How to Not Make Mistakes in Accounts Payable is an important topic because mistakes in accounts payable lead to duplicate payments, fraud and incomplete regulatory compliance. Little mistakes in accounts payable can lead to significant financial losses. In this piece, we’ll review some basic ways to avoid errors, practices that are not always followed. Stick around until the end when we discuss two issues that most don’t consider when thinking about mistakes that get made in accounts payable, mistakes that often lead to duplicate payments (which are rarely returned) and worse. #accountspayable #accountspayableprocess #accounting 

Whoever said the Devil is in the details, must have been thinking about accounts payable. But that is only the beginning. There are also bigger issues that can lead to problems if not addressed properly.

The accounts payable invoice process is critical to the success of the accounts payable function. The three-way match concept is the standard approach used in accounts payable departments across the country, or at least those that use accounts payable best practices. It involves comparing the purchase order vs invoice and the receiving document and is a strong accounts payable internal control.

Link to How to Not Make Mistakes in AP Playlisthttps://youtube.com/playlist?list=PLtL6rWSXZ-HdI07dhxDjdq0XbA8owsVz7

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

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