8 Accounting Misconceptions about Accounts Payable focuses on the misconceptions about accounts payable held by many accounting professionals, including controllers and assistant controllers. They may understand accounting basics but when it comes to accounts payable, it’s a whole different story. #accounting #accountspayable #payments

The basic accounting function usually includes the accounts payable team intent on weeding out duplicate payments and identifying unscrupulous vendors. Yes, there are some. Most accounting tutorials don’t look into that.

Fraud is an ongoing issue for every accounts payable team. The accounts payable group handles a lot more than just basic bookkeeping. They need to know the latest information about fraud protection to ensure money isn’t sent to someone who shouldn’t get it. It is part of accounting explained as it is key to protecting the bottom line.

While automation, be it invoice automation or accounts payable automation, helps run a more efficient operation, it is not the silver bullet many were hoping for. As part of the accounting equation, accounts payable automation has its place. The accounts payable function has a meaningful role in the accounting cycle, and the professionals who work in the department are a lot more than paper pushers. To call accounts payable paper pushers undermines the hard work they do as it relates to the general ledger, income statement, balance sheet.

This is Episode 139 of the AP Now Podcast

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