Reference no: EM132213967
Question: While you may use Microsoft Visio for creating your process map, note that all of the process mapping elements are available as Shapes in Microsoft Word.
Develop a process map for the Accounts Payable process described below:
Accounts payable process should have steps that always add value. There should not be step which do not add value.
In the given process there are 2 accounts payable clerks. The utilization rate of both the clerks will be different if number of invoices of vendor differ from A through M and N through Z vendors. Segregation of invoices as per the alphabets is time taking task which adds no value.
Correspondingly sending the invoice to purchase requestor or manager of request department and getting them verified is unnecessary process. Because details of purchase request along with cost of purchase request must be verified at the time of raising the request and not after receiving the stock. Correcting the error in invoice will be difficult.
Double check of checks and invoices by Account manager is not required if there is proper ERP or reconciliation process is implemented and followed.
Below us the best possible accounts payable process
1) purchase request must be raised in ERP by planning team.
2) The value must be checked and approved by Planning team manager.
3) The accounts payable team or a purchase team must raise the P.O according to the purchase request.
4) Once stocks reach the warehouse along with hard copy of invoice. Then details of quantity and cost must be captured in ERP by warehouse team.
5) Warehouse team will put a seal on hard copy of invoice send to Accounts payable team.
6) Warehouse team can also scan the copy of invoice or confirm to Accounts payable team.
7) There should be auto reconciliation (three way) should be possible in ERP i.e. details of the invoice, P.O. and goods receipt done in WH must match. If there is any discrepancy, ERP should not allow warehouse team to receive stock in WH.
8) Once reconciliation is done in ERP, accounts payable team must download the details of invoices that are reconciled (data is matched in system) to Accounts manager. Accounts manager must confirm the list of invoices for which amount can be released. The accountant is supposed to receive the list and the checks must be released for those invoices.
9) Accountant will enter the check number in the ERP against the pending invoice number. Value of check should be match with value of invoices for which the check is released.
10) Then details of check and invoices must be shared to account payable clerks. Clerks will download the 'checks and invoices' and mail to vendors.
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