PWC的全球最佳財(cái)務(wù)實(shí)踐BestPracticeFinancialProcessesAccountsReceivable

1、best practice financial processes: accounts payable2pwc175b(1)accounts payableobjectivesorganisationpeopleprocessescontrolsmeasuresinformation systemsto maximise processing efficiencyto ensure invoices are processed to agreed termsto ensure payments made only when due and payableto ensure liabilitie

2、s are fully recorded and distributed correctlyto achieve effective balance between extending credit and maintaining good relations with suppliersto take full advantage of opportunities to recover vatcentralised processingoutsourcing potentialmaintaining supplier detailsprocess vouchersprocess paymen

3、tsperiod end processing and reportingauthorisation rulessystem access controlsuser proceduresvalidation and matching rulesspeed of processing supplier amendments invoices processedinvoice processing timenumber of payments period end closure timeinterface between accounts payable and other related pr

4、ocessesshared employee and supplier detailssystem validation and approval checkssupplier relationscreditor controlaccounts payable - best practice objectives3pwc175b(1)accounts payable - best practice featuresauthorise and set up new suppliers payment detailsmaintain supplier payment detailssegregat

5、ion of duties between supplier set up, voucher processing and payment processingaccounts payable process vouchers: invoices, expense claims, credit notes, debit memos and prepayment requestssuppliers required to use po number on all documents and three way match wherever possibleconsolidated periodi

6、c invoicing for high frequency suppliersprocess featuresmaintain supplier detailsprocess vouchersoptimisation of early payment discounts payment runs properly authorisedprocess paymentsall transactions completed before period closedreconciliation of accounts payable activity and reconciliation with

7、general ledger control accountmanagement reports run once period is finally closedperiod end processing and reporting4pwc175b(1)accounts payable - best practice featuressingle supplier databasesingle employee databaseaudit trail of changes to supplier payment detailspurchase invoices transacted via

8、edi with major suppliers wherever possibleelectronic validation and approval of invoicesautomatic matching of invoice to order and goods received note (grn) interface with general ledger, purchasing, fixed assets and project accountinguse of workflow software to resolve queries and monitor processsy

9、stem featuresmaintain supplier detailsprocess voucherselectronic paymentsdefault payment terms held on supplier file with manual override at p.o. and invoice production of forward payment entry schedules to aid cash flow managementinterface with general ledger, fixed assets, project accounting and c

10、ash managementfacility to suspend paymentsprocess paymentsintegration with general ledger minimises reconciliation adjustmentstransaction processing prevented for closed periodsperiod end processing and reporting5pwc175b(1)accounts payable - measures/cost driversnumber of invoices received per month

11、number of suppliersnumber of different terms and conditionscomplexity of authorisation processproportion of invoices automatically matched with posnumber of supplier queries proportion of invoices received electronically proportion of payments made electronicallymedian16 days90 percentile49 days90 p

12、ercentilemedian10 percentilenumber of purchase invoices per fte per annum15,0007,0003,000 or lesscost per purchase invoice processed10 percentilemedian90 percentile261710 percentile6 daysinvoice processing time in dayscost driverssource: statistics taken from benchmarking database 21 january 19976pw

13、c175b(1)accounts payable - trendsfromtoseparate ap modulepayment by chequemanual matchingperformed by finance departmentintegrated systemselectronic paymenton-line matchingshared service centres or outsourced services7pwc175b(1)accounts payable - critical success factorsthese are a summary of the ke

14、y business requirements, which must be met to achieve the objectives.single supplier databasestaff trained in ap process and have clear roles and responsibilitiespayment terms defined and agreed with suppliereffective communication and feedback mechanisms in place to handle queriesestablish and main

15、tain good supplier relationsprocess in place for monitoring the status of invoices and payment schedulesap calendar in place and communicated to staffauthorisation levels and payment terms held on the systemautomated workflow to route documents to relevant personnel when problems need to be resolved

