The New Toolkit for Accounts Payable takes a unique approach to the accounts payable process and considers the impact of the automation of the Procure to Pay (P2P) process. The toolkit will explore all components of the accounts payable process from the establishment of the contract and purchase order, the supplier validation process, invoice processing and payment, accounting and fiscal close, and will define the key metrics and analytics for the process.

This toolkit will provide the best practices, tools, and internal controls that will help to safeguard a company's cash and other assets. The tools provided will establish the foundation required for current internal controls and compliance in order to:

• Ensure that suppliers are validated in the supplier master file to ensure regulatory compliance
• Prevent paying a fraudulent invoice
• Prevent paying an inaccurate invoice
• Prevent paying a supplier invoice more than once
• Be certain that all supplier invoices are properly accounted for to ensure an accurate fiscal close

The toolkit will also address the current trends in the accounts payable process which include eInvoicing, ePayment, Robotic Process Automation (RPA), Artificial Intelligence (AI) & Machine Learning, and eAccounting. The toolkit will consider the implementation of these trends and how the accounts payable process can be modernized.