Webinar

5 Main Accounts Payable Issues Facing Businesses in India Today ( And How to Address Them )

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Brief

India's complex regulatory landscape presents significant challenges for businesses. This webinar will delve into the top five Accounts Payable (AP) issues that Indian businesses are currently facing. We will explore practical strategies to strengthen your AP processes and ensure compliance with regulatory requirements.

Key Points :

  • Understanding the Regulatory Landscape :
    • Overview of key regulatory bodies and their mandates
    • Impact of recent regulatory changes and amendments
  • Issue 1 : Vendor Due Diligence :
    • Insufficient checks on vendor's legal and financial status, tax compliance practices.
    • Delayed onboarding processes, missing documentation, incomplete vendor profiles, and identifying MSME vendors.
  • Issue 2 : Vendor Compliance :
    • Lack of a centralised vendor database, ineffective communication, and lack of consistent monitoring.
    • Incorrect GST calculations, delayed tax filings, and non-compliance with TDS regulations.
  • Issue 3 : Invoice Verification :
    • Weak invoice verification processes, leading to payment of fraudulent or duplicate invoices.
    • Late payments to vendors, resulting in penalties especially for MSME vendors and damaged vendor relationships.
    • Manual processing of invoices, delayed payment approvals, and reconciliation, leading to errors and delays.
  • Issue 4 : Lack of Transparency :
    • Lack of transparency in vendor payment status between cross-functional teams.
    • Poor communication channels, leading to misunderstandings and disputes.
  • Issue 5 : Building a Robust Audit Trail :
    • Lack of a clear audit trail for vendor transactions and payments.
    • Non-adherence to company policies and procedures in vendor management and AP processes.

Key Takeaways :

  • Identify critical compliance challenges in AP
  • Understand the regulatory framework and its implications
  • Develop effective compliance strategies and policies
  • Implement robust compliance management systems
  • Stay updated on regulatory changes and industry best practices
By addressing these challenges, businesses can mitigate risks, enhance their reputation, and achieve long-term sustainability.

Thought Leader :

Gitali Kohli

Associate director, strategy

Clear Tax

Speaker Bio :

Gitali boasts a comprehensive background in strategy and management consulting, with pivotal roles at leading firms such as Alvarez & Marsal and Clear. Throughout her career, she has demonstrated strategic acumen and leadership, managing significant projects in business process transformation, cost reduction, and go-to-market strategy. Gitali's professional journey is marked by her ability to deliver impactful solutions, her commitment to excellence, and her recognized expertise in strategy and management.

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