Easing Your Regulatory Compliance Burden in AP

January 26, 2017

By Mark Brousseau, Analyst and Researcher in Business Process Automation, Brousseau & Associates

Ensuring regulatory compliance in accounts payable (AP) is one of the top pain points of finance leaders. It also is one of the accounts payable tasks that finance leaders would most like to disappear.

Paper-based accounts payable processes make it difficult, if not impossible, for businesses to ensure regulatory compliance. Paper-based accounts payable processes do not provide: tracking of invoice history and approvals; mechanisms for ensuring that employees adhere to approval policies and separation of duties guidelines; chain of custody assurances; readily available audit information; controls for Sarbanes-Oxley and Payment Card Industry Data Security Standard; or ways to prevent documents from being discarded or destroyed ahead of deadlines set by regulators or auditors.

While your AP compliance burden is not going to disappear, it doesn't have to be so onerous.

Automation safeguards sensitive financial information through configurable roles-based access and interface controls. The technology also increases information governance by creating clear and complete audit trails of all system activities, while providing administrators with real-time visibility into user activities and the ability to quickly adjust security controls. Automated management of document retention policies, legal holds, and disposition workflows ensures that documents are not prematurely discarded or destroyed. Similarly, digitizing approval and exceptions workflows with an automated system standardizes processes and eliminates the chance that documents will be misfiled, lost, or stolen. And consolidating data on suppliers into a single platform improves compliance and reporting. Auditors can even be provided with view-only access to the system, eliminating the need for buyers to physically collect and photocopy invoices and other documents requested by auditors.

Want to learn more on how automation can ease your organization’s AP regulatory compliance burden? Click here to register for Canon Information & Imaging Solution’s webinar on January 31st.