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1、Best Practice Financial Processes:Accounts Payable2PwC175b(1)Accounts PayableObjectivesOrganisationPeopleProcessesControlsMeasuresInformation SystemsTo maximise processing efficiencyTo ensure invoices are processed to agreed termsTo ensure payments made only when due and payableTo ensure liabilities
2、 are fully recorded and distributed correctlyTo achieve effective balance between extending credit and maintaining good relations with suppliersTo take full advantage of opportunities to recover VATCentralised processingOutsourcing potentialMaintaining supplier detailsProcess vouchersProcess payment
3、sPeriod end processing and reportingAuthorisation rulesSystem access controlsUser proceduresValidation and matching rulesSpeed of processing supplier amendments Invoices processedInvoice processing timeNumber of payments Period end closure timeInterface between Accounts Payable and other related pro
4、cessesShared employee and supplier detailsSystem validation and approval checksSupplier relationsCreditor controlAccounts Payable-Best Practice Objectives3PwC175b(1)Accounts Payable-Best practice featuresAuthorise and set up new suppliers payment detailsMaintain supplier payment detailsSegregation o
5、f duties between supplier set up,voucher processing and payment processingAccounts payable process vouchers:invoices,expense claims,credit notes,debit memos and prepayment requestsSuppliers required to use PO number on all documents and three way match wherever possibleConsolidated periodic invoicin
6、g for high frequency suppliersProcess FeaturesMaintain supplier detailsProcess vouchersOptimisation of early payment discounts Payment runs properly authorisedProcess paymentsAll transactions completed before period closedReconciliation of Accounts Payable activity and reconciliation with General Le
7、dger control accountManagement reports run once period is finally closedPeriod end processing and reporting4PwC175b(1)Accounts Payable-Best practice featuresSingle supplier databaseSingle employee databaseAudit trail of changes to supplier payment detailsPurchase invoices transacted via EDI with maj
8、or suppliers wherever possibleElectronic validation and approval of invoicesAutomatic matching of invoice to order and goods received note(GRN)Interface with General Ledger,Purchasing,Fixed Assets and Project AccountingUse of workflow software to resolve queries and monitor processSystem FeaturesMai
9、ntain supplier detailsProcess vouchersElectronic paymentsDefault payment terms held on supplier file with manual override at P.O.and invoice Production of forward payment entry schedules to aid cash flow managementInterface with General Ledger,Fixed Assets,Project Accounting and Cash ManagementFacil
10、ity to suspend paymentsProcess paymentsIntegration with General Ledger minimises reconciliation adjustmentsTransaction processing prevented for closed periodsPeriod end processing and reporting5PwC175b(1)Accounts Payable-Measures/Cost driversNumber of invoices received per monthNumber of suppliersNu
11、mber of different terms and conditionsComplexity of authorisation processProportion of invoices automatically matched with POsNumber of supplier queries Proportion of invoices received electronically Proportion of payments made electronicallyMedian16 days90 percentile49 days90 percentileMedian10 per
12、centileNumber of purchase invoices per FTE per annum15,0007,0003,000 or lessCost per purchase invoice processed10 percentileMedian90 percentile261710 percentile6 daysInvoice processing time in daysCost driversSource:statistics taken from Benchmarking database 21 January 19976PwC175b(1)Accounts Payab
13、le-TrendsFromToSeparate AP modulePayment by chequeManual matchingPerformed by finance departmentIntegrated systemsElectronic paymentOn-line matchingShared Service Centres or outsourced services7PwC175b(1)Accounts Payable-Critical Success FactorsThese are a summary of the key business requirements,wh
14、ich must be met to achieve the objectives.Single supplier databaseStaff trained in AP process and have clear roles and responsibilitiesPayment terms defined and agreed with supplierEffective communication and feedback mechanisms in place to handle queriesEstablish and maintain good supplier relation
15、sProcess in place for monitoring the status of invoices and payment schedulesAP calendar in place and communicated to staffAuthorisation levels and payment terms held on the systemAutomated workflow to route documents to relevant personnel when problems need to be resolvedForward payment schedule to
16、 cashflow managementFlexible matching criteria8PwC175b(1)Accounts Payable-Appendix 1:IDEF Process FlowThe diagram below provides a key to the process diagrams used in this document.Process/activityControls(i.e.ProceduresStandardsRequirements for rework)Output(i.e.InformationMaterial)Resources(i.e.Pe
17、opleFunctionsIT systemsMachines)Input(i.e.InformationMaterial)9PwC175b(1)Accounts Payable-Level 0 Context DiagramGroup/Mgt.teamFixed AssetRegisterPurchasingGeneralLedgerSuppliers/EmployeesFixed Asset detailsSupplier/EmployeeamendmentsProject expense detailsInvoice/Payment detailsPurchase ordersRecon
18、cile paymentsHumanResourcesCashManagementManagement reportsPaymentsCash requirementsEmployee detailsProjectAccountingReceipts10PwC175b(1)Accounts Payable-Level 1 OverviewVoucher approved for paymentNew period openPayment details ready to post to General LedgerPayment and remittance adviceVoucher:Inv