16、forward payment schedule to cashflow managementflexible matching criteria8pwc175b(1)accounts payable - appendix 1 : idef process flowthe diagram below provides a key to the process diagrams used in this document.process / activitycontrols(i.e. proceduresstandardsrequirements for rework)output(i.e.in

17、formationmaterial)resources(i.e.peoplefunctionsit systemsmachines)input(i.e.informationmaterial)9pwc175b(1)accounts payable - level 0 context diagramgroup / mgt.teamfixed assetregisterpurchasinggeneralledgersuppliers /employeesfixed asset detailssupplier/employeeamendmentsproject expense detailsinvo

18、ice / payment detailspurchase ordersreconcile paymentshumanresourcescashmanagementmanagement reportspaymentscash requirementsemployee detailsprojectaccountingaccounts payablereceipts10pwc175b(1)accounts payable - level 1 overviewvoucher approved for paymentnew period openpayment details ready to pos

19、t to general ledgerpayment and remittance advicevoucher : invoice/expense claim/credit note/prepayment requestnotification of changes from supplier or employee maintain supplier detailsap 1.1process vouchersap 1.2process paymentsap 1.3period end processing and reporting ap 1.4voucher processing proc

20、eduresauthorisation rulesmatching rulessystem validation and approval checksexception handling proceduresap deptap systempo systemsupplierrequisitionerbatch controlsauthorisation rulesreporting guidelinesposting controlsreconciliation proceduresperiod end timetableap deptap systempayment deviceautho

21、rised personnelapap systemhrauthorisation proceduressystem access controlsup to datesupplierrecordsvouchers filedap deptap systemgl systemmanagement reportsemployee joiners and leavers detailsmaintenance requestapproved vouchers ready to post to general ledgervoucher details available on-lne to fixe

22、d assets and project accountingcancelled vouchers reversed out of ap and filedpayment details available on-line to cash managementpayment cancelled11pwc175b(1)accounts payable - notes maintain supplier details best practice featuresshared supplier database with purchasing. purchasing responsible for

23、 approving suppliers (having made the required checks), agreeing terms and conditions and maintaining general and purchasing related supplier details on the database, including payment terms. accounts payable responsible for maintaining all payment related supplier data, such as bank details, paymen

24、t method, payee name and address, payment contacts. shared employee database with human resources. employee details are maintained by human resources, but sufficient details must be held and maintained by accounts payable, to allow payment of expenses. employee details required include payment metho

25、d, bank details, remittance address, payee name and employee cost centre. accounts payable should not have access to other confidential employee data.one payment address for each vendor. where a vendor provides goods or services from a number of locations, the consolidation of the payment process no

26、t only reduces the number of payments necessary but also removes the potential need to reconcile a number of individual accounts.centralise the vendor set-up capability in order to minimise the risk of unauthorised or duplicate vendors being set up more than once. from an audit point of view, the co

27、ntrol over vendor set up is also viewed as a critical activity which needs to be tightly controlled.changes to supplier details are processed expeditiously.if, the vendor is also a customer, details are consistent in both databases.12pwc175b(1)accounts payable - notes maintain supplier details inter

28、nal control requirementsnew suppliers must be checked and approved by purchasing in accordance with company policy. similarly, purchasing are responsible for processing any mergers, acquisitions or deletions. to enable efficient invoice payment processing and ensure segregation of duties, accounts p

29、ayable are responsible for the maintenance of all payment related supplier data. in addition, authorisation for payments within accounts payable should be separate from the responsibility of maintaining supplier payment data and processing vouchers. audit of changes to supplier payment details must

30、be possible.key performance indicatorstime taken to process supplier amendments.13pwc175b(1)accounts payable - notes process paymentsbest practice featuresuse of electronic banking systems for payments, thus minimising the need for manual intervention in the process.centralisation of the payment pro

