By Mary S Schaeffer
A hundred and one most sensible Practices for bills Payable by way of Mary S. Schaeffer
*101 practices tested and explained
* most sensible practices delineated for each
* virtually most sensible practices pointed out for these situations the place most sensible practices can't be used
* dialogue of issues correct to the money owed payable functionality for every factor
* Worst practices highlighted
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Additional resources for 101 Best Practices for Accounts Payable
Once you’ve done everything you possibly can, call in the pros and see what they can find. Ideally this should be an ongoing process so the vendors don’t have a chance to “use” your open credits to clean up their books. Almost Best Practice: If you don’t have the resources to have a continual audit, try and do it once a year. This is one area where best practices have changed radically. We used to recommend once every two years, but that no longer seems adequate. Special Pointers for Accounts Payable: Many accounts payable departments are reluctant to have a payment audit done for fear they will be blamed for any funds recovered by the audit firm.
This is just as true in accounts payable as it is in other functions throughout the organization. However, we’re just writing about accounts payable today. Best Practice: Process improvement suggestions can come from a variety of places. But, an often over-looked source is the folks who handle the day-to-day work. They are the most knowledgeable when it comes to how the task is done. They can tell you where you can make changes and where the changes you might want to make will not work. While asking the staff for process improvement recommendations is a good idea, it has to be done with care.
At that point, it would probably be assumed that the check was stolen out of the mail. Who would suspect that someone had fiddled with the master vendor file? It might never even be considered. Best Practice: Access to the master vendor file, for anything but information lookup, should be severely limited. Only a few people should be able to enter information, be it for setup or to make changes. A form should be used to standardize changes. Changes should also conform to the naming convention used when setting up the master vendor file in the first place.
101 Best Practices for Accounts Payable by Mary S Schaeffer