The master vendor file can be your best friend or your worst enemy when it comes to running an efficient, cost-effective, fraud-resistant accounts payable and payment process. Today, we're diving headfirst into treacherous waters, along with too many others, the folks that use common Master Vendor File worst practices. This is where the tiniest of errors or oversights can lead to financial disaster, where mistake can facilitate fraud, and where inefficiency silently bleed resources that erodes profitability. We’re going to look at five very common practices that don’t protect an organization but rather open the door to mistakes, duplicate payments and worse. Make sure you stick around until the end when we discuss one practice that many don’t even realize hurts – and it does so in a big way. #mastervendorfile #accountspayable #accountspayableprocess

Link to Fraud in the Vendor File: How to Prevent It

Looking for more of the most current business intelligence about

+ Best practices around your payment and accounts payable function

+ Current and new fraud protection protocols

+ The newest technology impacting your accounting, accounts payable, and payment functions

+ Career advancement

+And much more!!

Subscribe for more tips and insights like this:

+++++++++++++++++++++++

See most recent videos at: https://www.youtube.com/@APNow/videos

See all short tips at: https://www.youtube.com/playlist?list=PLtL6rWSXZ-He5ELp9TP3wqQdHIbfIcFAB

Learn more about AP Best Practices; Playlist at: https://www.youtube.com/playlist?list=PLtL6rWSXZ-HcvMSJTdNs0BCQJ0Ivb4l9V

Learn more about Internal Controls in AP; Playlist https://www.youtube.com/playlist?list=PLtL6rWSXZ-HdV9JIterJ-bf6TwMset_z_

Looking for Automation insights: Playlist at: https://www.youtube.com/playlist?list=PLtL6rWSXZ-Hf_cZwQOcDZrYV4dA0oDVby

Other

++++++++++++++++++++++++++++++++++

Website: https://www.ap-now.com/

Linkedin AP Now: https://www.linkedin.com/company/ap-now/

Twitter: https://twitter.com/Accountspayable

More about Mary Schaeffer: https://www.linkedin.com/in/accountspayable

Facebook: https://www.facebook.com/AccPayNow