With so many to process each month, it’s no wonder that manually going line by line through every invoice looking for something that seems off is not a time-effective method.
“You would typically only notice if it was an exorbitant amount of money,” says Ozan Kaya, a former CFO who is now President of publicly-traded CarLotz.
If you have a procurement department, you’re ahead of the game, but many companies that are just getting off the ground have employees wearing multiple hats.
“Missed negotiation windows is one of the biggest problems,” says Dave Wieseneck, VP of finance for Demostack.
When you sign on with vendors who have a pricing structure based on seats or licenses, it’s easy to overpay and literally leave money on the floor.
“When you sign what could be a 24-month contract, you have to think about where you are today and where you might be,” says Peter Lorimer, CFO of Betterment.
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