Accounts payable audits serve an essential function in any business, allowing leaders to accurately assess an organization’s financial health. Verifying the current state of a company’s monetary resources is important, as these insights can help catch problems such as duplicate payments or employee fraud.
According to the Herald-Mail, a West Virginia man was recently accused of accused of misappropriating more than $20,000 between October 2012 and April 2013.
The news provider added that Martin claimed he used the money from the alleged incidents to pay restitution related to past embezzlement convictions.
Demand Media explained that one of the reasons it is important to use audit solutions frequently is that they play a critical part in ensuring that internal operations are running effectively. If companies maintain a grasp on important accounts, they may be able to better achieve future goals, minimize their cost of capital and prevent fraud.