle can occur when vendors are individual contractors or freelancers. Some of these vendors may not look favorably upon sending an email attachment across the unsecured Internet with all of their sensitive financial information such as Social Security Number, bank account number, mailing address and so on. However, once the vendors’ information has been received and set up in the system, finance is ready to deal with its invoices. At that point, finance checks the invoice from the vendor against the system. Provided the vendor does exist as an officially approved vendor, the invoice payment can proceed into the payment process. Procurify | CFO’s Guide to Spend Visibility 8
Care and feeding of CFOs (or dealing with CFO issues) People have long been told to follow the money. When in doubt, the person paying the bills should receive the most attention. In a corporation, that person is the Chief Financial Officer. When the CFO opens their wallet, the company virtually stops what it’s doing, turns its head and watches. However, the CFO has other responsibilities in addition to writing checks. The CFO has to keep an eye on the most critical vendors that can make or break the company. If these suppliers do not get their invoices paid in full and on time, the corporate machinery can grind to a halt. As the de facto second in command at most corporations, the CFO has as their No. 2 duty - the fiscal provisioning of these mission-critical vendors. Like the rest of the finance department, the CFO needs proof the vendors have delivered the goods and/or services as ordered. And, like the rest of the finance department, the CFO’s time really is money—just much more so! However, unlike the bulk of finance, the CFO does not have the time or the opportunity to chase down forms and attachments in file drawers or email inboxes. But the CFO still needs to get these records when necessary. Procurify | CFO’s Guide to Spend Visibility 9
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Page 13 and 14: Creating an effective invoice proce
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Visibility Whitepaper - CFO's Guide to Spend Visibility

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