With summer just getting started, you are probably ready to unwind and unplug for you next big vacation, but before you go into "vacation mode" this summer, consider these steps to make your financial audit season easier next year.
Implementing a few AP Audit Readiness best practices now will help reduce the strain of AP audits later. And the best way to implement these best practices and start reducing AP stress today is with AP automation. Here are a few of the AP Audit Readiness best practices software can help you maintain throughout the year.
For more details check out our recent article:
Accounts Payable Auditing Readiness Best Practices
With the following best practices, AP departments can use the AP audit process as an opportunity to discover any issues within the department. An internal accounts payable audit report can help AP teams build a list of to-dos to resolve issues before they become problems.
Keep Accurate, Traceable and Accessible Records
No manual accounts payable management can compete with a software solution's ability to keep your records tidy and make them easily accessible and ensure traceability.
Track Invoices, Approval History & Payment History
Successful AP audits really come down to your company’s ability to track payables activity on invoices, approvals and actual payments.
Perform Audits on a Regular Basis
Most accounts payable audits happen on an annual basis. Of course, running internal accounts payable audits on a quarterly basis helps ensure a smoother annual audit.
Evaluate Procedures & Controls
It is always best practice to evaluate your process regularly to ensure your AP department is complying with industry standards, laws and other compliance guidelines.
Read this customer success story "National Car Wash Company Simplifies AP and Improves Audit-Readiness with AP Automation for Dynamics GP"
When it comes to the benefits of software, efficiency is always at the top of the list, especially with software solutions for back office operations--well Accounts Payable Automation software is no exception. But with AP automation, you also get real world benefits like reduced stress and more time to focus things that matter most to you and your team.