PWC的全球最佳财务实践.ppt

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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 liabilities

2、 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 payment

3、sPeriod 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 pro

4、cessesShared 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 detailsSegregation o

5、f 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 periodic invoicin

6、g 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 General Le

7、dger 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 EDI with maj

8、or 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 processSystem FeaturesMai

9、ntain 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 Cash ManagementFacil

10、ity 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 monthNumber of suppliersNu

11、mber 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 percentileMedian10 per

12、centileNumber 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 19976PwC175b(1)Accounts Payab

13、le-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 key business requirements,wh

14、ich 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 maintain good supplier relation

15、sProcess 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 resolvedForward payment schedule to

16、 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.InformationMaterial)Resources(i.e.Pe

17、opleFunctionsIT systemsMachines)Input(i.e.InformationMaterial)9PwC175b(1)Accounts Payable-Level 0 Context DiagramGroup/Mgt.teamFixed AssetRegisterPurchasingGeneralLedgerSuppliers/EmployeesFixed Asset detailsSupplier/EmployeeamendmentsProject expense detailsInvoice/Payment detailsPurchase ordersRecon

18、cile paymentsHumanResourcesCashManagementManagement reportsPaymentsCash requirementsEmployee detailsProjectAccountingReceipts10PwC175b(1)Accounts Payable-Level 1 OverviewVoucher approved for paymentNew period openPayment details ready to post to General LedgerPayment and remittance adviceVoucher:Inv

19、oice/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 proceduresAuthorisation rulesMatching rulesSystem validation and

20、approval checksException handling proceduresAP deptAP systemPO systemSupplierRequisitionerBatch controlsAuthorisation rulesReporting guidelinesPosting controlsReconciliation proceduresPeriod end timetableAP deptAP systemPayment deviceAuthorised personnelAPAP SystemHRAuthorisation proceduresSystem ac

21、cess 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 Fixed Assets and Project AccountingCancelled vouchers reversed ou

22、t 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 approving suppliers(having made the required checks),agreeing t

23、erms 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,payment method,payee name and address,payment contacts.Shared employee datab

24、ase 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 method,bank details,remittance address,payee name and employee cost centre.Account

25、s 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 not only reduces the number of payments necessary but also removes the potential need

26、 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 control over vendor set up is also viewed as a critical activity which needs to be tigh

27、tly 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 Internal Control requirementsNew suppliers must be checked and approved by Purchasing in accor

28、dance 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 Payable are responsible for the maintenance of all payment related supplier data.In addition,au

29、thorisation 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 be possible.Key Performance IndicatorsTime taken to process supplier amendments.13PwC175b(1)Accou

30、nts 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 processing in order to minimise the risk of making duplicate payments.Payments made no sooner than the

31、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 asked of it.Avoid payments in cash.Apart from being costly to administer,the potential for fraud is gr

32、eatly increased.14PwC175b(1)Accounts Payable-Notes Process PaymentsInternal Control requirementsPayment processing needs to be tightly controlled and totally segregated from vendor set-up and invoice processing activities.Key Performance IndicatorsNumber of payments per FTE.Number of overdue payment

33、s.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.Number of manually prepared payments.Number of payment media(cheques,vouchers,diskettes,etc.).Number of foreign p

34、ayments.Varied payment terms.ReportsSummary of payments per run.Payments on hold.Reports on Key Performance Indicators.Overdue unpaid invoices16PwC175b(1)Accounts Payable-Notes Period end processing and reportingBest Practice FeaturesAutomatic process requiring little or no manual intervention.Posti

35、ng 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 requirementsThe basic requirement is to ensure that the data transmitted to the general ledger is complete and on time.There is

36、 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 general ledger on timeTimely delivery of end of period reportsCost DriversVolume of transactionsTime to close periodsDegree o

37、f automation in the interface with general ledgerBest Practice Financial Processes:Accounts Receivable18PwC175b(1)Account Receivable-Best Practice ObjectivesAccounts Receivable ObjectivesOrganisationPeopleProcessesControlsMeasuresInformation SystemsTo ensure customer payments are received efficientl

38、y and effectively for goods/services delivered,within the agreed terms and conditionsTo manage credit risk efficiently without creating unnecessary delays in the sales cycleTo maintain a complete and accurate statement of outstanding debtorsTo provide complete forecast information to assist the mana

39、gement of short-term cash requirementsCentralised processingEconomies of scaleCustomer focusEstablish credit levelsIssue sales orderIssue invoiceMonitor creditCollect cashProcedures manualAuthorisationValidation/matchingCredit controlCost per invoiceCredit notes percentageCost per payment receivedDa

40、ys debt outstandingIntegrated with sales systemAutomatic matchingElectronic receiptsCustomer relationsLegal framework awarenessCredit management19PwC175b(1)Accounts Receivable-Best Practice FeaturesProcess FeaturesFormal credit checks applied to all new customers within 24 hours using credit bureau

41、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 definedCredit policies defined and agreedTerms and conditions agreed with customersConsolidated periodic invoicing for

42、high frequency shipmentsBank remittance notices issued with sales invoices to facilitate reconciliationSelf billing invoices by high volume customersConsider outsourcing regular invoice/payment eg utilitiesRegular review of invoice queries and credit notesReconciliation of AR balances to GL control

43、accounts on a regular basisCredit insurance arrangements evaluated periodically Customer account managers responsible for sales and cash collectionConstant monitoring of debtor days,daily collection,ageing of debtCustomer contact records maintainedOutsource cash collection where appropriateDetermine

44、 and report on credit targetsMonitor overdue debts and take action within agreed policyEstablish credit levelsIssue sales orderIssue invoiceMonitor credit/collect cashSales orders prepared using pricing database with pricing profiles for products and customers No order processed without valid custom

45、er PO referenceDelivery note acts as invoice for low-frequency shippings20PwC175b(1)Accounts Receivable-Best Practice FeaturesEstablish credit levelsIssue sales orderIssue invoiceMonitor credit/collect cashSystem FeaturesConsolidated credit position for group of customersSystem provides on-line cust

46、omer payment history and termsUse of workflow software to monitor process and help resolve queriesStandard credit control reportsCommon SOP and AR customer databaseInvoices automatically generated from SOP and shipment dataSelf billing invoices automatically matched to customer ordersMulti currency

47、invoicesAutomatic commitment and accrualsAutomatic reconciliation facilities between integrated SOP AR and GL systemsSOP linked to debtors ledger to ensure customer credit limits not exceededSales documents sent via EDI for all major customersIntegrated order&billing systems available on line&hard c

48、opyPayments received electronically where possibleAutomatic matching of payments to invoicesOn-line diary facility to monitor callsAutomatic flagging and reporting of high risk accountsAutomatic dunning letters issued within agreed trading termsIntegrated systems to facilitate customer query handlin

49、gForecast cash receipts available for treasury purposes21PwC175b(1)Accounts Receivable-TrendsFromToSeparate AR modulePayment by chequeComplex/variable trading termsManual matchingPerformed by Finance departmentIntegrated systemsElectronic paymentCommon trading terms for all customersAutomatic matchi

50、ngShared or outsourced services22PwC175b(1)Accounts Receivable-Measures/Cost Drivers90 percentileMedian10 percentileNumber of customer payment received per accounts receivable FTE per annum40,3005,500700 or lessAccounts receivable cost per sales invoice processed10 percentileMedian90 percentile1318M