{"id":5109,"date":"2022-08-09T08:10:28","date_gmt":"2022-08-09T08:10:28","guid":{"rendered":"https:\/\/demo.wordlift.it\/io\/?p=5109"},"modified":"2022-08-09T08:12:50","modified_gmt":"2022-08-09T08:12:50","slug":"how-payem-addresses-risks-posed-by-p2p","status":"publish","type":"post","link":"https:\/\/demo.wordlift.it\/io\/how-payem-addresses-risks-posed-by-p2p\/","title":{"rendered":"How PayEm Addresses Risks Posed By P2P"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\">Inadequate Data Governance<\/h3>\n\n\n\n<p>Tracking data and keeping it updated in real-time isn\u2019t just crucial for procurement, but rather a broader element in a complex legal framework, namely Sarbanes-Oxley or SOX. If a company\u2019s P2P systems are not adequately updating or archiving data &#8211; for the sake of lawsuits or audits &#8211; then the company as a whole could violate federal law.<\/p>\n\n\n\n<p>When even a shadow of SOX risk presents itself, responsible companies need to adopt new solutions quickly, or else they need to prepare for the unemployment line. Along with its SOC II compliant designation, PayEm, by its very nature, should ease SOX concerns for its users on the grounds of human error, fraud, and other potential pitfalls outlined previously.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">From P2P to R2R<\/h3>\n\n\n\n<p>Though PayEm\u2019s connected finance platform can resolve many risks posed by a P2P procurement ecosystem, the fact remains that P2P is inherently a limited and outmoded procurement method. Sure, requisition, approval, and PO creation remain essential, but not at the expense of other elements that have become equally so in recent years.<\/p>\n\n\n\n<p>That\u2019s why PayEm has done away with the P2P moniker, opting instead for R2R or&nbsp;<a href=\"https:\/\/www.payem.co\/procurement\"><strong>request-to-reconciliation<\/strong><\/a>. Taking a much broader view than P2P, R2R includes elements preceding and following the three parts of procure-to-pay, thereby expanding the total to seven. The four new actions included by R2R are as follows:<\/p>\n\n\n\n<ul><li><strong>Request<\/strong>, preceding requisition, in which employees request funds<\/li><li><strong>Payment Method<\/strong>, following PO creation, in which a vendor card is issued or bank account details entered<\/li><li><strong>Transaction<\/strong>, following payment method, in which the planned transaction takes place within budgetary limits<\/li><li><strong>Reconciliation<\/strong>, following transaction, in which transaction information is matched with invoice submissions, then synced with the company\u2019s ERP or accounting software<\/li><\/ul>\n\n\n\n<p>Just as the FinTech industry has evolved in recent years, so too must procurement. With so many risks associated with P2P, the dynamic needs to change, and R2R is here to meet the challenge. For all inquiries, procurement-related or otherwise, PayEm\u2019s experts are available to offer a&nbsp;<a href=\"https:\/\/www.payem.co\/demo-request\"><strong>comprehensive, no-cost demo<\/strong><\/a>&nbsp;of the platform.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.payem.co\/author\/jordan-steinberg\"><\/a><\/p>\n\n\n","protected":false},"excerpt":{"rendered":"<p>Inadequate Data Governance Tracking data and keeping it updated in real-time isn\u2019t just crucial for procurement, but rather a broader element in a complex legal framework, namely Sarbanes-Oxley or SOX. If a company\u2019s P2P systems are not adequately updating or archiving data &#8211; for the sake of lawsuits or audits &#8211; then the company as [&hellip;]<\/p>\n","protected":false},"author":21,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"wl_entities_gutenberg":"","_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1],"tags":[],"wl_entity_type":[11],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How PayEm Addresses Risks Posed By P2P - wordlift demo site<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How PayEm Addresses Risks Posed By P2P - wordlift demo site\" \/>\n<meta property=\"og:description\" content=\"Inadequate Data Governance Tracking data and keeping it updated in real-time isn\u2019t just crucial for procurement, but rather a broader element in a complex legal framework, namely Sarbanes-Oxley or SOX. If a company\u2019s P2P systems are not adequately updating or archiving data &#8211; for the sake of lawsuits or audits &#8211; then the company as [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/demo.wordlift.it\/io\/how-payem-addresses-risks-posed-by-p2p\/\" \/>\n<meta property=\"og:site_name\" content=\"wordlift demo site\" \/>\n<meta property=\"article:published_time\" content=\"2022-08-09T08:10:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-08-09T08:12:50+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/demo.wordlift.it\/io\/how-payem-addresses-risks-posed-by-p2p\/\",\"url\":\"https:\/\/demo.wordlift.it\/io\/how-payem-addresses-risks-posed-by-p2p\/\",\"name\":\"How PayEm Addresses Risks Posed By P2P - wordlift demo site\",\"isPartOf\":{\"@id\":\"https:\/\/demo.wordlift.it\/io\/#website\"},\"datePublished\":\"2022-08-09T08:10:28+00:00\",\"dateModified\":\"2022-08-09T08:12:50+00:00\",\"author\":{\"@id\":\"\"},\"breadcrumb\":{\"@id\":\"https:\/\/demo.wordlift.it\/io\/how-payem-addresses-risks-posed-by-p2p\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/demo.wordlift.it\/io\/how-payem-addresses-risks-posed-by-p2p\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/demo.wordlift.it\/io\/how-payem-addresses-risks-posed-by-p2p\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/demo.wordlift.it\/io\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"How PayEm Addresses Risks Posed By P2P\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/demo.wordlift.it\/io\/#website\",\"url\":\"https:\/\/demo.wordlift.it\/io\/\",\"name\":\"wordlift demo site\",\"description\":\"wordlift demo site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/demo.wordlift.it\/io\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"\",\"url\":\"https:\/\/demo.wordlift.it\/io\/author\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How PayEm Addresses Risks Posed By P2P - wordlift demo site","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"en_US","og_type":"article","og_title":"How PayEm Addresses Risks Posed By P2P - wordlift demo site","og_description":"Inadequate Data Governance Tracking data and keeping it updated in real-time isn\u2019t just crucial for procurement, but rather a broader element in a complex legal framework, namely Sarbanes-Oxley or SOX. 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