Duplicate payments – every company has them although they all wish they didn’t. And before you say, “oh well, the vendor will return them,” let me assure you most don’t. This scourge can be managed, but only if you use best invoice handling practices. There are certain practices, sadly in use in many companies, that will increase the number of duplicate payments. The goal, therefore, is obviously to keep the number as low as possible. But how to do that. We’ll identify several practices that no company should be using – and if you are you should stop it immediately. Make sure you stick around until the end when we discuss one that, at first glance, appeared to be the silver bullet to solve this problem. Regrettably, some still cling to the hope that it works. It doesn’t and we’ll explain why.

Accounts payable and accounting require the use of both accounts payable best practices and strong account payable internal controls. For many organizations, the review of expense reports and the requests for reimbursement of expenses, is handled in accounts payable. For the accounts payable process to work well, best practices for AP should be used. By their very nature, accounts payable best practices incorporate strong internal controls and avoid AP control weaknesses.

Link to Duplicate payments that happen at unexpected timeshttps://youtu.be/OODqvjcxfRQ

Link to Duplicate Payment Avoidance Playlisthttps://www.youtube.com/playlist?list=PLtL6rWSXZ-Hfm-G5d8-CpBsC3xi-nQTn2

Link to AP Now’s Invoice Serieshttps://youtube.com/playlist?list=PLtL6rWSXZ-HeE6BWKJaVwVMsri7UfQ4vh

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