Accounts Payables Internal Controls Best Practices in a Paperless Environment in an inflation driven post covid 19 Environment

We operate in a paperless environment. Internal controls are more critical in a paperless environment. During COVID-19 companies have deployed employees in remote locations. This “work from anywhere” WFA environment makes internal controls more difficult as events & activities are not performed in central areas.  We must rely on technology to combine them into a central platform.

Accounts payable is moving to a transactions-based processing environment to replace the outdated documents processing environment.   It starts with accounts payable since it is at the core of all other company processes, systems & 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 & 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 & internal controls in a post-COVID-19 environment.  The transactions-based climate requires companies to be proactive rather than reactive and interact with transactions in real-time to achieve the goals of internal controls

Webinar Segments Internal Control Best Practices:

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

This Webinar looks at best practices in accounts payable including:

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

• Accounts Payables
• Accounting
• Supervisory Personnel
• Financial Stakeholders Responsible for Accounts Payable