When it's ok to ignore your accounts payable function addresses the issues that occur when ap is ignored. Many of the problems lead to duplicate payments and facilitate fraud. #accountspayable best practices are typically lost in the shuffle when accounts payable is ignored. Most savvy #accounting professionals realize that ignoring accounts payable is not a smart move. #bestpractices

Regulatory compliance issues, including fcpa compliance, proper administration of functions related to the issuance of 1099s, OFAC checking and various state compliance issues go up in smoke when the accounts payable function is ignored. Of course, this also means weak internal controls, frayed vendor relations, and the abandonment of accounts payable best practices throughout the accounts payable function.

Ignoring AP and use of best practices in accounts payable are at complete odds with each other.

Are You Getting All Your Vendor Creditshttps://youtu.be/Fo_cnOxF40A

Accounting Misconceptions about APhttps://youtu.be/1Cp_vfrkSSw

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