Payments Processing Efficiency and Accounts Payable Internal Controls of Selected Biotechnology and Allied Research Companies in Metro Manila: Inputs to Action Plan

Abstract

Efficient payment processing and effective accounts payable internal controls are essential for maintaining financial accuracy, operational efficiency, and regulatory compliance in biotechnology and allied research companies. This study assessed the payment processing efficiency and accounts payable internal controls of selected biotechnology and allied research companies in Metro Manila as a basis for developing an action plan. A descriptive research design was employed using a validated survey questionnaire administered to 247 managers, staff, and clients selected through purposive sampling. Data was analyzed using frequency, percentage, weighted mean, Analysis of Variance (ANOVA), and Pearson correlation coefficient. Result revealed that payment processing efficiency obtained a grand weighted mean of 4.37, verbally interpreted as Highly Evident, while accounts payable internal controls obtained a grand weighted mean of 4.47, interpreted as Highly Evident. The challenges encountered in payment processing efficiency and accounts payable internal controls were assessed as Least Encountered, indicating that existing financial systems and control mechanisms are generally effective. Correlation analysis further revealed significant very strong to perfect positive relationships between payment processing efficiency and accounts payable internal controls, confirming that stronger internal control practices contribute to more efficient payment processing. Based on these results, an action plan was developed to strengthen financial processes, improve internal controls, enhance automation, and sustain organizational efficiency.