5 Reasons for Accounts Payable Error Increases During the COVID-19 Era. Here at Technology Insight, we use our cutting-edge DataShark tool DataShark A/P to perform recovery audits for a variety of clients. Through these audits, we’re able to reduce, recover, and redeploy lost profits. In our recent recovery audits, we noticed a significant increase in…
5 Easy Steps to Maximize Cashflow in Your Accounts Payable DepartmentAn A/P department can’t function without proper cashflow, so we’ve compiled five key tips to prevent cashflow crises.Sloppy A/P departments ignore cash optimization until it’s too late. Then they enter crisis mode, holding onto any possible cash and violating payment terms. Smart businesses, on the…
How to Make Payment Terms Your Best Friend Instead of a Deadly EnemyPayment terms are foundational to an Accounts Payable department, but they’re easy to mismanage. Avoid common pitfalls with this comprehensive guide.Payment Terms are part of every deal and every Vendor Master File. All A/P departments have a system to manage them – in…
Plug the Gaps: Best Practices to Prevent Errors in Accounts PayableA/P departments fear costly mistakes above all else. Pre-empt them with these expert tips and strategies.Every A/P department makes some mistakes – it’s inevitable. But when those errors can cause significant losses or expose the company to risk or fraud, it’s essential to reduce inaccuracies…
Vendor Master Files: Why They Matter and How to Maintain ThemVendor Master Files are the backbone of an Accounts Payable department. Here’s a comprehensive guide to maintenance best practices.Cleaning up an A/P department’s Vendor Master Files is a constant battle. It’s also essential: enterprise resource planning (ERP) systems rely on them. When you have duplicate…
Fixing Costly Mistakes: How to Recover Losses in Accounts PayableErrors add up – even ones that seem rare or minute. Learn the true cost of these mistakes, as well as best practices to reduce and recover losses.Most A/P departments work hard to prevent, reduce and detect mistakes, especially for major transactions and large accounts. But…
How to Hunt Down Duplicate Payment Errors and Reduce False PositivesEven with a diligent Accounts Payable department, how can you distinguish between mistakes and false positives? DataShark can do it for you. For A/P departments that engage in loss recovery programs, false positives are the fly in the ointment: traditional audit tools either miss duplicate…