Internal Audit Report On Accounts Payable: Improving Operational Performance With Accounts Payable Automation Tool

Internal Audit Report On Accounts Payable

Accounts payable automation (APA) software is valuable aid for finance executives looking to improve the operational performance of their company. By automating the laborious process of accounts payable reconciliation, APA software can help organisations to reduce cycle time, minimise invoice processing costs and enhance controls over the accounts payable process, while delivering comprehensive internal audit trail.

APA software can provide variety of features that streamline the accounts payable process, such as data capture remittance matching, invoice imaging and workflow analytics. Data capture and remittance matching allow for the processing of both paper and electronic invoices, greatly reducing the chance of typographical errors or manual paperwork piling up. Invoice imaging recorders can store digital copies of both payment and non-payment documents, making them more easily accessible for audit review. Furthermore, the analytics component of APA software can generate intuitive reports, enabling descriptive and predictive analysis of your invoicing dataset.

Organisations that take advantage of APA software can witness considerable and tangible benefits to their accounts payable operations. Companies can reduce their days sales outstanding (DSO) by automating the matching of invoices and payments, leading to increased cash flow. APA software can also automate the issuance of payments and alert finance executives to any discrepancies. Furthermore, the additional control and transparency provided by APA software can considerably reduce accounts payable fraud.

The accounts payable automation process can be complex one and it is important to ensure adequate time and effort is invested in the implementation stage. APA Softwareshould be integrated with existing accounts payable systems to ensure seamless transition to the new versus manual procedures.

Finance executives should take the time to evaluate available software options. Services differ between providers and understanding the features of each is critical to ensuring the software is meeting the requirements of the organisation. Additionally, due to the sensitive nature of the invoicing process, it is essential that the provider demonstrates high level of security over the data managed. reputable provider will have effective security protocols in place.

In conclusion, accounts payable automation software provides range of features that streamline the auditing process and allow for superior control over the accounts payable process. By automating the accounts payable process, companies can reduce DSO and fraudulent activity, while enhancing control and transparency. When selecting provider, finance executives should ensure adequate time is spent evaluating available options and that the provider meets the necessary security requirements.