An operational review allows your company, division or department to evaluate your practices against leading practices in the profession and enhance your value to your organization.

The review may includes one individual or a team of independent reviewers to evaluate compliance with The Institute's standards, the utililzation of best practices, and the efficiency and effectiveness of your AP or AR functions. Operational reviews build stakeholder confidence by documenting the function's commitment to quality and best practices, and to the profession. Obtaining an operational review also provides evidence to your board, management, and staff that your AP and AR departments are concerned about improving the organization's processes.

Your operational review includes:

  • Review and recommendations of your core AP and/or AR components, including the organization, process and deliverables.
  • Pre-evaluation assessment of key processes prior to the engagement (review of metrics, key drivers, and mission statment).
  • Highly experienced professional with first-hand experience in implementing best practices initiatives with great success who quickly and efficiently performs a thorough review and provides recommendations for continuous improvement opportunities.

Objectives and approach

  1. Assess effectiveness of the accounts payable function in providing assurance to directors of finance, CFOs, controllers, senior executives and other interested parties.
  2. Assess conformance with The Institute's standards and provide an opinion regarding whether the AP and/or AR function conforms to all standards.
  3. Identify opportunities for improvement.
  4. Provide counsel to senior finance executives and staff on ways to improve and enhance the AP and/or AR function's performance and services, and its image and credibility within the organization.

Areas of focus

Areas of focus to determine best practices opportunities, as well as ways in which to improve leadership effectiveness will include:
  • Vision / Mission Statements - Benchmarking 
  • People - Surveys 
  • Processes - Focus on Continuous Improvement 
  • Technology - Staff Development / Morale 
  • "Current State" or "As Is" Review - Succession Planning 
  • Metrics Utilized / KPI's - Organization Chart 
  • Best practices on these core areas:
    • AP Infrastructure / Metrics - Case Management
    • Risk Assessment - Processing / Automation
    • Payables Controls   

How do I schedule an operational review? 

Contact a representative from The Institute to build your organization's ideal program today!  We provide customized package options, pricing, and will confirm availability.  To get started, email us or call us at 1-407-351-3322.