Whether public or a private, most companies undergo an audit once a year. An upcoming audit is stressful for both the finance and accounting team, as well as the organization as a whole. However, if handled correctly, an audit can become a useful way to review your operations, ensure things are in order, and find areas where processes can be improved.
With Accounts Payable (AP) Automation, the audit process becomes increasingly easier and less painful. In this , we break down the four majors areas in which AP Automation will improve the audit process, which includes:
- Checking for signs of fraud
- Ensuring proper documentation
- Providing validity for purchases
- Eliminating duplicate payments
AP Automation will eliminate the stress of an audit by ensuring all necessary documentation is readily accessible, that no duplicate vendor payments have been processed, that approvals have been made appropriately, and that you have implemented the appropriate internal controls to decrease fraud. It minimizes the demands on your staff and keeps them working on essential day-to-day operations. And, it enables you to keep your senior leadership informed and confident that AP operations are completely under control.
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by MineraTree
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