Accounts Payable Internal Control Checklist Summary
With the steady rise of invoice and AP fraud, it’s vital to have internal controls in check. And the easiest way to do this is by implementing an AP Automation solution. Not only will your company save time and money, but it will also become equipped with a full suite of internal controls to easily perform audits, eliminate fraud, and gain insight into your payments.
Should you hire an external audit company?
You might be asking yourself, “Should we hire an external audit company to perform our accounts payable internal audit?” And the answer is, “Maybe - if you aren’t as automated in Accounts Payable as you could be.” If you find yourself worrying about your accounts payable process, chances are when you perform your audit you will find that the answer is “more automation.” In these circumstances there might be a need for an external audit, but at the end of the day the easiest and most beneficial way to ensure AP compliance is by automating.
At Basware, we offer as much automation as possible for your processes. With 100% touchless invoice processing and 100% of your company’s spend under control due to automation, there’s really no need for an audit as you always have total transparency of your accounts payable processes.
What are the primary objectives in the audit of accounts payable?
Auditing accounts payable is an extremely important part for any business. Primary objectives of this process include detecting potential fraud, ensuring compliant financial procedures, and locating areas for improvement that could impact the greater organisation in a positive way.
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