Joining us at The AP Arms this week is Jamie Radford of the APA to discuss why embracing education and developing understanding is the key to improving your organisation’s compliance.
Jamie is the founder and CEO of the Accounts Payable Association (APA), a professional body for the payables industry.
The APA has been a membership community body for AP for eight years, and offers certifications, qualifications, training and events, such as the APA Conference and Awards coming up in October.
Since having 3 children, Jamie’s pub experiences have slightly changed. These days, you might spot him at a Wacky Warehouse where he can indulge in the odd drink while on parent duty.
It might not be the top priority when you talk to Accounts Payable staff, but for CFOs and controllers, it's crucial, Jamie explains.
“In transactional areas like Accounts Payable, one of the main challenges we face is people not adhering to or following processes.
“Compliance is essential because it involves having documented processes, focusing on scams and alerts, and ensuring both internal and external compliance.
“Audits, both internal and external, aren’t there to catch people out but to keep financial risks away from organisations and improve them for the future.”
“It comes down to time,” Jamie says.
“In high-volume areas with lots of processing pressures, compliance can be a challenge, especially when it comes to reporting.”
The reporting required for regulations like UK or US SOx can be difficult to prepare when combined with AP teams’ usual workload. Preparation can be even more difficult when teams don’t have the understanding or aren’t receiving the correct communication to get these things over the line.
The APA steps in to help develop understanding and explain the reasoning behind these processes.
No matter the size of the AP function, a lot of the challenges teams face around compliance remain the same.
Although smaller or mid-market organisations may not have the budget to invest in proactive finance technology, they still process invoices and face the same compliance and fraud challenges as larger businesses.
The difference between the two is that smaller organisations have to be slightly smarter with their planning and available resources. Mid-market companies can work with organisations like Xelix and the APA to learn more and feel better equipped for compliance challenges.
With potential political changes on the horizon, tighter controls are likely Jamie explains. We might see more focus on payment controls and reporting practices and see new legislation which could affect the way suppliers are selected and paid.
The best way to stay on top of this is to “invest in your people”, Jamie stresses.
“Educate your team on new regulations… encourage the participation in educational webinars and masterclass to develop understanding of issues and keep close to the global challenges around invoicing and how that will change the landscapes of our organisations.”
A huge thanks to Jamie for joining us at The AP Arms this week.
If you’d like to feature alongside some of the industry’s finest at The AP Arms, please get in touch – we’d love to share a tipple with you down the pub!