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Accounts Payables Internal Controls Best Practices in a Paperless Environment

We operate in a paperless environment. Internal controls are more critical in a paperless environment. During COVID-19 companies have deployed employee in remote locations. This “work from anywhere” WFA environment makes internal controls more difficult as events and activities are not performed in central locations. We must rely on technology to combine them to a central platform. Accounts payable is moving to a transactions-based processing environment to replace the outdated documents processing environment. It all starts with accounts payable since it is at the core of all other company processes, systems and functions. Hence accounts payable must drive all internal control elements of awareness and concern. 80% of all transactions are processed through accounts payable. COVID-19 has caused a significant increase in fraud waste and misuse. Robust internal control policies and procedures must the created to cope with the transactions-based accounts payableCOVID-19 has created situations that will remain in a revamped environment. We must take the lessons learned during COVID-19 to re-imagine processes and internal controls in a post COVID-19 environment. The transactions-based environment requires companies to be proactive rather than reactive and interact with transactions in real time to achieve the goals of internal controlsLearning Objective Learn the value of internal controls for accounts payable in a paperless environment prevent fraud waste and misuseLearn how to protect company assets, ensure adherence to company goals and objectives through internal controls in accounts payableLearn the foundation-principles, best practices, interactions and organizational awareness of accounts payable internal controlsLearn the difficulty of establishing internal controls in a paperless environment and how technology can reduce the risks and difficulty COVID-19 Concerns and ChallengesAreas CoveredWebinar Segments Internal Control Best Practices: Defined approval authoritySeparation of dutiesRotating process responsibilitiesMaximize technical tools In-process approval and verificationControl of assets and assigned responsibilityData management and file retentionIndependent verification All in a technology based paperless platformCOVID-19 concerns and challengesTechnology as an enabler to transactions based Who Should AttendAccounts Payable, accounting, supervisory personnel, financial stakeholders responsible for Accounts PayableWhy Should You AttendThis Webinar looks at best practices in accounts payable to include:Institutional frameworkFoundation and Core PrinciplesBest Procession PracticesInteractions and InterfacesTechnology as an EnablesOrganizational and Functional AwarenessCOVID-19 Concerns and Challenges Impact of “work from anywhere” environment Technology as an enabler to transactions-based processes and inhibitors to fraud waste and misuse accelerated under COVID-19 “work from anywhere” environment

We operate in a paperless environment. Internal controls are more critical in a paperless environment. During COVID-19 companies have deployed employee in remote locations. This “work from anywhere” WFA environment makes internal controls more difficult as events and activities are not performed in central locations. We must rely on technology to combine them to a central platform. Accounts payable is moving to a transactions-based processing environment to replace the outdated documents processing environment. It all starts with accounts payable since it is at the core of all other company processes, systems and functions. Hence accounts payable must drive all internal control elements of awareness and concern. 80% of all transactions are processed through accounts payable. COVID-19 has caused a significant increase in fraud waste and misuse. Robust internal control policies and procedures must the created to cope with the transactions-based accounts payable

COVID-19 has created situations that will remain in a revamped environment. We must take the lessons learned during COVID-19 to re-imagine processes and internal controls in a post COVID-19 environment. The transactions-based environment requires companies to be proactive rather than reactive and interact with transactions in real time to achieve the goals of internal controls

Learning Objective

  • Learn the value of internal controls for accounts payable in a paperless environment prevent fraud waste and misuse
  • Learn how to protect company assets, ensure adherence to company goals and objectives through internal controls in accounts payable
  • Learn the foundation-principles, best practices, interactions and organizational awareness of accounts payable internal controls
  • Learn the difficulty of establishing internal controls in a paperless environment and how technology can reduce the risks and difficulty COVID-19 Concerns and Challenges

Areas Covered

Webinar Segments Internal Control Best Practices:

  • Defined approval authority
  • Separation of duties
  • Rotating process responsibilities
  • Maximize technical tools
  • In-process approval and verification
  • Control of assets and assigned responsibility
  • Data management and file retention
  • Independent verification
  • All in a technology based paperless platform
  • COVID-19 concerns and challenges
  • Technology as an enabler to transactions based

Who Should Attend

Accounts Payable, accounting, supervisory personnel, financial stakeholders responsible for Accounts Payable

Why Should You Attend

This Webinar looks at best practices in accounts payable to include:

  • Institutional framework
  • Foundation and Core Principles
  • Best Procession Practices
  • Interactions and Interfaces
  • Technology as an Enables
  • Organizational and Functional Awareness
  • COVID-19 Concerns and Challenges
  • Impact of “work from anywhere” environment
  • Technology as an enabler to transactions-based processes and inhibitors to fraud waste and misuse accelerated under COVID-19 “work from anywhere” environment