Procure-to-Pay Checklist

The goal of the Accounts Payable (AP) function in any organisation is simple: To ONLY pay invoices that are legitimate and accurate.

In recent years, there has been an increasing focus on the importance of Accounts Payable (AP) teams in managing the P2P process. This is due to the fact that AP teams play a pivotal role in ensuring that payments are made correctly and on time. incorrect or late payments can have a significant impact on an organization’s bottom line, and so it is essential that AP teams have systems and controls in place to mitigate this risk.

Some of the best principles for mitigating the risk of incorrect payments include: obtaining supporting documentation for all payments, Obtaining pre-approval for all payments, matching invoices to supporting documentation, and verifying accruals monthly. By following these principles, AP teams can help ensure that payments are made correctly and on time, helping to protect an organization’s bottom line.

Without rigorous Payment Controls in place, your organisation may find itself facing major losses due to fraud and error throughout the Procure-to-Pay cycle.

Following this 8-Step Guide will ensure your AP function follows best-practice principles that mitigate the risk of incorrect payments. At the end of the Guide, print and retain our handy Checklist so you can ensure you’re ticking all the right boxes every time an invoice needs paying.