FourQ has announced significant new capabilities for its Paymaster product line.
Paymaster centralises and automates global vendor invoice management. These new features and upgrades will help multinational companies successfully consolidate accounts payable in a world of large and increasingly complex invoices.
In a real life example, one of FourQ’s clients found that 28% of invoices received from a real estate services vendor were incorrect, causing delayed payments of 30 days or more. Using Paymaster, the company was able to create checks and balances for the vendor, ensuring 100% of their payments were made on time.
“The complexity of global vendor invoice operations for large multinationals can be daunting, and restricts an organisation’s ability to scale elegantly. They’re frequently dealing with hundreds of thousands of detailed invoices and disparate financial operations that all too often rely on brute force manual processes. This means accounting teams cannot validate the accuracy of invoices and allocate costs appropriately, leading to late fees and strained vendor relationships,” said Robert Kugel, Research Director at Ventana Research.
“Paymaster’s mass approval feature is a complete game-changer,” said Varun Tejpal, co-founder and CEO of FourQ. “Long considered important to help better streamline the invoice management process, we’re thrilled to be the first intercompany accounting provider to meet this need.”
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