7 Ways Invoice Automation Uniquely Addresses Audit and Tax Reporting Challenges
Audits and tax reporting are stress-inducing times for accounts payable. Nineteen percent of businesses surveyed for IOFM’s 2015 AP Automation Study cited compliance, control and security concerns among their top accounts payable challenges. What’s more, 11% of those surveyed identified compliance and recordkeeping as their department’s “greatest pain.”
Manual, paper-based invoice processes complicate audit and tax reporting by making it difficult to:
- Track invoice history and approvals
- Ensure consistent adherence to approval policies and separation of duties guidelines
- Ensure chain of custody
- Readily provide all of the information required for audits
- Comply with Sarbanes-Oxley regulations
- Prevent documents from being discarded or destroyed prematurely
The focus on improving audit and tax reporting is one reason that electronic invoicing and automated workflow solutions continue to top the list of technologies that payables departments plan to deploy.
There are 7 ways that invoice automation addresses audit and tax reporting challenges:
- Streamlines regulatory and audit compliance through the management of document retention policies, legal holds, and disposition workflows.
- Eliminates the chances of lost or missing invoices, ensuring the integrity of records
- Helps safeguard sensitive data using role based access and user interface controls, sensitive and ad hoc access controls, and integrated records compliance.
- Enables businesses to instantly generate PDFs of contracts and invoices requested by auditors using bulk PDF file creation.
- Provides auditors with direct view-only user access to archived images and data
- Assists in the collection of tax documents through the use of supplier portals
- Streamlines tax reporting
Don’t get stressed out by another audit season; contact us today to see how Nexus can simplify your tax reporting.