5 New Accounts Payable Best Practices | Avoid Trouble

Implement these 5 New Accounts Payable Best Practices to Avoid Trouble in your #accountspayable operations. These 5 New Accounts Payable #BestPractices are critical for all #accounting functions. The accounts payable best practices purchasing, or rather the working relationship between the two. Accounts payable best practices are the foundation for any cost-efficient, regulatory-compliant and fraud-resistant operations.

These accounts payable best practices revolve around the coding of invoices, new fraud protection protocols and more. Invoice coding may seem like an innocuous task, but done incorrectly, as it often is, leads to headaches not only for accounts payable but also accounting.

This is Accounts Payable Sound Bite #76

Many organizations ignore OFAC requirements and end up in hot water when they inadvertently pay someone on the SDN list. The new best practice discussed will help you avoid that nightmare. While most best practice organizations are currently using IRS TIN Matching, there is a new change in when to TIN match. The COVID crisis shined a light on the issue of remote work expense reimbursement policy, something that was a minor issue at most organizations. This has changed as have the best practices around how to receive invoices. Finally, new frauds focused on accounts payable are the range requiring organizations to up their game when it comes to fraud protection, relying now on techniques that could be more aptly described as fraud protection advanced.

Link to Why Best Practice Matter AP Sound Bite #15:
   • Are You Making These Critical Accounts Pay...  

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