Creating a policy on managing, storing and retaining documentation can be
time-consuming, but in the absence of a policy, organizations are in the wilderness
without a map. Once created and enforced, an effective policy will greatly reduce
the amount of time related to the tasks of approving and processing vendor
invoices, addressing exceptions, or storing, retaining and pulling documents for
research, audit or litigation.
Managing vendor invoices and other payment request documentation is not
just about the paper. Back-up documentation attached to an invoice or payment
request like account coding, approvals, or other notes supplied on the face of the
documents also needs to be stored, retained and accessible.
Download this template for some tips to help you create a vendor invoice and other
payment request document management policy.