One of the primary tasks that accounting departments are responsible for is to consistently provide accurate financial data to stakeholders and executives – a seemingly simple endeavor that is actually one of the biggest challenges CFOs and their staffs face.
There are a growing number of standards that accounting departments need to comply with, including Sarbanes-Oxley and Payment Card Industry Data Security Standards. The Sarbanes-Oxley Act, enacted in 2002 by President George W. Bush, included several reforms to boost corporate responsibility, improve financial disclosures and counteract corporate and accounting fraud.
Even if a company complies with all of the applicable regulations, it needs to be able to provide ample justification, which can be a challenge when there is a large amount of data handled manually. Paper-based accounting records not only pose difficulties in the event of an audit, they can also increase the likelihood of errors such as duplicate payments.
Accounting departments handle a wide range of operations, including accounts payable. Businesses can improve their data management in accounts payable departments by implementing duplicate payment audit software in addition to their standard ERP duplicate payment controls. This will enable them to capture errors and duplicate payments not identified by their ERP system. Some commonly used ERP systems include SAP, Oracle, and PeopleSoft.