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Accounts Payable Audit

Find hidden bottlenecks and streamline your AP process

Is your accounts payable process grinding to a halt? Manual data entry, invoice matching – every step takes longer than it should. You know there’s a problem, but identifying what’s causing it can be challenging. 

As they say, knowing the problem brings you one step closer to the solution. With a thorough accounts payable audit, you can pinpoint the inefficiencies that are slowing you down. Don’t be stuck in a world of guesswork. Start enjoying a streamlined accounts payable process that works efficiently for you.

Make better decisions built on insights, not just instincts

Do you feel like you’re stuck in the slow lane? Your competitors are making data-driven decisions, while you’re scrambling to understand last quarter’s numbers. The thing is, you don’t need to be left behind. Making big decisions without the full picture is like trying to hit a target in the dark.

An audit provides a comprehensive view of your accounts payable process, showing you exactly where you stand today. With this clear picture of your company’s financial health, you can shift from playing catch-up to leading the way.

Discover where your accounts payable process can do better

A deep dive into your accounts payable process can show you exactly where improvements are needed. 

Power of Insight

Uncover the hidden truths within your financial ecosystem:

  • Meticulous assessment of invoice-to-payment performance
  • Scrutiny of payment cycle times
  • Identification of potential risks

Tailored Assessment

Receive a board-focused deliverable that holds the potential to unlock funding:

  • Personalised assessment and benchmarking report
  • Strategic insights for stakeholders and decision-makers
  • Compelling case for transformation

Path to Transformation

Empower your organisation with a strategic roadmap:

  • Efficient processes and policies
  • Streamlined system landscape
  • Catalyst for an empowered transformation program

Financial Excellence

Partner with SpendConsole to build a formidable case for change:

  • Harness the power of insight and value
  • Transform Accounts Payable for the future

Spend Classification

Utilise the AI-based spend classification tool for precise spend analysis.

  • Enhance the accuracy of purchase orders and invoice spend data.
  • Automate error correction and normalise spend data for confident decision-making.
  • Gain better insights into spending patterns and identify cost-saving opportunities.

Streamlined Process

Monitor Accounts Payable performance indicators for process optimisation.

  • Identify inefficiencies and streamline workflows for lower costs and fewer errors.
  • Improve supplier relations with fast invoice processing for improved efficiency and on-time delivery.
  • Enhance overall financial operations and boost productivity.

What our clients say about us

Ian W.
Group Treasurer at Macmahon
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"The implementation was remarkably smooth, with the SpendConsole and Macmahon teams working collaboratively to deliver the program on-time, on-budget, and meeting our business objectives."
Brendan F.
CEO & Founder at PRAAS
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"SpendConsole™ significantly improves ourprocessing times and minimises our risk of incorrect payments."
Brett F.
CEO, Fulton Francis - Global Managed Print Services
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"As their first customer, I embraced the power of their ai automation software to enable us to consolidate all of our supplier invoices across our global business in one place. This helps prevent incorrect and duplicate payments and has improved our payables productivity by over 50%."
Stefani P.
Manager Shared Service Integration at TAFE NSW
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"SpendConsole minimise manual touchpoints and promotes accuracy."
Amina B.
Director Shared Services Integration at TAFE NSW
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"SpendConsole team are supportive, collaborative and deliver outcomes that meet our organisations needs."
A businessman smiling and concentrating on his laptop screen, possibly analyzing data using digital payment reconciliation software in a bright office setting

Build stronger relationships with payments that are on time, every time

Keeping good relationships with your vendors isn’t just polite – it’s important for your success. Think about it: when you pay your bills on time and answer their questions quickly, they don’t see you as just another customer – you become a trusted partner.

An in-depth AP audit can reveal exactly where your payment processes are falling short. With this newfound insight, you can fix those gaps and streamline your whole payment process. Happy vendors, smoother operations, and a stronger supply chain that gives you a leg up on the competition.

Trim overhead costs with strategic accounts payable audit

Hidden inefficiencies can silently drain your profits, but a strategic accounts payable audit can reveal hidden savings. Discover untapped potential in your accounts payable processes and uncover areas for improvement that can lead to substantial cost savings. Request a free demo to see how our software offers a comprehensive analysis of your accounts payable, highlighting opportunities to streamline operations and enhance efficiency. Take control of your finances and make sure every penny is maximised towards your bottom line with our intuitive accounts payable audit software.

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FAQs around Accounts Payable Audit

What exactly is an accounts payable audit, and why is it necessary?

An accounts payable audit scrutinises your company’s AP process to ensure transactions are accurate and legitimate. This is important because it catches any mistakes, slowdowns, or problems that could hurt your finances. By ensuring your bills are accurate and paid on time, an audit helps you keep a healthy cash flow, stay in good standing with vendors, and run your business more smoothly.

Generally, it’s a good idea to conduct an AP audit annually as part of your financial year-end process. If your business has a high transaction volume or has faced significant issues, you might want to consider getting it checked more often – quarterly or bi-annually. Regular audits help keep your finances healthy and catch ways to make things run smoother.

Begin by defining the audit’s scope and objectives, focusing on specific AP process areas. Assemble an audit team, gather relevant documents like vendor contracts and invoices, and review your internal controls. To keep things smooth, inform everyone in your company about the audit beforehand, so everyone knows what’s happening.

Pinpoint any areas that are causing delays or mix-ups.  Think of it like finding the traffic jams in your process. Then, set up some automation tools to reduce manual errors and ensure accurate transaction recording.

It will also be helpful to regularly update your internal controls, train your AP team on maintaining an effective audit trail, conduct risk assessments, and reconcile AP ledger with the general ledger frequently. Of course, maintaining timely, accurate payments and communication with vendors will also prevent issues.

An AP audit typically examines invoice processing, payment terms compliance, vendor management, the legitimacy of transactions, and internal controls. It also assesses the efficiency of the AP process, looking for duplicate payments, unrecorded liabilities, and opportunities to streamline operations.

AP automation streamlines the audit process by ensuring transactions are captured and processed accurately, reducing manual errors, and improving efficiency. Automated systems provide detailed audit trails and real-time visibility into the AP process, making it easier to audit transactions and verify compliance with internal controls.

Yes, an AP audit can significantly improve vendor relationships by identifying and resolving payment issues, ensuring timely payments, and enhancing communication. A transparent and efficient AP process builds trust and can lead to better terms and collaboration with suppliers.

Common issues include delayed invoice processing, duplicate payments, payment errors, issues with purchase orders, and lapses in internal controls. An audit can also identify areas of fraud risk and opportunities for cost savings.

After an audit, a report is created that lists any problems found and suggests ways to improve things. These problems are tackled one at a time, with the most important ones being addressed first. Changes are made based on the findings, then everyone keeps an eye on things to make sure they keep working well. Regular check-ins can also help to make sure the improvements stick and that the whole system for paying bills keeps getting better.

During an accounts payable (AP) audit, having good internal controls in place is key. Think of them like a safety net for your money. They make sure only approved bills are paid, everything is recorded correctly, and no one can steal anything.  Strong internal controls act like a roadmap for the audit, helping to check if everything is being paid for properly and nothing is missing. This keeps the whole system for paying bills honest and reliable.