New Accounts Payable Toolkit

THE NEW ACCOUNTS PAYABLE TOOLKIT
 
In The New Accounts Payable Toolkit, accomplished entrepreneur, consultant, and finance expert Christine H. Doxey delivers a unique and powerful approach to the accounts payable process and discusses the impact of the automation of the Procure to Pay (P2P) process. The toolkit explores all aspects of the accounts payable process, from the establishment of the contract and the purchase order to the supplier validation process, invoice processing and payment, accounting, and fiscal close.
 
You'll learn the key metrics and analytics needed for the accounts payable process. This comprehensive toolkit provides the best practices, tools, and internal controls that can help safeguard your company's cash and other assets. You'll obtain a variety of tools to create the foundation required for current internal controls and compliance to ensure that suppliers are correctly validated in the supplier master file to maintain regulatory compliance.
 
Avoid paying fraudulent or inaccurate invoices and avoid paying a supplier's invoice more than once. Be certain that all supplier invoices are properly accounted for to ensure an accurate fiscal close. Finally, stay up to date with all current and coming trends in the accounts payable process, including eInvoicing, ePayment, Robotic Process Automation (RPA), Artificial Intelligence (AI), Machine Learning, and eAccounting.
 
The New Accounts Payable Toolkit provides guidance for the implementation of AP automation solutions that can streamline and modernize your own systems and processes to take advantage of new digital developments.
 
Perfect for controllers, chief financial officers, and finance managers, The New Accounts Payable Toolkit will also earn a place in the libraries of students and professionals who seek to better understand the components of an optimal accounts payable.
 
UNCOVER A UNIQUE AND POWERFUL NEW APPROACH TO ACCOUNTS PAYABLE PROCESSES
 
The New Accounts Payable Toolkit offers readers a comprehensive and timely new way of handling their accounts payable systems and processes. You'll discover how to implement new digital technologies in every aspect of the accounts payable process, from the establishment of the initial contract and purchase order to the supplier validation process, invoice processing and payment, accounting, and fiscal close.
 
You'll learn to validate suppliers in the master list to ensure regulatory compliance, prevent multiple payments for a single invoice, keep from paying fraudulent, inaccurate, or incomplete invoices, and apply best practices to help safeguard your company's assets. You'll also discover how to measure and record key metrics and analytics to maintain an effective accounts payable process. Finally, you'll read about new and upcoming trends in accounts payable, like artificial intelligence, machine learning, and robotic process automation that you can implement today to realize new efficiencies and savings.
 
Ideal for chief financial officers, finance managers, and controllers, The New Accounts Payable Toolkit is an invaluable guide to modernizing and optimizing your own company's accounts payable processes and systems.

Sommario

SECTION 1 - INTRODUCTION 1
 
Chapter 1: About This Toolkit 3
 
Index of AP Tools 5
 
SECTION 2 - THE NEW AP DEPARTMENT 9
 
Chapter 2: The New AP Department 11
 
Introduction 11
 
Case Study: Journey to Excellence 11
 
Focus on Corporate Productivity 12
 
Accounts Payable and Procure-to-Pay (P2P) Process Improvements 13
 
AP Tool 1: AP Process Improvement and Automation Checklist 14
 
P2P Reporting, Understanding, and Perspective 15
 
AP Tool 2: Procurement Spend Analysis 16
 
Strategic Sourcing 17
 
Other Procure-to-Pay Best Practices 17
 
AP Process Improvement Impacts on Working Capital 18
 
Average Payable Period 18
 
Measuring Average Payable Period 18
 
When to Take a Trade Discount 19
 
Negotiating Payment Terms 20
 
Overview of the Requirements of the Sarbanes Oxley Act of 2002 23
 
Accounts Payable, Risk, and Fraud 25
 
Fraud Statistics 26
 
Introduction to Internal Controls 28
 
Standards of Internal Control 28
 
AP Tool 3: Types of Internal Controls 29
 
Defining Control Activities 31
 
Doxey700500_ftoc.indd 5 19-10-2020 13:31:57
 
The Three Critical Corporate Controls 32
 
AP Tool 4: The Benefits of Segregation of Duties (SoD) Controls 34
 
AP Tool 5: Mitigating Risk with Internal Controls 35
 
AP Tool 6: Compensating Controls to Mitigate Risk 38
 
AP Tool 7: Your Roadmap for Implementing an Internal Controls Program 40
 
AP Tool 8: The Top Twenty Controls for the AP Process 43
 
Benefits of a Payment Audit Process 45
 
AP Tool 9: Internal Controls Checklist 47
 
AP Tool 10: Sample Internal Controls Program for Accounts Payable for Companies Using the SAP ERP 47
 
