Ever-increasing audit and compliance demands are buckling the knees of accounts payable pros.

Sixty-two percent of CFOs at best-in-class organizations identify compliance and risk mitigation among their top priorities, according to The Hackett Group.

But 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 employees 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 set by regulators or auditors

Automated solutions such as NexusPayables safeguard sensitive financial information through configurable roles-based access and interface controls. NexusPayables also creates complete audit trails of all system activities and provides administrators with real-time visibility into user activities and the ability to quickly adjust security controls.

With NexusPayables, automated management of document retention policies, legal holds, and disposition workflows ensures that documents are not prematurely discarded or destroyed. And digitizing approval and exceptions workflows with NexusPayables eliminates the chance that documents will be lost, misfiled or stolen. Auditors can even be provided with view-only access to the system, eliminating the need for buyers to physically collect and photocopy requested documents.