If the thought of auditors knocking on your department’s door makes you cringe, you are not alone. Compliance is also top-of-mind for CFOs. Sixty-two percent of CFOs at best-in-class organizations identify compliance and risk mitigation among their top priorities (The Hackett Group).
The problem is that paper-based accounts payable processes make it difficult, if not impossible, for businesses to ensure regulatory compliance. Paper-based accounts payable processes do not provide:
- Tracking of invoice history and approvals
- Mechanisms for ensuring that staff adhere to approval policies and separation of duties
- Chain of custody assurances
- Readily available audit information
- Controls for Sarbanes-Oxley and Payment Card Industry Data Security Standard (PCI DSS)
- Ways to prevent documents from being discarded or destroyed ahead of deadlines
Fully automated accounts payable systems streamline compliance by addressing these issues.
- Safeguards sensitive data with configurable roles-based access and interface controls
- Creates complete audit trails of all system activities
- Provides administrators with real-time visibility into user activities
- Allows for the easy adjustment of security controls
- Ensures compliance across contracts, processes, regulations and supplier strategies
- Enables organizations to adhere to legal and internal document retention policies by eliminating the costly risk of deleting or altering an invoice prematurely
- Provides auditors with view-only access to the system to eliminate the need to physically collect and photocopy documents requested by auditors
These capabilities are not available in a manual or semi-automated accounts payables environment.
Does your organization want to make compliance less taxing? Contact us.
Manual, paper-based invoice processes complicate audit and tax reporting by making it difficult to:
- Track invoice history and approvals
- Readily provide all of the information required for audits
- Prevent documents from being discarded or destroyed prematurely.