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AP Automation Enables Faster, Less Expensive Audits

    June 6, 2018 Leave a comment ap workflow, reduce ap processing cost, apcenter, automate invoice approval, AP Automation, Accounts Payable, accounts payable automation, Process Automation, invoice software, invoice processing cost, invoice processing, invoice approval ICM Admin

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    Control Compliance Costs with Technology

    The costs of audits and compliance are on the rise and companies are looking to technology to help them achieve and maintain compliance via easy external audits. A robust AP automation solution will include built-in internal controls and enable best-practice workflows leading to easier audits.

    Your paper-based AP process can actually cause increased audit costs. The additional time it takes to retrieve an invoice or document the auditor requires can add up quickly, especially in companies with high transaction volume. And worse, your paper-based system may indicate a lack of internal controls needed to demonstrate compliance.

    AP Automation Helps Audit Readiness

    Better internal controls mean your audits are easier and faster because you can rely on your AP automation software for the level of detail your auditor requires. Track user and login activity, account and information access history, and network and data security easily from a cloud-based hub.

    An audit-ready solution, such as APCenter, automates your day-to-day workflow and provides advanced reports to prepare your business for audits. And with electronic documentation, you can grant access to your auditors to search on any number of criteria to quickly answer questions about payment methods, requisitions, and vendor information, such as tax rate.

    Better Internal Controls Mean Quicker Compliance

    Streamlining the invoice-to-payment workflow makes your standard process more evident to your auditor. An ideal AP automation solution should enable better internal controls and features fraud monitoring capabilities, including:

    • User and system security ensures separation of concerns to prevent collusion and fraud.
    • Configurable system validation to detect suspicious processing patterns.
    • Best-practice workflow ensures recording of payables in the appropriate period.

    Look for a solution that’s easy to use on a day-to-day basis as well as audit-ready. Stay compliant, conduct audits faster, and lower your audit costs with a user-friendly solution like AP Center.

    Read our full article, "Easy Audits and Compliance Using AP Automation."

     

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    To ensure you’re not spending needlessly on AP audits, rely on the experts at ICM. With more than 100 years of collective experience, we can easily help you evaluate your current AP system abilities, share our expert knowledge, and help you implement a more robust and intelligent AP automation solution. Contact us anytime!

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    ap workflow, reduce ap processing cost, apcenter, automate invoice approval, AP Automation, Accounts Payable, accounts payable automation, Process Automation, invoice software, invoice processing cost, invoice processing, invoice approval

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