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1、Best Practice Financial Processes: Accounts Payable,Accounts Payable Objectives,Organisation,People,Processes,Controls,Measures,Information Systems,To maximise processing efficiency To ensure invoices are processed to agreed terms To ensure payments made only when due and payable To ensure liabiliti
2、es are fully recorded and distributed correctly To achieve effective balance between extending credit and maintaining good relations with suppliers To take full advantage of opportunities to recover VAT,Centralised processing Outsourcing potential,Maintaining supplier details Process vouchers Proces
3、s payments Period end processing and reporting,Authorisation rules System access controls User procedures Validation and matching rules,Speed of processing supplier amendments Invoices processed Invoice processing time Number of payments Period end closure time,Interface between Accounts Payable and
4、 other related processes Shared employee and supplier details System validation and approval checks,Supplier relations Creditor control,Accounts Payable - Best Practice Objectives,Accounts Payable - Best practice features,Authorise and set up new suppliers payment details Maintain supplier payment d
5、etails Segregation of duties between supplier set up, voucher processing and payment processing,Accounts payable process vouchers: invoices, expense claims, credit notes, debit memos and prepayment requests Suppliers required to use PO number on all documents and three way match wherever possible Co
6、nsolidated periodic invoicing for high frequency suppliers,Process Features,Maintain supplier details,Process vouchers,Optimisation of early payment discounts Payment runs properly authorised,Process payments,All transactions completed before period closed Reconciliation of Accounts Payable activity
7、 and reconciliation with General Ledger control account Management reports run once period is finally closed,Period end processing and reporting,Accounts Payable - Best practice features,Single supplier database Single employee database Audit trail of changes to supplier payment details,Purchase inv
8、oices transacted via EDI with major suppliers wherever possible Electronic validation and approval of invoices Automatic matching of invoice to order and goods received note (GRN) Interface with General Ledger, Purchasing, Fixed Assets and Project Accounting Use of workflow software to resolve queri
9、es and monitor process,System Features,Maintain supplier details,Process vouchers,Electronic payments Default payment terms held on supplier file with manual override at P.O. and invoice Production of forward payment entry schedules to aid cash flow management Interface with General Ledger, Fixed As
10、sets, Project Accounting and Cash Management Facility to suspend payments,Process payments,Integration with General Ledger minimises reconciliation adjustments Transaction processing prevented for closed periods,Period end processing and reporting,Accounts Payable - Measures/Cost drivers,Number of i
11、nvoices received per month Number of suppliers Number of different terms and conditions Complexity of authorisation process Proportion of invoices automatically matched with POs Number of supplier queries Proportion of invoices received electronically Proportion of payments made electronically,Media
12、n,16 days,90 percentile,49 days,90 percentile,Median,10 percentile,Number of purchase invoices per FTE per annum,15,000,7,000,3,000 or less,Cost per purchase invoice processed,10 percentile,Median,90 percentile,2,6,17,10 percentile,6 days,Invoice processing time in days,Cost drivers,Source: statisti
13、cs taken from Benchmarking database 21 January 1997,Accounts Payable - Trends,From,To,Separate AP module Payment by cheque Manual matching Performed by finance department,Integrated systems Electronic payment On-line matching Shared Service Centres or outsourced services,Accounts Payable - Critical
14、Success Factors,These are a summary of the key business requirements, which must be met to achieve the objectives.,Single supplier database Staff trained in AP process and have clear roles and responsibilities Payment terms defined and agreed with supplier Effective communication and feedback mechan
15、isms in place to handle queries Establish and maintain good supplier relations Process in place for monitoring the status of invoices and payment schedules AP calendar in place and communicated to staff Authorisation levels and payment terms held on the system Automated workflow to route documents t
16、o relevant personnel when problems need to be resolved Forward payment schedule to cashflow management Flexible matching criteria,Accounts Payable - Appendix 1 : IDEF Process Flow,The diagram below provides a key to the process diagrams used in this document.,Process / activity,Controls,(i.e.,Procedures Standards Requirements for rework),Output,(i.e.,Information Material),R
