Controls that appear at first glance to provide excellent protection for your accounts payable process sometimes don’t. Don’t be fooled. What’s more, companies relying on them only learn that they don’t when the funds disappear. In this episode we look at 3 tactics commonly used by companies to protect against accounts payable fraud and duplicate payments that actually don’t work. #bestpractices in #accountspayable by their very nature incorporate strong #internalcontrols.

Accounts payable and accounting rely on strong internal controls to protect the organizations finances as well as its accounts payable proves. That’s why relying on internal controls that in reality don’t work can create issues for any accounting or accounts payableteam.

When it comes to the accounts payable best practices, they start with strong internal controls across the entire procure-to-pay chain. This means avoiding practices that might be comfortable but in actuality provide no value. It’s important that everyone watching this recognize the fallacy in relying on the three tactics discussed in the video.

Accounts payable and accounting require the use of both accounts payable best practices and strong account payable internal controls. 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.

This episode examines three tactics commonly used by companies to protect against accounts payable fraud and duplicate payments that in practice don’t work.

Link to: Worst Accounts Payable Practices [What to Do Instead]https://youtu.be/XGdbM5AiPf4

Link to AP in the Movieshttps://youtu.be/dec6bkMhmrE

Subscribe now: https://www.youtube.com/APNow?sub_confirmation=1

Learn more about AP Now at www.ap-now.com

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