A Control Framework for e-Invoicing
Today’s business processes are to a large extent still paper-based, which results in inefficiencies as paper needs to be forwarded from one employee in a firm to the next either in the same firm or in another firm before it reaches its final destination.
Many companies have implemented some form of dematerialisation, turning paper into electronic messages. A good example is the exchange of invoices, which allows electronic exchange of data, not just within a company but also with a company’s main trading partners, such as suppliers, customers and banks. Automation often comes with fear for weakened business controls. An ad-hoc working group of TWIST led by Steven Hartjes, senior partner at Ernst & Young, has written a white paper about the control framework for e-invoicing. This control framework presents an end-to-end analysis of how to control the purchase to pay process of a company, in which various controls will be linked to the objectives they aim to achieve.
To read the full TWIST white paper on the e-Invoicing control framework, please click here.
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