Business
10 lousy invoice practices focus on 10 weak invoice practices. These 10 Invoice Practices that Hurt AP Efficiency are definitely not invoice best practices. In fact, they are #invoice worst practices. Weak controls equate to poor or worst practices in accounts payable as they facilitate all sorts of problems, not the least of which is fraud. This is a serious concern for #accounting and #accountspayable professionals. In accounts payable invoices are processed, ideally with the greatest accounts payable efficiency. This helps protect the organization against fraud and duplicate payments while keeping costs down. The goal is to use all accounts payable best practices and avoid at all accounts payable worst practices, which the matters discussed in this piece definitely are. Some of the issues discussed include invoice handling practices, invoices without a purchase order number, invoices without a PO number, the printing of invoices, receiving invoice practices, verifying change of bank account number requests received, use of am invoice coding standards, and invoice processing routines. The worst accounts payable practices are identified along with the likely outcomes – which most organizations will want to avoid at all costs. Lousy invoice practices are likely to increase the chances of fraud or duplicate payments, increase the odds of a duplicate payment, increase the workload in the accounts payable space and generally make for a less efficient accounts payable process. This is Episode 124 of the AP Now podcast. Sign up for AP Now’s free twice-a-week ezine. Use box at left of www.ap-now.com Host: Mary Schaeffer (https://www.ap-now.com/) Credit: Music: https://www.purple-planet.com