You saw some processes under payment administration in http://faoblog.com/processes-ap-payment-administration/

We continue on that today.

  • Policy and structure communication – Once policies are signed off by the finance department or amendments are made and approved, for large organizations ensuring communication of these and acknowledgement would be an important financial control. They say ignorance is bliss, and some employees live by it. For companies in the United States of America, this may form an important SOX control.
  • Managing bank website accesses – If your client has asked you to administer and process payments, he would have given you rights for certain activities for his bank accounts. You will probably have rights to set up and remove users, define their access levels and transaction limits. You will also have access to bank statements. In my experience, I have seen this function outsourced to an in-house shared service center, where as for an outsourcing third party provider this may not be given. Transaction rights surely are not given to the shared service center / provider unit.

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