Regulations and Compliance in Accounts Payable
There’s a lot of information that passes through the average accounts payable department on invoices, emails, inquiries, and more. Additionally, payments need to be made by certain times and through approved methods. Plus, money spent, and services or supplies received have to be tracked and reported in the proper way. With all the varying regulations and compliance necessary, it’s no wonder that working in or with accounts payable can turn into a stressful situation quickly.
Unfortunately, many departments struggle with regulations and compliance unnecessarily. Paper and other lower levels of AP automation can make it harder to keep up on regulations, even if some of them do make the processing of invoices easier. Enterprise-level accounts payable automation makes meeting regulations and maintaining compliance easy. Rather than being all over the place, invoices are stored in one, electronic location. Additionally, only those determined by your company have access to the different invoices and each time an invoice is disputed, modified, or accessed in any way, it’s tracked and recorded. This makes managing privacy and preventing fraud much easier.
Leveling up your automation also means ADA-compliant technology that is better accessible for those with visual or hearing impairments that may otherwise struggle submitting, approving, or paying invoices online. By looking into different accounts payable automation solutions, you’ll also be able to find flexible, complex solutions that are able to meet other regulations and compliance that may be specific to your company or industry. Regardless of company size or level of complexity, automation should make every part of the invoicing process easier, including compliance.
If you have questions about how enterprise-level accounts payable automation can better help your department and company stay on top of regulations and compliance, don’t hesitate to visit this page, which discusses compliance and security, or set up a time to chat with a member of our sales team.