P2P KPI points

***Accounts Payable Control Points-Team Lead***1. Invoice Processing: Ensure accurate and timely processing of invoices, verifying details such as amounts, dates, and vendor information.2. Vendor Communication: Maintain effective communication with vendors regarding invoice discrepancies, payment terms, and other relevant matters.3. Approval Workflow: Implement a structured approval workflow to ensure that invoices are reviewed and approved by the appropriate personnel before payment.4. Payment Authorization: Establish controls for payment authorization, requiring appropriate approvals and documentation before disbursing funds.5. Expense Coding: Implement a standardized coding system for expenses to facilitate accurate accounting and reporting.6. Accruals Management: Monitor and manage accruals to account for expenses that may not be reflected in the current billing cycle.7. Compliance Checks: Regularly review payments for compliance with internal policies, industry regulations, and legal requirements.8. Document Retention: Establish a systematic document retention system to maintain organized records for auditing and reference purposes.9. Reporting and Analytics: Develop reporting mechanisms to track key performance indicators (KPIs) such as invoice processing times, error rates, and aging of payables.10. Training and Development: Provide ongoing training to the accounts payable team to ensure they are knowledgeable about policies, procedures, and any updates in regulations.11. Segregation of Duties: Implement a segregation of duties to prevent conflicts of interest and ensure that no single individual has control over the entire payment process.12. Internal Audits: Conduct regular internal audits to identify any weaknesses or areas for improvement in the accounts payable process.13. Technology Utilization: Leverage technology, such as accounting software and automation tools, to streamline processes and reduce the risk of manual errors.14. Duplicate Payment Prevention: Implement controls to detect and prevent duplicate payments, such as cross-referencing invoices and payment records.15. Continuous Improvement: Foster a culture of continuous improvement, encouraging team members to suggest and implement enhancements to the accounts payable process.