Accounts Payable Best Practices Accounts payable is one of the most important aspects of your business. After all, it’s what keeps it profitable and thriving. Since the way you manage your accounts payable process significantly impacts your cash flow, bottom line, and reputation, implementing best practices is essential. Let’s take a closer look at the…
Spend analysis operates on a simple principle: a business should know where its money is going, and how effective that money is. Of course, that’s often easier said than done. While it’s possible to analyze an entire company’s data by hand, it’s certainly not easy, efficient or accurate. Companies often sprawl across systems and data…
Expenditure is the name of the game in Accounts Payable. Departments often see millions of dollars pass through their doors when paying invoices, which is why savvy departments set up thorough processes like internal audits to confirm that the right money is going to the right vendor. But not many departments actually run spend analysis to…
AI is becoming more and more prevalent in every industry, and recently Accounts Payable. With artificially intelligent audit software, companies are able to prevent, recognize and recover from errors at record rates. But first…
At a certain point, every business with an A/P department must face the dark reality that fraud occurs. In an ideal world every employee would be trustworthy and there would be no theft (99.9% of your employees probably are trustworthy), but this isn’t an ideal world. Further, you’d like to believe that scammers and external…
The last thing any business wants is money left on the table. In accounts payable departments, that lost money is more common than you might think. Duplicate payment errors lead to overpaying your vendors, and if you don’t verify and follow up on those transactions, those errors can become incredibly costly.
Why Duplicate Payments Matter Duplicate payments can undercut the most effective Accounts Payable departments. They’re a serious, costly and all-too-common issue.
Internal audit teams are often an underutilized and underappreciated resource. These teams are hidden gems full of untapped potential. When used to their fullest, IA teams can strengthen a company’s error prevention, growth and innovation processes — and even tech implementation.
Accounts Payable recovery tactics are evolving at a rapid rate. As loss recovery becomes a higher priority for businesses, A/P teams are looking for new ways to optimize their process. New tactics can combine tools like automation software with human expertise to save both time and money.
82% of companies were targets of payment fraud in 2018. To keep your company from falling victim to accounts payable fraud, you should have security measures in place to prevent it from happening in addition to conducting audits to identify any fraudulent actions that slipped through your defenses.