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He pointed to financial reporting as one example of this shift. Native ERP reporting typically isn’t optimized to handle the structure of financialdata, or many of the complex requirements like granular data, drill-downs, automated reconciliation and comparative reporting,” he said. Modernizing the ERP.
Another major hurdle unique to the purchase-to-pay space is the process’s deep touch points with an array of other back-office functions within the enterprise, including vendormanagement, product sourcing, accounts payable, accounting, inventory management, contract management, manufacturing and distribution, and more.
The nonprofit industry has a lot to gain from this payment technology, claims a new whitepaper from vendormanagement consulting firm Vendor Centric. Because virtual cards are just that — virtual — they automate the payment and reconciliation processes, connecting payment data directly into financial systems.
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