19、oice/expense claim/Credit note/prepayment requestNotification of changes from supplier or employee Maintain supplier detailsAP 1.1Process vouchersAP 1.2Process paymentsAP 1.3Period end processing and reporting AP 1.4Voucher processing proceduresAuthorisation rulesMatching rulesSystem validation and
20、approval checksException handling proceduresAP deptAP systemPO systemSupplierRequisitionerBatch controlsAuthorisation rulesReporting guidelinesPosting controlsReconciliation proceduresPeriod end timetableAP deptAP systemPayment deviceAuthorised personnelAPAP SystemHRAuthorisation proceduresSystem ac
21、cess controlsUp to datesupplierrecordsVouchers filedAP deptAP systemGL systemManagement ReportsEmployee joiners and leavers detailsMaintenance requestApproved vouchers ready to post to General LedgerVoucher details available on-lne to Fixed Assets and Project AccountingCancelled vouchers reversed ou
22、t of AP and filedPayment details available on-line to cash managementPayment cancelled11PwC175b(1)Accounts Payable-Notes Maintain Supplier Details Best Practice FeaturesShared supplier database with Purchasing.Purchasing responsible for approving suppliers(having made the required checks),agreeing t
23、erms and conditions and maintaining general and purchasing related supplier details on the database,including payment terms.Accounts Payable responsible for maintaining all payment related supplier data,such as bank details,payment method,payee name and address,payment contacts.Shared employee datab
24、ase with Human Resources.Employee details are maintained by Human Resources,but sufficient details must be held and maintained by Accounts Payable,to allow payment of expenses.Employee details required include payment method,bank details,remittance address,payee name and employee cost centre.Account
25、s Payable should not have access to other confidential employee data.One payment address for each vendor.Where a vendor provides goods or services from a number of locations,the consolidation of the payment process not only reduces the number of payments necessary but also removes the potential need
26、 to reconcile a number of individual accounts.Centralise the vendor set-up capability in order to minimise the risk of unauthorised or duplicate vendors being set up more than once.From an audit point of view,the control over vendor set up is also viewed as a critical activity which needs to be tigh
27、tly controlled.Changes to supplier details are processed expeditiously.If,the vendor is also a customer,details are consistent in both databases.12PwC175b(1)Accounts Payable-Notes Maintain Supplier Details Internal Control requirementsNew suppliers must be checked and approved by Purchasing in accor
28、dance with company policy.Similarly,Purchasing are responsible for processing any mergers,acquisitions or deletions.To enable efficient invoice payment processing and ensure segregation of duties,Accounts Payable are responsible for the maintenance of all payment related supplier data.In addition,au
29、thorisation for payments within Accounts Payable should be separate from the responsibility of maintaining supplier payment data and processing vouchers.Audit of changes to supplier payment details must be possible.Key Performance IndicatorsTime taken to process supplier amendments.13PwC175b(1)Accou
30、nts Payable-Notes Process PaymentsBest Practice FeaturesUse of electronic banking systems for payments,thus minimising the need for manual intervention in the process.Centralisation of the payment processing in order to minimise the risk of making duplicate payments.Payments made no sooner than the
31、due date in order to maximise cash flow benefits.Facility to suspend individual payments.The withholding of payment can be a powerful tool in ensuring that the vendor complies with any requirements asked of it.Avoid payments in cash.Apart from being costly to administer,the potential for fraud is gr
32、eatly increased.14PwC175b(1)Accounts Payable-Notes Process PaymentsInternal Control requirementsPayment processing needs to be tightly controlled and totally segregated from vendor set-up and invoice processing activities.Key Performance IndicatorsNumber of payments per FTE.Number of overdue payment
33、s.Number of payments made too early.15PwC175b(1)Accounts Payable-Notes Process PaymentsCost DriversThe following generate the costs for the processing of payments:-Number of payment runs.Number of manually prepared payments.Number of payment media(cheques,vouchers,diskettes,etc.).Number of foreign p
34、ayments.Varied payment terms.ReportsSummary of payments per run.Payments on hold.Reports on Key Performance Indicators.Overdue unpaid invoices16PwC175b(1)Accounts Payable-Notes Period end processing and reportingBest Practice FeaturesAutomatic process requiring little or no manual intervention.Posti
35、ng to GL should be daily.This ensures GL data is up to date and also reduces the time taken for the period end posting as fewer records are being processed.Internal Control requirementsThe basic requirement is to ensure that the data transmitted to the general ledger is complete and on time.There is
36、 a requirement to ensure that the information recorded in the general ledger agrees with the output from accounts payable.Key Performance IndicatorsDelivery of information to general ledger on timeTimely delivery of end of period reportsCost DriversVolume of transactionsTime to close periodsDegree of automation in the interface with general ledger