Having effective internal controls at your company is good for your organization’s fiscal health—it dictates the efficiency of your company’s operations, highlights any weakness in your financial reporting, and ensures compliance with various laws and other regulations. It also maximizes your organization’s most important asset, cash. As stated in a University of Georgia article, “The control environment sets the tone of an organization, influencing the control consciousness of its people. It is the foundation for all other components of internal control, providing discipline and structure.”
Internal controls are important to any organization’s Accounts Payable Process improving visibility while reducing fraud and costly errors. How efficient is your organization’s AP process? Automating your entire AP process will lead to enhanced visibility, accuracy, speed, efficiency and improved organizational cash flow.
Companies that utilize time consuming, inefficient manual AP processes generally experience more process pain with an increased probability for fraud. Implementing AP automation software will drive a secure, compliant process with reduced risk of errors and late payments. AP automation provides a clear audit trail, which leads to greater accountability. Safeguards ensure that the Procure to Pay process is more efficient because controls have been established across the entire AP processing platform.
Because of strict regulations like Sarbanes-Oxley, it’s now more important than ever for companies to have efficient internal controls in place to ensure that operations are running smoothly and meeting all compliance regulations.
Is it time to schedule an AP internal controls check-up? To learn more please contact the AP experts at DocStar.