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Being punctual when paying your contractors, suppliers, vendors, utility companies, and goods and services providers makes your business productive and makes partnerships stronger. Businesses must keep in mind that their account payables (AP) play a significant role in their relationship with the partners. If the account payable process is efficient and working, there is nothing to worry about.
Most businesses’ earnings could get jeopardized and have an overall negative impact if their AP process is risky. Some of these risks are invoice tampering, fraud, duplicate payments, and not being able to properly record liabilities.
Having a professional AP audit can mitigate these risks in a company. This audit can include not only the in-house accounting staff but also an external accountant. An AP audit will help the business identify every risk there is and will also help discover any inefficiencies in the business and provide a solution for those inefficiencies.
Regardless of the conclusion the audit comes up with, you can also consider using automation software for AP and use electronic invoicing for the business. By using electronic invoicing and automating such tasks, the whole process will speed up, and there will be fewer chances of human error. Many successful companies do use automated AP processes for their day-to-day recurring tasks as well as their annual audits.
A lot of benefits can come from outsourcing your accounts payable audit to an accounting firm. It is even better if the firm provides automation in its service. Bill.com is one such option. Bill.com is a solid, cloud-based payments platform. With Bill.com, your AP process can have much more efficiency.
Long story short, with the help of Bill.com, you can make the process of paying, receiving, and recording invoices a lot easier, with lesser risks. You can review and approve bills from any device with just a single tap. Your company’s accounting software will get notified and be in sync once the payment is made. A lot of time can be saved on duplicate data entry, and the chances of making manual errors will decrease.
Custom roles are also available with Bill.com. These include Approver, Clerk, Payer, Accountant, and Administrator. With this, the efficiency of your company’s staff will be maximized, and separation of duties will be much clearer.
Check out Bill.com now to learn more about an AP audit.