The accounts payable function must change; for existing processes leave companies vulnerable to newer frauds, less competitive when other companies take advantage of new technologies and potentially out of regulatory compliance. AP Now’s Mary Schaeffer discusses three events that occurred in the last three years that have forced every organization to change the best practices it has used in their accounts payable functions. Many of those who have not made these changes have paid a very steep financial price. She gives real-life examples of the organizations involved.

In addition to the best practice changes every organization should have made, she discusses changes organizations have had to made to meet new IRS reporting requirements. At the end she offers a best practice approach every organization should be taking to the changing business environment as it impacts their accounts payable function. Not doing so could result in a serious impairment to the bottom line.

Host: Mary Schaeffer (www.ap-now.com)

Sponsor: Stampli (www.stampli.com/APNow)

AP Podcast Advisor: Debra R. Richardson (www.debrarrichardson.com)

Credit: Music: https://www.purple-planet.com