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BestPracticeFinancialProcesses:AccountsPayableAccountsPayableObjectivesOrganisationPeopleProcessesControlsMeasuresInformationSystemsTomaximiseprocessingefficiencyToensureinvoicesareprocessedtoagreedtermsToensurepaymentsmadeonlywhendueandpayableToensureliabilitiesarefullyrecordedanddistributedcorrectlyToachieveeffectivebalancebetweenextendingcreditandmaintaininggoodrelationswithsuppliersTotakefulladvantageofopportunitiestorecoverVATCentralisedprocessingOutsourcingpotentialMaintainingsupplierdetailsProcessvouchersProcesspaymentsPeriodendprocessingandreportingAuthorisationrulesSystemaccesscontrolsUserproceduresValidationandmatchingrulesSpeedofprocessingsupplieramendmentsInvoicesprocessedInvoiceprocessingtimeNumberofpaymentsPeriodendclosuretimeInterfacebetweenAccountsPayableandotherrelatedprocessesSharedemployeeandsupplierdetailsSystemvalidationandapprovalchecksSupplierrelationsCreditorcontrolAccountsPayable-BestPracticeObjectivesAccountsPayable-Measures/CostdriversNumberofinvoicesreceivedpermonthNumberofsuppliersNumberofdifferenttermsandconditionsComplexityofauthorisationprocessProportionofinvoicesautomaticallymatchedwithPO'sNumberofsupplierqueriesProportionofinvoicesreceivedelectronicallyProportionofpaymentsmadeelectronicallyMedian16days90percentile49days90percentileMedian10percentileNumberofpurchaseinvoicesperFTEperannum15,0007,0003,000orlessCostperpurchaseinvoiceprocessed10percentileMedian90percentile£2£6£1710percentile6daysInvoiceprocessingtimeindaysCostdriversSource:statisticstakenfromBenchmarkingdatabase21January1997AccountsPayable-TrendsFromToSeparateAPmodulePaymentbychequeManualmatchingPerformedbyfinancedepartmentIntegratedsystemsElectronicpaymentOn-linematchingSharedServiceCentresoroutsourcedservicesAccountsPayable-CriticalSuccessFactorsTheseareasummaryofthekeybusinessrequirements,whichmustbemettoachievetheobjectives.SinglesupplierdatabaseStafftrainedinAPprocessandhaveclearrolesandresponsibilitiesPaymenttermsdefinedandagreedwithsupplierEffectivecommunicationandfeedbackmechanismsinplacetohandlequeriesEstablishandmaintaingoodsupplierrelationsProcessinplaceformonitoringthestatusofinvoicesandpaymentschedulesAPcalendarinplaceandcommunicatedtostaffAuthorisationlevelsandpaymenttermsheldonthesystemAutomatedworkflowtoroutedocumentstorelevantpersonnelwhenproblemsneedtoberesolvedForwardpaymentscheduletocashflowmanagementFlexiblematchingcriteriaAccountsPayable-Appendix1:IDEFProcessFlowThediagrambelowprovidesakeytotheprocessdiagramsusedinthisdocument.Process/activityControls(i.e.ProceduresStandardsRequirementsforrework)Output(i.e.InformationMaterial)Resources(i.e.PeopleFunctionsITsystemsMachines)Input(i.e.InformationMaterial)AccountsPayable-Level0ContextDiagramGroup/Mgt.teamFixedAssetRegisterPurchasingGeneralLedgerSuppliers/EmployeesFixedAssetdetailsSupplier/EmployeeamendmentsProjectexpensedetailsInvoice/PaymentdetailsPurchaseordersReconcilepaymentsHumanResourcesCashManagementManagementreportsPaymentsCashrequirementsEmployeedetailsProjectAccountingAccountsPayableReceiptsAccountsPayable-Level1OverviewVoucherapprovedforpaymentNewperiodopenPaymentdetailsreadytoposttoGeneralLedgerPaymentandremittanceadviceVoucher:Invoice/expenseclaim/Creditnote/prepaymentrequestNotificationofchangesfromsupplieroremployeeMaintainsupplierdetailsAP1.1ProcessvouchersAP1.2ProcesspaymentsAP1.3PeriodendprocessingandreportingAP1.4VoucherprocessingproceduresAuthorisationrulesMatchingrulesSystemvalidationandapprovalchecksExceptionhandlingproceduresAPdeptAPsystemPOsystemSupplierRequisitionerBatchcontrolsAuthorisationrulesReportingguidelinesPostingcontrolsReconciliationproceduresPeriodendtimetableAPdeptAPsystemPaymentdeviceAuthorisedpersonnelAPAPSystemHRAuthorisationproceduresSystemaccesscontrolsUptodatesupplierrecordsVouchersfiledAPdeptAPsystemGLsystemManagementReportsEmployeejoinersandleaversdetailsMaintenancerequestApprovedvouchersreadytoposttoGeneralLedgerVoucherdetailsavailableon