Fixing Costly Mistakes: How to Recover Losses in Accounts Payable
Errors 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 despite the best intentions or most diligent team, small errors slip through the cracks. After all, even 99.9% accuracy is not the same as 100%. These mistakes cost money and put the company at risk, and they often aren’t found until it’s too late.
Identifying and fixing such errors is an essential step for any successful company. Though it might seem intimidating, doing a thorough audit will minimize risk and save both time and money in the long run. This guide breaks down the options available to you and outlines ways to reduce loss. With these strategies, you can augment the practices of your A/P department and recover significant value for your bottom line.
This guide will help you:
Recognize the true impact of A/P errors on your company
Identify factors that increase or reduce risk
Discover the types of recovery services available
Gain a deep understanding of the benefits and downsides of each service
Help you choose the best option to recover losses and mitigate risk for your company