Accounts Payable Pre-Audit

THE A/P SECURE ACCOUNTS PAYABLE PRE-AUDIT SYSTEM OVERVIEW

Simply stated, paper processing and errors are eliminated through image processing, and pre auditing each transaction, prior to issuing a check.

THE A/P SECURE A/P PRE AUDIT SYSTEM

Using data collected from the vendor's Purchase Order (P.O.) and Purchase Agreements as well as the Client's Receiving Reports, the extracted information is compared to the Vendors Invoice for accuracy, all of which is accomplished with minimum manual entry prior to preparation of Check Authorization.

A/P Secure's objectives:

• Goal - Stop errors in the Accounts Payable Department
• Eliminate manual input of invoices
• Eliminate manual filing
• Multi-location invoice capture

The Pre-Audit 6 step process

Step 1: Vendor Contract Compliance

The buyer enters any contractual agreement with the vendor (discounts, rebates or other pricing issues) and place in the Pre-Audit Virtual Invoice.

Step 2: Purchase Orders

A copy of the P.O. is automatically placed in the Image Repository, located in the Pre-Audit Virtual Invoice.

Step 3: Receiving Reports

When the merchandise is received, any discrepancies are entered and sent the A/P System for resolution. The corrected receiving report is placed in the Pre-Audit Virtual Invoice.

Step 4: Invoice Automation

When the invoice is received, it is scanned and the digital image is automatically converted to data using Optical Character Recognition (OCR). This automatic process requires invoice fingerprinting. This process will result in a high read rate since the system knows exactly where each data element is located on the invoice. Once an Invoice is fingerprinted, it will be read automatically the next time that vendor’s invoice is entered into the system. This process eliminates manual entry of invoices. The data from the invoice is automatically placed into the Pre Audit Virtual Invoice.

Step 5: The Pre Audit Process

All of the necessary pre audit elements are available; the P.O. has the quantity ordered, and the price. The receiving data has been verified, as well as the purchase deals and invoice data are all stored in the Pre Audit Virtual Invoice.

Next, the Pre Audit process completes the three way match, applies the contract data to the invoice, and determines the correct amount to be paid. (Any discrepancy in this process is automatically e-mailed to the appropriate A/P Professional and researched for resolution) using PSI Workflow.

Step 6: Check Approval

When the Pre Audit process is complete, an e-mail is sent to the appropriate person(s) for check approval. A/P Secure will track the approval process using the PSI Workflow System to make sure there are no delays in the process. The approving parties can double click on the P.O. number and view all the associated documents that pertain to this invoice. The approval is returned to the Pre Audit system with electronic signatures and forwarded to the Accounting System for payment.

The pre audit process will result in the proper amount being paid to the vendor prior to the check writing. This was accomplished with minimum manual input and all document images have been stored in the document repository available for anyone with the proper security clearance to view.

The 6 steps are easily justified! Financial justification can be demonstrated with using the prospective clients' volumes and cost in the prospective clients' office using a web based conference application.

Additionally, A/P Secure complies with Sarbanes-Oxley requirements since the payments have been audited and the image files are available for review.

What has been accomplished:

• Eliminates paper related problems. Manual filing is eliminated. Misplaced, misfiled, lost paper is eliminated. Filing cabinets, floor space, and folder preparation is eliminated.
• Archive files and associated cost is eliminated
• Manual data entry is eliminated
• With proper security level, anyone can access documents from anywhere
• All data can be captured at a remote site or at a central location. This eliminates lost dollars due to oversight or not knowing about a corporate deal file.
• By implementing a pre and post audit, the system addressed the elements of the Sarbanes-Oxley Act
• A/P Secure offers a Workflow System
• A/P Secure offers a File Management System
• The A/P Secure addresses corporate productivity goals
• Cost justification is normally less than 12 months, many times in 6 months
• The system is totally Microsoft compatible with:


• Web hosting or SaaS technology
• SQL database
• .net framework security

Demonstrations of the system are availaible in the prospective clients' office using a web based conference application.

Request for A/P Secure Product:   Information  or  Demonstration

- - - - - - - - - - - - - - - -

Return from Pre-Audit to:

Home Page   or   Accounts Payable

Copyright © 2009-2011 EDI World Associates. All rights reserved.