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Nupur Agrawal, Zynapse
In recent times, increased outsourcing and heightened regulatory concern has generated a need for financial institutions to carefully manage and evaluate their relationships with vendors of all shapes and sizes. The health of an institution is becoming increasingly contingent upon its ability to effectively select and manage its vendors. Regulatory compliance has increased dramatically, partly due to the increased outsourcing of services and technology. The economic crisis has further turned the spotlight on Vendor Risk Management, especially among global financial institutions. Regulatory compliance fine-tuned corporate management and huge opportunity for bottom-line savings has substantially elevated the importance of vendor management from a department-level process to an enterprise-wide one. Banks and other financial institutions must address new accounting and compliance obligations with the emergence of new and evolving regulations.
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A year which started with economic storm clouds brewing , has seen those clouds continue to gather pace and we find ourselves in the midst of the most uncertain economic situation in living memory. In the UK, an already unsettled situation has been compounded by the furore surrounding the increasing public distrust in the Parliamentary system.
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How to Unlock Your Company’s Potential
No matter how big or small an organisation is, or where it’s based in the world, they are largely driven by the same factor – their financial position. Sound accounting practices and procedures are essential to both daily operations and the achievement of strategic goals. However, the accounting function itself represents a significant cost to the company and is a key area where greater controls and efficiency can easily translate into increased profitability.
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What to Keep – What to Throw Away
In response to the increasing pressures on accounts departments to comply with an ever deeper burden of compliance legislation, it’s all too easy to panic and either blanket record everything, or feel overwhelmed, and miss crucial documentation. The trick is to know what to keep, and what can safely be discarded.
In the US, the implementation of Sarbanes-Oxley has led some organisations to monitor everything from phone calls, emails and IM. Although of course it is vital that these are monitored – recording all transactions regardless of their importance is both time consuming and futile and ultimately, like someone on a crash diet, doomed to failure. Although we don’t yet have a similar act in the UK, accounting procedures are increasingly compliance led – with many feeling that the appearance of a similar act is only a matter of time.
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Where There's AP, there's Paper
When a never ending flurry of paperwork continues to fall on a supposedly “paper-free” Accounts Payable department and someone mentions the use of performance metrics, AP professionals would be forgiven for dismissing the ability to make use of them as a luxury they just don’t have the time for. However, with the inception of automated software, their implementation can save time, add value, increase efficiency and, if used properly, can raise the game of the Accounts Payable function.
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Internal Controls
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