MicroTech, which provides information technology services to government entities, is partnering with cost management tool CostPerform, in order to boost functionality for IT payment processes, according to a press release.
CostPerform is used for services like output and IT costing, performance and scenario analysis, budgeting and forecasting, and analyses for capacity and finance needs. The tool is already used at numerous agencies, including the Department of Defense, Department of Homeland Security, Department of Commerce, Department of Education, Department of Agriculture and Department of Labor.
“The partnership between MicroTech and CostPerform will provide our Federal customers the solutions needed to be financially effective and efficient,” said Tony Jimenez, MicroTech president and CEO, in the release. “The COVID-19 crisis is definitive proof of how critical it is to manage resources and understand funding options and CostPerform is the ideal solution.”
CostPerform has “superior functionality” and can link to the mission and business side of an operation, the release states.
MicroTech was formed in 2004 and has worked to help customers get the best value for financing their assets.
In the world of B2B payments, managing assets becomes a necessity when looking to establish lasting relations with vendors. The abilities to know the status of a payment and to check for time-consuming errors in an invoice are valuable for trustworthy operations.
Forty percent of finance professionals surveyed in 2019 said their accounting processes involved “too much paper,” for example, and 45 percent said their B2B payments were still made manually. Automating such processes and doing away with old, paper-based ways can relieve stresses on a business and free up the mental space to focus on something else.
It can be costly for companies to overlook risks, with many not knowing how many vendors they actually have to do business with and sometimes confusing vendors with other ones, creating friction and pitfalls that could lead to wasted spending and fraud.