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Taking the Pain out of Accounts Payable Management: 9 Tips for Building an Invoice Policy

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Creating a policy on managing, storing and retaining documentation can be time-consuming, but in the absence of a policy, organizations are in the wilderness without a map. Once created and enforced, an effective policy will greatly reduce the amount of time related to the tasks of approving and processing vendor invoices, addressing exceptions, or storing, retaining and pulling documents for research, audit or litigation.

Managing vendor invoices and other payment request documentation is not just about the paper. Back-up documentation attached to an invoice or payment request like account coding, approvals, or other notes supplied on the face of the documents also needs to be stored, retained and accessible.

Here are some tips and a template to help you create a vendor invoice and other payment request document management policy.

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