AP Nightmares: Top 13 Easily-Avoidable Mistakes

Have you ever had that sinking feeling in your stomach when you realize (or worse, someone points out in a meeting) that you made a costly mistake in your accounts payable processes that could have been easily avoided? Well, you've got lots of company. In this talk, we'll review the top nightmares, those 13 big easily avoidable AP mistakes, that could be keeping you up at night. What’s more we’ll show you how to avoid them once and for all. In fact, this might be the start of your AP mistake prevention checklist. #accountspayable #accountingaccountspayable #a

Make sure you stick around until the end when we discuss the one really, really simple tactic that everyone should be incorporating into their processes if they are tired of dealing with lost invoices, duplicate payments, late payments and fees and horror or horrors, lost early payment discounts. Whether your team is looking to have accruals explained, or to design an audit process, these tactics will help. They are a regular part of a day in the life of an accountant, a controller and any accounting or accounts payable professional.

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 Accounts Payable [Avoid Duplicate Payments]
https://youtu.be/sTftdsXsVbM

Link to 5 Ways AP Has More Work Despite Automation
https://youtu.be/6Rs2eYHcKLg

Link to What You Need to Know to Work in Accounts Payable: Was Knew it Was So Complicated
https://www.youtube.com/watch?v=UGFaUkiNPP0&t=144s

Link to the Avoiding Duplicate Payment playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-Hfm-G5d8-CpBsC3xi-nQTn2

Link to Vendor Credits: Why They May Be Disappearing and How to Stop It
https://youtu.be/Kog6wm8lr_k

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