-lnetoFixedAssetsandProjectAccountingCancelledvouchersreversedoutofAPandfiledPaymentdetailsavailableon-linetocashmanagementPaymentcancelledAccountsPayable-NotesMaintainSupplierDetailsBestPracticeFeaturesSharedsupplierdatabasewithPurchasing.Purchasingresponsibleforapprovingsuppliers(havingmadetherequiredchecks),agreeingtermsandconditionsandmaintaininggeneralandpurchasingrelatedsupplierdetailsonthedatabase,includingpaymentterms.AccountsPayableresponsibleformaintainingallpaymentrelatedsupplierdata,suchasbankdetails,paymentmethod,payeenameandaddress,paymentcontacts.SharedemployeedatabasewithHumanResources.EmployeedetailsaremaintainedbyHumanResources,butsufficientdetailsmustbeheldandmaintainedbyAccountsPayable,toallowpaymentofexpenses.Employeedetailsrequiredincludepaymentmethod,bankdetails,remittanceaddress,payeenameandemployeecostcentre.AccountsPayableshouldnothaveaccesstootherconfidentialemployeedata.Onepaymentaddressforeachvendor.Whereavendorprovidesgoodsorservicesfromanumberoflocations,theconsolidationofthepaymentprocessnotonlyreducesthenumberofpaymentsnecessarybutalsoremovesthepotentialneedtoreconcileanumberofindividualaccounts.Centralisethevendorset-upcapabilityinordertominimisetheriskofunauthorisedorduplicatevendorsbeingsetupmorethanonce.Fromanauditpointofview,thecontrolovervendorsetupisalsoviewedasacriticalactivitywhichneedstobetightlycontrolled.Changestosupplierdetailsareprocessedexpeditiously.If,thevendorisalsoacustomer,detailsareconsistentinbothdatabases.AccountsPayable-NotesMaintainSupplierDetailsInternalControlrequirementsNewsuppliersmustbecheckedandapprovedbyPurchasinginaccordancewithcompanypolicy.Similarly,Purchasingareresponsibleforprocessinganymergers,acquisitionsordeletions.Toenableefficientinvoicepaymentprocessingandensuresegregationofduties,AccountsPayableareresponsibleforthemaintenanceofallpaymentrelatedsupplierdata.Inaddition,authorisationforpaymentswithinAccountsPayableshouldbeseparatefromtheresponsibilityofmaintainingsupplierpaymentdataandprocessingvouchers.Auditofchangestosupplierpaymentdetailsmustbepossible.KeyPerformanceIndicatorsTimetakentoprocesssupplieramendments.AccountsPayable-NotesProcessPaymentsBestPracticeFeaturesUseofelectronicbankingsystemsforpayments,thusminimisingtheneedformanualinterventionintheprocess.Centralisationofthepaymentprocessinginordertominimisetheriskofmakingduplicatepayments.Paymentsmadenosoonerthantheduedateinordertomaximisecashflowbenefits.Facilitytosuspendindividualpayments.Thewithholdingofpaymentcanbeapowerfultoolinensuringthatthevendorcomplieswithanyrequirementsaskedofit.Avoidpaymentsincash.Apartfrombeingcostlytoadminister,thepotentialforfraudisgreatlyincreased.AccountsPayable-NotesProcessPaymentsInternalControlrequirementsPaymentprocessingneedstobetightlycontrolledandtotallysegregatedfromvendorset-upandinvoiceprocessingactivities.KeyPerformanceIndicatorsNumberofpaymentsperFTE.Numberofoverduepayments.Numberofpaymentsmadetooearly.AccountsPayable-NotesProcessPaymentsCostDriversThefollowinggeneratethecostsfortheprocessingofpayments:-Numberofpaymentruns.Numberofmanuallypreparedpayments.Numberofpaymentmedia(cheques,vouchers,diskettes,etc.).Numberofforeignpayments.Variedpaymentterms.ReportsSummaryofpaymentsperrun.Paymentsonhold.ReportsonKeyPerformanceIndicators.OverdueunpaidinvoicesAccountsPayable-NotesPeriodendprocessingandreportingBestPracticeFeaturesAutomaticprocessrequiringlittleornomanualintervention.PostingtoGLshouldbedaily.ThisensuresGLdataisuptodateandalsoreducesthetimetakenfortheperiodendpostingasfewerrecordsarebeingprocessed.InternalControlrequirementsThebasicrequirementistoensurethatthedatatransmittedtothegeneralledgeriscompleteandontime.Thereisarequirementtoensurethattheinformationrecordedinthegeneralledgeragreeswiththeoutputfromaccountspayable.KeyPerformanceIndicatorsDeliveryofinformationtogeneralledgerontimeTimelydeliveryofendofperiodreportsCostDriversVolumeoftransactionsTimetocloseperiodsDegreeofautomationintheinterfacewithgeneralledger