Improving Operational Performance With Software-Enabled Procure To Pay Internal Audits
Procure To Pay Internal Audit
Having streamlined procure to pay (PTP) internal audit process is essential for Finance Executives seeking to improve operational performance. By leveraging accounts payable automation software, the time, effort and resources necessary to complete the internal audit can be significantly reduced with accuracy and precision.
For any company with complex, multilevel procurement process, manually conducting PTP internal audit can be incredibly laborious. It requires meticulous planning, organization and collaboration between departments, to ensure that purchases remain secure within the organizations PTP cycle and that the maximum advantage can be taken of the corporate’s buying power. Such an extensive audit process can result in inaccurate results and become increasingly time-consuming and costly for the company.
Through the utilization of software-enabled solutions, number of features make the PTP internal audit process significantly more organized and concise. For instance, the automation of procurement requests, allows for all corresponding documents to be swiftly located with ease. By having more transparent view of the procurement process, those corporates may more accurately identify any issues and make the necessary adjustments while preventing any breaches of protocol.
Furthermore, accounts payable automation solutions provide superior functionality in managing and tracking expenses. The Softwaresimplifies the work of the Finance Executives in verifying the accuracy of invoices and purchase orders. The engine capabilities of these systems also allow for better invoice processing, thus decreasing the toll of manual labor needed to do an audit. In particular, Softwaresolutions can filter expenses for verification and provide for the expedited processing of payments by offering categorized sorting of expenses by department, expense type, category or other variables. Furthermore, these systems can become the repository for expenses and purchase orders allowing for smooth and efficient workflow.
The implementation of software-enabled automation solutions can have tremendous cost-saving implications, both in terms of time and labor. Through the use of such solutions, accountants and analysts can easily access the needed information and compile data with greater accuracy and speed. This can drastically decrease the amount of time needed to complete an audit and enable corporates to proactively record any discrepancies when they occur, rather than reactively trying to fix the issue after it arises. Such solutions also grant staff members greater freedom to concentrate on more urgent areas of the business, rather than solely focus on the audit process.
In todays competitive corporate landscape, the efficient functioning of an organizations PTP internal audit process is essential for improved operational performance. By having the right software in place, corporates can optimize and automate their procure to pay cycle. This helps to promote more transparent audit process, safeguard expenses and save valuable resources in the long run.