AP Tool 11: Metrics to Drive Process Improvements 52
 
Chapter 3: Automating the AP Process 55
 
Introduction 55
 
Benefits of AP Automation 57
 
A Summary of AP Automation Functionality Considerations 57
 
Examples of AP Automation Solutions 59
 
Other Types of AP Automation 61
 
Imaging and Workflow Automation (IWA) 64
 
Different Flavors of Imaging and Workflow Automation 67
 
Electronic Invoicing 69
 
Different Flavors of Electronic Invoicing 72
 
Convergence of Electronic Invoicing and IWA 73
 
Implementation of Your P2P Automation Solution 74
 
Developing the Business Case 75
 
Software Solutions, Software-as-a-Service, or Outsourcing? 75
 
SECTION 3 - DISECTING THE P2P PROCESS 79
 
Chapter 4: What Is the P2P Process? 81
 
Introduction to the P2P Process 81
 
AP Tool 12: Dependencies and Interdependencies
 
Within the P2P Process 83
 
Chapter 5: Transforming the P2P Process 85
 
Introduction 85
 
AP Tool 13: Current State Analysis 86
 
Visioning and Transformation Roadmap 87
 
AP Tool 14: P2P Transformation Roadmap 88
 
Doxey700500_ftoc.indd 6 19-10-2020 13:31:57
 
AP Tool 15: Other Recommendations for P2P Transformation 88
 
AP Tool 16: Managing Change 89
 
AP Tool 17: P2P Transformation Metrics 90
 
AP Tool 18: Streamlining Your P2P Process Without Automation 92
 
AP Tool 19: How to Begin Your P2P Automation Journey 96
 
Chapter 6: Structuring the AP Organization 99
 
Introduction 99
 
The Finance and Accounting Organization 100
 
The Finance and Accounting Organizational Chart (Example) 100
 
Organizational Chart for an AP Department (Example) 101
 
History of the Transi

Info autore

CHRISTINE H. DOXEY is President of Doxey Inc., a management consultant, and author. She has over 40 years of experience in providing best practices, internal control standards, and process solutions for her financial operations clients. She is a sought-after speaker and recently authored The Internal Controls Toolkit and The Fast Close Toolkit.

Riassunto

THE NEW ACCOUNTS PAYABLE TOOLKIT

In The New Accounts Payable Toolkit, accomplished entrepreneur, consultant, and finance expert Christine H. Doxey delivers a unique and powerful approach to the accounts payable process and discusses the impact of the automation of the Procure to Pay (P2P) process. The toolkit explores all aspects of the accounts payable process, from the establishment of the contract and the purchase order to the supplier validation process, invoice processing and payment, accounting, and fiscal close.

You'll learn the key metrics and analytics needed for the accounts payable process. This comprehensive toolkit provides the best practices, tools, and internal controls that can help safeguard your company's cash and other assets. You'll obtain a variety of tools to create the foundation required for current internal controls and compliance to ensure that suppliers are correctly validated in the supplier master file to maintain regulatory compliance.

Avoid paying fraudulent or inaccurate invoices and avoid paying a supplier's invoice more than once. Be certain that all supplier invoices are properly accounted for to ensure an accurate fiscal close. Finally, stay up to date with all current and coming trends in the accounts payable process, including eInvoicing, ePayment, Robotic Process Automation (RPA), Artificial Intelligence (AI), Machine Learning, and eAccounting.

The New Accounts Payable Toolkit provides guidance for the implementation of AP automation solutions that can streamline and modernize your own systems and processes to take advantage of new digital developments.

Perfect for controllers, chief financial officers, and finance managers, The New Accounts Payable Toolkit will also earn a place in the libraries of students and professionals who seek to better understand the components of an optimal accounts payable.

UNCOVER A UNIQUE AND POWERFUL NEW APPROACH TO ACCOUNTS PAYABLE PROCESSES

The New Accounts Payable Toolkit offers readers a comprehensive and timely new way of handling their accounts payable systems and processes. You'll discover how to implement new digital technologies in every aspect of the accounts payable process, from the establishment of the initial contract and purchase order to the supplier validation process, invoice processing and payment, accounting, and fiscal close.

You'll learn to validate suppliers in the master list to ensure regulatory compliance, prevent multiple payments for a single invoice, keep from paying fraudulent, inaccurate, or incomplete invoices, and apply best practices to help safeguard your company's assets. You'll also discover how to measure and record key metrics and analytics to maintain an effective accounts payable process. Finally, you'll read about new and upcoming trends in accounts payable, like artificial intelligence, machine learning, and robotic process automation that you can implement today to realize new efficiencies and savings.

Ideal for chief financial officers, finance managers, and controllers, The New Accounts Payable Toolkit is an invaluable guide to modernizing and optimizing your own company's accounts payable processes and systems.

Dettagli sul prodotto

• Autori: CH Doxey, Christine H Doxey, Christine H. Doxey
• Editore: Wiley, John and Sons Ltd
• Lingue: Inglese
• Formato: Copertina rigida
• Pubblicazione: 30.06.2021
• EAN: 9781119700500
• ISBN: 978-1-119-70050-0
• Pagine: 496
• Serie: Wiley Corporate F&A
• Categorie: Scienze sociali, diritto, economia > Economia > Economia aziendale; Controlling, Rechnungswesen, Accounting, Corporate/Managerial Accounting