Automating all the Way, Keeps Auditors Away

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).

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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. 

The technology:

  • 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.

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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.

Download your copy to learn Seven Ways that AP Automation can help alleviate the stress of financial reporting during audit and tax season!

 

 

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