Accounts Payable Invoice Processing Best Practices

Accounts Payable (AP) departments are under increased pressure to strengthen controls, drive out costs, and increase efficiencies of manual and time-consuming processes. This can be difficult to accomplish when considering the distributed nature of AP processes. For instance, invoice approval typically takes place on several levels and generates large volumes of documentation that are hard to manage effectively. In addition, departments face increased pressure from compliance issues such as the Sarbanes-Oxley Act to better manage paper-based processes.

As these issues continue to progress, the case for accounts payable automation becomes stronger. By automating paper-intensive processing, AP departments are able to optimize the invoice approval and payment process. One of the innovative ways organizations are achieving this automation is by utilizing imaging and workflow solutions.

With a typical imaging and workflow solution, AP staffs are able to view invoices images as part of an automatic routing system. Everything from the receipt of an invoice and approval to vendor payment is documented in the system. The process begins when a vendor invoice is received. The paper-based invoices and related documentation are converted into images which can then be accessed by authorized users. The invoices are automatically routed using defined notifications and conditions to support the business process. This automated, step-by-step processing of AP invoices is the most effective way to keep the flow of documents steadily moving.

By eliminating the physical movement of paper-based documents, the time spent trying to find files is dramatically reduced, leading to increased employee productivity. The system enables customized internal controls to be created for each business process, resulting in immediate access to documents, faster approval time and reduced cycle time.

There are numerous benefits associated with the use of imaging and workflow in terms of helping AP departments increase efficiencies. The workflow management solution offers a significant reduction of costs, stronger internal controls, and the overall streamlining of the AP invoice review and approval process. In addition, the automated internal controls and instant access to documents eliminates the chance of misplacing or losing paper, duplicating or overpaying invoices, or making late payments.

Another important benefit of a comprehensive workflow management solution is that it allows numerous members of a company to securely collaborate in real time. Since the documents are stored in a centralized repository, other personnel can be given instant access as well, cutting copying, shipping, and faxing costs. The improved electronic audit trails can also be extremely valuable, especially during audit reviews.

AP invoice processing can actually be transformed into a “zero touch” environment with the right imaging and workflow automation solution. This means that AP is able to enter the paperless world everyone dreams about – no one in the department has to touch paper.

In order to create a “zero touch” process, vendors are directed by the AP department to remit all invoices to a central Post Office Box location, which is received by the service provider. The provider’s staff then prep, scan and index all invoices each day, capturing important data elements such as point of contact, vendor name, invoice number and more.

As soon as the invoice enters the system, the internal controls set up by the AP department go into action. An automated e-mail notification is sent to each approver informing the person that an invoice is awaiting review. The point of contact then has several options such as approving the invoice, routing it to another approver, declining, or pending invoices for later approval.

Once an invoice is approved, it is routed to a higher approval level or to accounts payable for a final review. Invoice data is then transferred through EDI into the organization’s accounting system and payments are scheduled.

An imaging and workflow solution provided in a Software-as-a-Service model can be configured to provide notification of duplicate invoices, route invoices above a certain amount to particular staff, create and maintain approval timers, and perform workload balancing. Invoice coding is tracked in Web-based workflow forms and cross-checked and validated against accounting system tables.

There’s no software to install, no hardware to manage, and no infrastructure for IT to support with a Software-as-a-Service solution. Overall, the Software-as-a-Service solution allows AP professionals to maintain tighter controls over the entire payable process and reduce costs. Productivity also increases with the workflow automation process, enabling AP departments to handle growing invoice volumes without adding people or reassigning resources.

The Sarbanes-Oxley Act: Evolving Best Practices

Product Description
Several years after Sarbanes-Oxley was enacted by Congress in response to major corporate, accounting and document destruction scandals, its reach has remade corporate governance in the U.S.; the impact of SOX has permeated public company governance and is finding its way into the board rooms of private and nonprofit enterprises. Major impacts include a drive for board independence, tightened audit and other committee practices, tightened internal compliance programs and expensive retooling of accounting functions to meet Section 404 requirements. The cost impact on middle market enterprises has been significant. Has SOX helped make American business more honest? More transparent? What are the lessons of the last three years and what best practices can we realistically take from our life with SOX?

Order from Amazon TODAY —> The Sarbanes-Oxley Act: Evolving Best Practices

The Sarbanes-Oxley Act: Evolving Best Practices in Massachusetts

Product Description
Several years after Sarbanes-Oxley was enacted by Congress in response to major corporate, accounting and document destruction scandals, its reach has remade corporate governance in the United States; the impact of SOX has permeated public company governance and is finding its way into the board rooms of private and nonprofit enterprises. Major impacts include a drive for board independence, tightened audit and other committee practices, tightened internal compliance programs and expensive retooling of accounting functions to meet Section 404 requirements. The cost impact on middle-market enterprises has been significant. Has SOX helped make American business more honest? More transparent? What are the lessons of the last four years, and what best practices can we realistically take from our life with SOX?

Order from Amazon TODAY —> The Sarbanes-Oxley Act: Evolving Best Practices in Massachusetts

10 Best Reasons for Document Scanning

The days of storing paper records are quickly coming to an end. The process has taken many years but more and more companies are using document scanning to convert paper records to digital. If your company is a hold out here are 10 reasons to get scanning.

Future Ready – In the past documents have been stored in a variety of formats. Some have fallen out of favor such as microfiche and microfilm. These records must now be converted a second time to digital format or be lost as microfilm readers become scarce. Digital records can be converted to any new format with software in moments going forward. Security – Privacy laws including HIPAA and FACTA require business to keep control over its private information. With electronic documents it is easier to maintain control. This is because security can be focused down to the document level and access changed instantly as job functions change. What each employee looks at can also be tracked. Disclosure Laws – Sarbanes-Oxley and other legal disclosure laws require business to quickly find all relevant documents requested. This process is easy with electronic documents. Disaster Recovery – What would be the consequences of losing all of your records? Most businesses only have one copy of their company records and store that on site. This puts you at risk for burglary, flood and fire. Scanned documents can be backed up to a remote server on a regular basis. Easy to Collaborate – Document scanning allows teams to work on projects across geographic areas. Company records becoming living documents that can be mined for valuable information. Go Green – Cut back on paper and ink for printing. Electronic records also require less energy to store than climate controlled records storage facilities. Easy to Distribute – Avoid the trouble of finding a record, making a copy and then sending it through the mail or FedEx. Remote employees and partners also have access to document near instantly with email. This is a big advantage for medical offices that are bombarded with requests from patients. Save Employee Time – Employees waste a great deal of time looking for records. They can be in their desk or in the official company records. Electronic records are more easily found via search functions. Electronic records also don’t require time to file after they are used. Reduce Space – Millions of scanned documents can be stored in a server. To store a similar number of paper documents would require rooms and rooms. Save Money – The last but definitely most important reason for document scanning is saving money. Cut your storage costs, the number of employees needed to maintain and retrieve records and improve everyone’s productivity.

Best Practices around Oracle E-Business Suite Implementation

With the recent release of Oracle E-Business Suite R12, many organizations preparing for their implementation or upgrade are realizing that they don’t have the necessary processes and practices in place to ensure they complete their project successfully. Join us and guest speaker, Cary Pochek – ERP Project Manager at Curtiss-Wright Corporation, as we discuss the importance of change lifecycle management when dealing with Oracle E-Business Suite implementations and upgrades. We will focus on best practices around: Sarbanes-Oxley compliance Setting priorities and reviewing changes Successfully managing migrations Setting up your different environments for maximum efficiency Workflows and the enforcement of approvals. Visit www.Quest.com for more information

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