3 Ways AP Automation Simplifies Audits
Audits are something no one looks forward to. Whether they originate inside or outside the company, they’re generally a time-consuming hassle for the audited department. But you can make things easier with AP automation.
We can’t promise future audits will be all sunshine and roses, but NextProcess software will help simplify the auditing process. AP automation makes audits much less painful and streamlines the process by enforcing regulations, providing easy data access, and showing real-time information.
1) Streamline Regulation Compliance
One of the great things about AP automation is that everyone in the company uses the same system. There aren’t different styles of doing something or shortcuts that circumvent company regulations anymore. Every invoice gets processed quickly and in accordance with your custom tolerances.
AP automation gives you better control over invoice processing. This reduces errors and ensures compliance with tax laws, internal policy, and industry regulations. And all that increased compliance, greater visibility, and more accurate data mean simpler audits.
2) Instant Access To Important Data
It could take several days, even a week or more, to audit a paper-based AP department. Paper documents can be lost, misplaced, altered, or damaged. The challenges of sorting through paper files makes for an auditing nightmare.
With AP automation, however, you store every invoice in an easily searched format. NextProcess sets up a searchable online document repository to keep all your invoices, old and new, right at your fingertips. In addition, our bulk download tool lets you easily download images for a bundle of invoices at once.
3) Track Changes And Events
AP automation software doesn’t just store digital images of each invoice. It also tracks and saves information about how the invoice was processed. Change and event tracking gives you, and auditors, quick access to all the details of an invoice’s history.
You can give auditors read-only access to your AP system so they can search your system for the invoices they need. That gives them real-time access to all the information they need to perform a useful, accurate audit. It’s much simpler for them and it means you’re taking less time away from regular work.
The advantages of AP automation don’t stop with simpler audits. Automating AP also reduces costs, increases your control, and speeds up invoice processing. If this sounds good, contact us for a demonstration of how our AP software can make your life easier.