Accounts Payable Best Practices: Why Audit P-Card Controls

P-card control audits or what some refer to as a p-card process audit, p-card performance audit or p-card compliance audit are something our guest, p-card expert Lynn Larson is well familiar with. We were chatting recently and she mentioned that she, through her company Recharged Education, had just finished a p-card control audit for a larger mid-sized company and some of things she found absolutely astounded her. Make sure you stick around until the end when she shares some of these findings – control weaknesses that you could very well have in your operation and not even realize it.

This is part of a series on accounts payable best practices. It includes short tips, short accounts payable best practice tips, to help viewers improve their accounts payable or procure-to-pay process, as well as longer broadcasts focusing on niche accounts payable topics. One short AP best practice tip will be released every day, except for Tuesday and Thursday when our longer broadcasts are released.

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 Accounts Payable Best Practice Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HcvMSJTdNs0BCQJ0Ivb4l9V

Link to Lynn Larson on Consumer Type Purchases on Company Cards
https://youtu.be/241Qr0ov9y0

Link to Accounts Payable Month Playlist (long and shorts) https://youtube.com/playlist?list=PLtL6rWSXZ-HdXQrxOFqXLPw5t0g7YjhVh

Insights on Zelle and Fraud Protection from Lynn Larson
https://youtube.com/playlist?list=PLtL6rWSXZ-HfUUlK4BpKlaQSFWAXb8nMQ

Link to Changing Invoice Best Practice Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HeE6BWKJaVwVMsri7UfQ4vh

Link to Accounts Payable Internal Controls Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HdV9JIterJ-bf6TwMset_z_

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

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

Guest: Lynn Larson (www.recharged-education.com )
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