Three-Way Match Internal Controls [Accounts Payable Process]

Three-way match internal controls should be an integral part of every organizations accounts payable process, the accounts payable invoice process. Yet, they are sometimes overlooked. In this episode we examine five very basic accounts payable controls for the three-way match, which is part of invoice processing. Make sure to stick around until the end when we discuss the one control that is sometimes overlooked – leading to duplicate invoices, duplicate payments and a lot of extra work for you accounts payable invoice
processing staff. #threewaymatch #accountspayableprocess #accountspayable

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 When the Three-Way Match Fails
https://youtu.be/Qpbepp_l8FE

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

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