Written by: Kylee Savage
Financial leakage occurs in the cost-cycle of every major organization across the globe. This is inevitable and no matter how many new systems you put in place, or how many vendors or consultants you engage to eliminate transaction errors, the issues will persist.
The matter of financial leakage is compounded by a set of extreme pressure points known as the “Three C’s.”
The “Three C’s” are Complexity, Compliance, and Change. No matter how many new systems you in place, nor how many vendors or consultants are engaged to eliminate payment errors, the issues will persist due to:
- Growing and interwoven layers of Complexity related to mergers, acquisitions, new vendors, exceptions, annual goals, and more.
- The unending and near impossible pursuit of Compliance with internal controls and external regulations.
- A constant precession of Change facing the entire cost-cycle. The only constant is change.
I should also add that since March of 2020 we have been introduced to an altogether new “C” and that is, of course, “COVID-19.” In truth, COVID-19 may just be a vehicle for delivering even more Complexity, Compliance, and Change to an AP environment, but regardless of how you look at it, this is another pressure point that will likely have you suffering even greater financial leakage for the foreseeable future.
For more information on navigating the Three C’s in your cost-cycle - contact SpendMend today.