31、cessing in order to minimise the risk of making duplicate payments.payments made no sooner than the due date in order to maximise cash flow benefits.facility to suspend individual payments. the withholding of payment can be a powerful tool in ensuring that the vendor complies with any requirements a

32、sked of it.avoid payments in cash. apart from being costly to administer, the potential for fraud is greatly increased.14pwc175b(1)accounts payable - notes process paymentsinternal control requirementspayment processing needs to be tightly controlled and totally segregated from vendor set-up and inv

33、oice processing activities.key performance indicatorsnumber of payments per fte. number of overdue payments. number of payments made too early. 15pwc175b(1)accounts payable - notes process paymentscost driversthe following generate the costs for the processing of payments:-number of payment runs.num

34、ber of manually prepared payments.number of payment media (cheques, vouchers, diskettes, etc.).number of foreign payments.varied payment terms.reportssummary of payments per run.payments on hold.reports on key performance indicators.overdue unpaid invoices16pwc175b(1)accounts payable - notes period

35、end processing and reportingbest practice featuresautomatic process requiring little or no manual intervention. posting to gl should be daily. this ensures gl data is up to date and also reduces the time taken for the period end posting as fewer records are being processed.internal control requireme

36、ntsthe basic requirement is to ensure that the data transmitted to the general ledger is complete and on time. there is a requirement to ensure that the information recorded in the general ledger agrees with the output from accounts payable.key performance indicatorsdelivery of information to genera

37、l ledger on timetimely delivery of end of period reportscost driversvolume of transactionstime to close periodsdegree of automation in the interface with general ledgerbest practice financial processes: accounts receivable18pwc175caccount receivable - best practice objectivesaccounts receivable obje

38、ctivesorganisationpeopleprocessescontrolsmeasuresinformation systemsto ensure customer payments are received efficiently and effectively for goods/services delivered, within the agreed terms and conditionsto manage credit risk efficiently without creating unnecessary delays in the sales cycleto main

39、tain a complete and accurate statement of outstanding debtorsto provide complete forecast information to assist the management of short-term cash requirementscentralised processingeconomies of scalecustomer focusestablish credit levelsissue sales orderissue invoicemonitor creditcollect cashprocedure

40、s manualauthorisationvalidation/matchingcredit controlcost per invoicecredit notes percentagecost per payment receiveddays debt outstandingintegrated with sales systemautomatic matchingelectronic receiptscustomer relationslegal framework awarenesscredit management19pwc175caccounts receivable - best

41、practice featuresprocess featuresformal credit checks applied to all new customers within 24 hours using credit bureau monitor credit status/terms on regular basis customer account managers provided with up to date credit statustreasury policy set on late and prompt paymentsauthority levels clearly

42、definedcredit policies defined and agreedterms and conditions agreed with customersconsolidated periodic invoicing for high frequency shipmentsbank remittance notices issued with sales invoices to facilitate reconciliationself billing invoices by high volume customersconsider outsourcing regular inv

43、oice/payment eg utilitiesregular review of invoice queries and credit notesreconciliation of ar balances to gl control accounts on a regular basiscredit insurance arrangements evaluated periodically customer account managers responsible for sales and cash collectionconstant monitoring of debtor days

44、, daily collection, ageing of debtcustomer contact records maintainedoutsource cash collection where appropriatedetermine and report on credit targetsmonitor overdue debts and take action within agreed policyestablish credit levelsissue sales orderissue invoicemonitor credit/ collect cashsales order

45、s prepared using pricing database with pricing profiles for products and customers no order processed without valid customer po referencedelivery note acts as invoice for low-frequency shippings20pwc175caccounts receivable - best practice featuresestablish credit levelsissue sales orderissue invoice

46、monitor credit/ collect cashsystem featuresconsolidated credit position for group of customerssystem provides on-line customer payment history and termsuse of workflow software to monitor process and help resolve queriesstandard credit control reportscommon sop and ar customer databaseinvoices autom

