Few things are as stressful for accounts payable managers as a visit from the auditors. This stress is then intensified by your paper-based invoice processes.
Manual invoice processes make it difficult to:
- Track invoice history and approvals
- Ensure consistent adherence to approval policies and separation of duties guidelines
- Affirm chain of custody
- Readily provide all of the information required for audits, comply with Sarbanes-Oxley regulations
- Prevent documents from being discarded or destroyed ahead of deadlines
It is no wonder that 11% of AP departments identify compliance as their top challenge, according to the Institute of Finance and Management. The stakes are especially high when you consider that compliance and audit preparedness ranks as a top AP metric for 40 percent of businesses surveyed by IOFM.
However, a visit from the auditors doesn’t have to be gut-wrenching.
Automated AP solutions such as NexusPayables provide proactive compliance across contracts, processes, regulations and supplier strategies. Automation enables organizations to adhere to legal and internal document retention policies by eliminating the costly risk of deleting or altering an invoice prematurely. It also creates audit trails of all activities within the system.
Detailed transaction and reconciliation reports are seamlessly integrated into your organization’s enterprise resource planning, or ERP, platform to provide a consolidated view of all payout accounts. Automated AP solutions provide auditors with view-only access to invoices and payables data, relieving your staff of the time-consuming tasks of gathering and photocopying information.
Sixty two percent of CFOs in best-in-class organizations identify compliance and risk mitigation as their top priorities, according to Aberdeen Group. If you want to learn how NexusPayables can make your next visit from an auditor a breeze, contact us today.