After physically receiving the fapiao paper from the employee or approver, the AP staff should verify the authenticity of the fapiao, confirm that the fapiao has not yet been claimed or refunded, and then manually enter the fapiao information into the accounting system and process it in accordance with China GAAP.
They may also need to complete additional information for group reporting purposes. They must then wait for approval from the appropriate person in their company to complete the payment to employees or suppliers.
The entire manual AP process is inevitably time-consuming and leads to numerous problems :
• Higher cost – physical printing of documents and manual pasting of fapiao
• Low efficiency – AP team invests time in fapiao verification, data entry and seeking approval
• High error rate – manual data entry results in data errors, loss and redundancy
• Delays in payment – Long reimbursement periods can chile telegram database result in late or missed payments and may encourage some employees to seek out inappropriate shortcuts
• Fraud – difficulty in verifying whether a fapiao has been falsely obtained or claimed more than once
• The risk of activity-tax compliance due to booking errors puts companies at risk of audit by tax authorities
• Financial system vulnerability – Lack of data support and untimely information make it difficult for leaders to review expenditures, monitor cash flow, review commitments, and objectively formulate budget policies. Because of these inefficient practices, the AP team is often forced to contend with mountains of paper and duplicate efforts
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