FourQ Launches New Paymaster Capabilities to Help Multinationals Simplify Process for Paying Complex Invoices
- Management , Payments , Audit and Reporting
- 18.10.2021 06:25 pm
Industry’s first solution to marry intercompany with global vendor invoice management to centralize and automate invoice receipt, validation, audit, approval, payment, and disputes
FourQ, the leading provider of intercompany financial management software to streamline the global operations of the world’s largest companies, unveiled significant new capabilities for its Paymaster product line. The full-service solution for centralizing and automating global vendor invoice management has added new features and capabilities to help multinational corporations better consolidate accounts payable in a world of large and increasingly complex invoices.
“The complexity of global vendor invoice operations for large multinationals can be daunting, and restricts an organization’s ability to scale elegantly,” said Robert Kugel, Research Director at Ventana Research. “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. Solutions like Paymaster help multinationals simplify and scale the process for auditing and paying complex invoices.”
Already having processed more than $1 billion of payments, the newly enhanced solution offers an even more efficient way to process large volumes of invoices. Paymaster helps multinationals quickly realize savings and efficiencies by automating manual AP processes to eliminate late fees, penalties, and past-due invoices. It audits not only what is being charged, but inventory and usage, as well. Paymaster clients consistently achieve on-time vendor payments to improve vendor relationships and services. Fully automated tax optimization capabilities reduce tax leakage and improve deductibility. Smart, intuitive dashboards provide clients with real-time status updates and reports. These capabilities help corporations achieve significant economies of scale, negotiate vastly improved contract terms, and dramatically improve their vendor relationships.
Key new enhancements to Paymaster include:
- New invoice audit engine which provides a detailed audit trail of each invoice’s lifecycle along with a visualization of the invoice’s creation to completed payment
- New approval engine which shows the chain of the approval process, including a mass approval feature. This enables users to access specific invoice details in PDF format whenever additional insight is required to facilitate the approval process or to speed decision-making
- Full spend analytics and invoice line-item details can be quickly accessed
“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. As a result, we’re seeing more interest in Paymaster than ever.”
Paymaster also enables intercompany accounting teams to analyze vendor performance in terms of both accuracy and resolution. It keeps track of dispute tickets and establishes a mutually fair dispute resolution process that benefits the vendor by reducing or eliminating the revenue assurance activities they undertake. Every aspect of an invoice is audited so the corporation and the vendor are alerted whenever there is over- or under-billing.
For example, one of FourQ’s clients found that 28% of the invoices received from a corporate real estate services vendor were incorrect, which delayed payments up to 30 days or more. Using Paymaster, the multinational was able to create checks and balances for the vendor, and ultimately make 100% of their vendor payments on time.
Users of FourQ’s OneBiller will also be happy to know that Paymaster syncs effortlessly with the automated intercompany accounting solution. These FourQ solutions work together to deliver all the functionality of a centralized invoicing and payment process with the allocation logic to place all costs where they should be on customers’ ledgers. By contrast, other vendor solutions offer one or the other – but not both.
“Paymaster offers all the insights needed for better decision making about what you’re consuming, how you’re consuming it, if you should continue to consume as you are, and who you are getting it from,” notes Varun Tejpal of FourQ.
For more information on FourQ’s Paymaster solution, please visit: www.FourQ.com/Paymaster.