For many companies, Accounts Payable (AP) audits are not only important – they are a necessity. Since the implementation of the 2002 Sarbanes-Oxley Act, all public companies need to submit their records for audit to ensure that they observe the standards specified in the Generally Accepted Accounting Principles (GAAP). Most private companies also have state requirements that dictate similar auditing.
Although compliance creates extra work for businesses, Accounts Payable audits can also reveal the areas in which operational efficiency can be improved. Auditing accounting can expose mistakes, duplicate payments, and other problems that might be impacting your business.
AP Audits can often seem overwhelming, but with the right tools, it doesn’t have to be stressful. With Enterprise Content Management (ECM), Analytics, and customized reports, your AP audits can be completed in mere days rather than weeks or months.
Join us for Audit Toolbox – the Right Tools for Stress-Free Compliance to see how your AP audits can become a welcomed operational task. In this webinar, we will cover:
- The cost-effectiveness of using a digital ECM platform for your AP Audit process
- Give auditors read-only access to your records, reducing audit time significantly
- How custom and ready-made reports can expedite the audit process, such as:
- A report that shows all the invoices that a user approves, whether they alone approve it or if others were involved in the approval process
- When and where documents are received
- How many invoices are processed per day/month/year, along with all supporting documents
- With IntelliChief Export Link, you can select and export sample transactions to print, email, or a connected portal
- IntelliChief’s easy-to-use dashboards provide straightforward access to audit information and reports
- And so much more!
With strong procedures and tools in place, there is no need to stress about an upcoming accounting audit. Going digital will make auditing faster, easier, and cheaper. Most importantly, elevating your operational efficiencies will offer you more time to pursue strategic plans —like planning for your company’s financial future.