Description

Do you have a “Black Hole” within your Accounts Payable operation?  You know, the place where invoices and related documentation go never to be found again?

Have you considered that Accounts Payable documentation is not just about the paper?  Any details written on the documentation also need to be retained and can, at times, be even more critical than the document itself. That’s why you should create a document management policy specifically for Accounts Payable.

Creating a policy on managing, storing and retaining documentation can be time-consuming but once created, and enforced, the amount of time spent on the tasks of approving and processing vendor invoices, addressing exceptions, or storing, retaining and pulling documents for research, audit or litigation will be greatly reduced.  

Additional benefits include:

• More timely posting of costs and liabilities
• Payment to vendors per terms
• Improved vendor relationships
• Reduced frustration when accessing documents

This course identifies steps to be taken in creating such a policy and explores the points that should be included. Discussion also covers the inclusion of references to other policies applied by Accounts Payable and why they should be referenced in a Document Management Policy for Accounts Payable.

Finally, we touch on the subject of implementing software that would not only help you manage and retain the related documentation but could also help your company streamline related processing.