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Surviving Your Audit – The Impact of Accounts Payable Automation
Whether public or private, most companies undergo an audit once a year. An upcoming audit is stressful for both the finance and accounting team and the organization as a whole. However, if handled correctly, an audit can become a useful way to review your operations, ensure things are in order, and find areas where processes can be improved.
Accounts payable automation is often associated with benefits such as improved efficiency, more visibility into cash flow, automate approval workflows and paperless processes. But often overlooked are the benefits automation can have on your audit.
We have found that there are 4 areas positively impacted when it comes to your audit;
- Validity for purchases
- Duplicate payments
Reducing Audit Stress With The Right Tools
An investment in AP automation goes well beyond removing manual processing of invoices and payments. A fully equipped tool will provide all the necessary documentation you need, ensure there have been no duplicate vendor payments, audit trails of approvals to verify they have been made appropriately, and that you have implemented the appropriate internal controls to decrease fraud.
This post is an excerpt from the guide: How Accounts Payable Automation Helps You Survive an Audit. Get the full paper here.
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