When it comes to protecting accounts payable, it's important to focus on more than just an organization's checkbooks. Payment cards reserved to take care of company expenses, also knows as P-cards, can be subject to fraudulent use if leaders are not cautious.
According to the Chicago Tribune, a former property control employee at the University of Illinois at Chicago's (UIC) College of Nursing allegedly embezzled more than asked for these items.
In another recent payment card-related case, WXIA-TV reported that husband and wife Emmett Hall and Pauline Berry-Hall were accused of embezzling $150,000 from Monarch Beverage Company. Berry-Hall worked at the business as an accountant and logistics manager, and allegedly the company's credit card to make personal transactions and deposit funds into her husband's bank account.
The frequent use of accounts payable audits can be beneficial to any business. If operations are being objectively verified, it's possible for leaders to catch misuse of payment cards and other types of fraud, as well as mistakes such as duplicate payments, before they add up.