Accounts Payable audits. Even if you’re prepared for them, you still dread them. There are always more Accounts Payable audit procedures than you plan for, and they tend to be incredibly costly, too.
Even though you can’t avoid them, you can automate the prep work, making it so that your Accounts Payable team no longer has to stop what they’re doing to find a random, years-old document that your auditor requests. It also means that your hourly payments aren’t wasted on time spent rummaging through filing cabinets in an attempt to locate a specific document or invoice.
Reduce The Amount of Time Your Employees Spend Sourcing Your On- or Off-Site Records
Accounts Payable Automation not only automates invoice processing but also your AP audit preparation. Everything you need to prove compliance is readily available. Your processors no longer need to log the auditor’s request and search for documents manually. To streamline things even further, you can extend access to your auditors so they can access your archive through a dedicated on-site workstation, further decreasing the time required to complete an audit.
You have complete visibility into your inbound and outbound payments and a paper trail of who authorized what. It’s a complete record that maintains itself and provides more detail than what is present on the document itself.
Keep Your AP Audits On Schedule and Under Budget
As a component of an Enterprise Content Management (ECM) system, your AP Automation solution should be able to provide real-time access to your documents across each of your individual systems. Everything in your archive is organized from the get-go, and searchable by any logged metadata. Say goodbye to the unnecessary overages that you used to incur as you waited (and waited) for your audits to be completed. This technology also makes it easier and more cost-effective to implement a more rigorous internal audit schedule. It’s so easy, in fact, that you could achieve daily AP audits if necessary.
Streamlined Audit Reporting
Of course, audits don’t end after the information-gathering stage. Whether you use internal or independent audits, you still need to report on their findings. Accounts Payable Automation software makes it easy for you to share key data sets with your management, advisers, financiers, and investors.
An ECM-based AP Automation solution will allow you to deliver reports with custom dashboards, or you can use the self-service reporting tool to let each stakeholder access what they want to see. Some solutions, such as IntelliChief, require no coding knowledge, instead, relying on intuitive drag-and-drop simplicity that lets users visualize each audit’s results within seconds. Once reports are complete, they can be scheduled, shared, and archived in the user’s choice of electronic file format.
Improve Your Accounts Payable Audit Procedures With IntelliChief
We pioneered the Accounts Payable Automation movement, which is why we’re proud to offer the most fully featured and complete AP Automation solution on the market. Our industry-leading straight-through processing rates combined with our resiliency as a strategic partner has helped us serve the needs of hundreds of customers across the United States and beyond. Improving your Accounts Payable audit procedures is easy with IntelliChief!