By Nathan Cross, Troy Group – Can your accounts payable transactions be classified as business-to-business (B2B) payments? The answer is yes. Your vendors or suppliers run businesses of their own and your invoice payments fall under the B2B category. With that out of the way, B2B payments hit the $113 trillion mark in 2023 and it is expected to continue increasing as the years go by. However, conducting $113 trillion worth of transactions does not occur without hitches. 65% of businesses experienced financial-related fraud in 2023.
The aforementioned statistics show that with increasing B2B transactions comes the need to implement secure processes to eliminate fraud. However, it is important to note that today’s focus is on the best practices for implementing your accounts payable process. Hence, it is only right to highlight the other challenges businesses face with fulfilling invoices aside from fraud.
Challenges with the Accounts Payable Process
- Manual Data Entry – How do you receive your invoices?
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SOURCE Troy Group
