Often it is the little issues, those small seemingly unimportant tasks, that when ignored or not handled properly cause huge nightmares in accounts payable. The damage from these problems is immediate and felt directly in the bottom line. For when internal controls breakdown in the accounts payable function, the results are typically duplicate payments, increased likelihood for fraud and regulatory non-compliance. No organization can afford to have this happen.
Identifies 9 often-overlooked areas where internal controls fall apart in accounts payable;
Delineates the controls that should be put in place to plug the weaknesses created by the process breakdowns; and
Pinpoints best practices every organization should use in its accounts payable function to ensure tight internal controls.
Mary S. Schaeffer, a nationally recognized accounts payable expert, is the author of 18 business books, a monthly newsletter and a free weekly e-zine, as well as 10l CPE self-study courses for CPAs. She runs AP Now, a boutique publishing and consulting firm focused on accounts payable issues. Before turning to writing and consulting she worked in the corporate world as an Assistant Treasurer for the Equitable Life Assurance Society, a Financial Risk Manager for O&Y and a Corporate Cash Manager for Continental Grain. A frequent and popular speaker at industry live and online events, she has an MBA in Finance and a BS in Mathematics.