How to Prepare your AP Department for an Audit
Published by
kevinp
on
As a company grows, audits and audit reports become increasingly important. What exactly do you need to prepare for an audit? The Short answer is a record of everything.For a small business the prospect of keeping copies of all AP records can seem daunting. By using modern automated AP management systems, keeping track of everything is no longer a huge pain.
Important items to keep track of:
1. All Invoices
This includes received dates, PDF copies, and any record of payment.
2. Approval History.
You'll need to keep a record of all approvals made on a document with time and date stamp.
3. Payment History.
You'll Need to keep track of what was paid, and when.
An automated system such as Fidesic AP will make your entire audit process easier. Many of the functions traditionally done to prepare for an audit will be taken care of automatically.
- Invoices will be automatically stored. There is no need to manually file, or pay for storage of your AP invoices with Fidesic APP. Once it's in our portal, it will stay there (with all PDFs and payment info)for a period of seven years.
- Approval history is automatically logged. All invoice and payment approvals will be logged with a timestamp. This information is stored along with the invoices and does not require a second file.
- Fidesic AP provides special “Auditor Access.”Whether these users are a specifically assigned task force at your company, or a third party, they will have easy access to everything they need within the FidesicAP portal. They have the ability to generate reports, look up PDFs, and check on all approvals. Not only do they have access to everything, we can lock the portal down to prevent any changes from being made by the audit staff.
Fidesic AP acts as a one-stop audit interface. There are many reasons to set up an automated AP system, but the ability to generate full APaudits automatically is often overlooked.
Tired of digging through filing cabinets or paying for third party paper storage? Check out Fidesic AP today for more information on how you remove paper from your process while setting up worry free audit management.
