From Simple to Complex: 7 Common Accounts Payable Issues

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Getting even the smallest detail wrong in your accounts payable function can result in significant losses – money that is sometimes not recoverable or if it is, only after considerable efforts and expense. Better not to make these mistakes in the first place and use those efforts and funds spent on expenses for more value-add endeavors. And there are so many places in accounts payable where mistakes slip through, allowing duplicate payments and even worse, fraud to slip through – and more often than you might imagine, the company doesn’t ever realize it.

I have spent that last 25 years talking with controllers (both corporate controllers and financial controllers), accountants and accounts payable professionals zeroing in on the problems and issues that plague the accounts payable function and finding the solutions. I continue to be amazed at the number of issues that, at first glance, appear trivial and irrelevant – yet cause devastating losses when ignored. We’ve devised a series of seven questions to help you zero in on those issues. For each, we’ll not only tell you how you should be addressing the problem, but we’ll explain Why. Do you think you can get them all right? Let’s see. #accountspayable #accountspayableprocess #accounting

Link to Three-Way Match: Everything You Need to Know https://youtu.be/ysgyRbw3yVk

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