How to Prepare your AP Department for an Audit
As a company grows audits and audit reports becomeincreasingly important. What exactly do you need to prepare for an audit? Theshort answer is a record of everything.For a small business the prospect of keeping copies of all AP records can seemdaunting. By using modern automated AP management systems, keeping track ofeverything 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 atime and date stamp.
3. Payment History.
You’llneed to keep track of what was paid, and when.
An automated system such as Fidesic AP will make your entireaudit process easier. Many of the functions traditionally done to prepare foran audit will be taken care of automatically.
1. Invoices will be automatically stored. There isno need to manually file, or pay for storage of your AP invoices with Fidesic AP.Once it’s in our portal, it will stay there (with all PDFs and payment info)for a period of seven years.
2. Approval history is automatically logged. All invoiceand payment approvals will be logged with a time stamp. This information isstored along with the invoices and does not require a second file.
3. Fidesic AP provides special “Auditor Access.”Whether these users are a specifically assigned task force at your company, ora 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 checkon all approvals. Not only do they have access to everything, we can lock theportal down to prevent any changes from being made by the audit staff.
Fidesic AP acts as a one-stop audit interface. There aremany reasons 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 thirdparty paper storage? Check out Fidesic AP today for more information how youremove paper from your process while setting up worry free audit management.