47、atically generated from sop and shipment dataself billing invoices automatically matched to customer ordersmulti currency invoicesautomatic commitment and accrualsautomatic reconciliation facilities between integrated sop ar and gl systemssop linked to debtors ledger to ensure customer credit limits

48、 not exceededsales documents sent via edi for all major customersintegrated order & billing systems available on line & hard copypayments received electronically where possibleautomatic matching of payments to invoiceson-line diary facility to monitor callsautomatic flagging and reporting of

49、 high risk accountsautomatic dunning letters issued within agreed trading termsintegrated systems to facilitate customer query handlingforecast cash receipts available for treasury purposes21pwc175caccounts receivable - trendsfromtoseparate ar modulepayment by chequecomplex/variable trading termsman

50、ual matchingperformed by finance departmentintegrated systemselectronic paymentcommon trading terms for all customersautomatic matchingshared or outsourced services22pwc175caccounts receivable - measures/cost drivers90 percentilemedian10 percentilenumber of customer payment received per accounts rec

51、eivable fte per annum40,3005,500700 or lessaccounts receivable cost per sales invoice processed10 percentilemedian90 percentile1318median1 day90 percentile4 days10 percentile1 daydays to process invoice/credit note (ie, time between receipt of invoice/credit note and entry into the accounting system

52、)cost driversnumber of ar receiptslevel of multiple receiptsuse of direct debiting/standing ordersuse of electric funds transferlevel of credit risk associated with customer basevariety in payment termsdegree of foreign currency receiptslevel of credit notes23pwc175cbilling - measures/cost drivers90

53、 percentilemedian10 percentilenumber of sales invoices generated per billing fte per annum 90,00011,1001,600billing cost per sales invoice and credit note processed10 percentilemedian90 percentile1222median2 days90 percentile15 days10 percentile1 daydays from despatch of goods to preparation of sale

54、s invoicecost driversnumber of invoicesnumber of customersuse of edicomplexity of service/goods suppliedvariety in terms and conditionscomplexity of discountsdegree of foreign currency invoicingnumber of complaintsaccuracy/level of credit notes24pwc175caccounts receivable - level 0 context diagramac

55、countsreceivablebillsadhoc invoices & standing datareminders &statementsglpostingsgeneral ledgercustomersbankmanual invoicesbilling systemstandingdatapayments(cash, cheque)direct debitinstructionsstatementspayment details(bank giro credits)customer services systemalso electronic ap/ar data f

56、rom bank for auto cash management25pwc175caccounts receivable - level 1 overviewcustomerstandingdata , bills& credit notesar staffar systembilling systemcustomerdetailsar data import proceduresinterface rulesar staffbilling systemar systemcustomer datalogged on arsysteminvoice/credit noteentry r

57、ules,bills and credit notes loading proceduresar staffar systembills & credit notesmanual invoice request customermaintenanceprocedures, customer relationshiprulesimport standing data, bills & credit notesar 1.1maintain customer dataar 1.2process bills, invoices & credit notesar 1.3datav

58、alidationreportcustomer reportmanage receivablesar 1.4process receipts and direct debitsar 1.5process period endar 1.7credit control policies and procedures,call logging procedures,provision creation rules,legal proceedings rulesar staffar systemcredit controlopen invoiceson ar systemprint invoices

59、despatchedgl updatesoutstandingdebtorscheque and receipts processing rules,automatic allocation rules,manual allocation rules,on account payment rulescash/cheque/bank receiptslist of dd customers amounts duear staffar systembank statementtransaction datareview procedures,archiving rules,period data

60、proceduresar staffar systempayment on accountlogged on ar systemmatched ddreceipts logged on ar systemrequest to bankprocess amendmentsar 1.6new periodopenedon ar systemperiod endgl postingsmatchedreceiptsarchivedperiod reportsproducedamendment ofvalidation rules,amendment inputproceduresadjustmentsamendmentsgl updatesaudit rep