Duplicate payments went unchecked in Iowa

If organization leaders aren't careful to keep close watch over financial accounts, American Institute of CPAs asserted that in order to reduce the likelihood of duplicate payments, organization leaders must adopt strong master vendor file practices. The more accurate these records are, the simpler it is for staff members to spot fraudulent transactions, as there will be fewer errors and accidental duplicate entries present that could potentially confuse employees. The news provider said that while any business' first time cleaning its vendor master file is likely to be time-consuming, future maintenance will become easier.

Additionally, companies can prevent against misappropriation by regularly using best-of-breed audit solutions.

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