Automating New Vendor Setup while Maintaining Internal Controls
Worldwide, more and more accounting tasks are becoming automated. While this can reduce processing time and increase accuracy for your organization,...
Regardless of the size of your organization or how you structure your accounts payable department (a team, a bookkeeper or an individual company owner), these two guiding principles for establishing successful accounts payable (AP) processes are universal:
Automating your AP processes allows you to better follow and implement these principles while improving the auditability of processes like expense report and invoice payments.
Managing travel and entertainment (T&E) expenses is incredibly important for budget-conscious companies. But for companies still dependent on manual processes of matching up paper expense reports with ragtag receipts of all shapes and sizes, ensuring 100% accuracy just isn’t possible.
When these paper receipts come up lost or expense reports turn up late, who truly owns the problem – accounts payable or the employee – can be hard to pinpoint. Add to that the time and subjectivity involved in checking expenses against company compliance policies, and process efficiency wanes.
Automating the expense report process from start to finish not only increases the efficiency and accuracy of AP auditing, it ensures many errors in T&E reports are avoided altogether.
Digitizing invoice-related documents can ensure the accuracy of information across multiple documents for easier auditing and provide the ability to set better internal process controls.
Going through an audit is a lot of work! Not only do you have to worry about getting your day-to-day tasks completed, but you also have to manage and work with the auditors. Digitizing invoices and their related documents in a centralized repository can ensure that you can efficiently provide the information they request, while keeping controls around what they can and can't see.
Automating AP doesn't have to be a challenge! By switching from manual to automated AP processes, you and your team will be able to spend your time on tasks and work that matter.
Want to learn more about how Accounting Automation can make your accounting department more efficient? Find out how DocuPhase can help you increase the audibility of your accounts payable processes by requesting a free demo.
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