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AP Process Audit [Accounts Payable Best Practices]

When was the last time you audited your accounts payable process to ensure you were using best practices for accounts payable AND had incorporated the processes as they are actually being done? In this broadcast we discuss why it is so important you do this and then give you 10 questions that will help you structure your process review. Make sure you stick around until the end when we provide some insights on where to start an accounts payable process audit.

This is part of a series on accounts payable best practices. It includes short tips, short accounts payable best practice tips, to help viewers improve their accounts payable or procure-to-pay process, as well as longer broadcasts focusing on niche accounts payable topics. One short AP best practice tip will be released every day, except for Tuesday and Thursday when our longer broadcasts are released.

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 Accounts Payable Month Playlist (long and shorts) https://youtube.com/playlist?list=PLtL6rWSXZ-HdXQrxOFqXLPw5t0g7YjhVh

Link to How Invoice Processing Works in Accounts Payable (4 minutes)
https://youtu.be/a95u7vgANbg

Link to Accounts Payable Best Practice Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HcvMSJTdNs0BCQJ0Ivb4l9V

Link to Changing Invoice Best Practice Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HeE6BWKJaVwVMsri7UfQ4vh

Link to Accounts Payable Internal Controls Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HdV9JIterJ-bf6TwMset_z_

Subscribe now: https://www.youtube.com/APNow?sub_confirmation=1

Learn more about AP Now at www.ap-now.com Host:

Host: Mary Schaeffer (www.ap-now.com)
#accountspayable #procuretopay #p2p #purchaseledger #Accounting #accountspayableprocess #accountspayablebestpractices #bestpracticesforaccountspayablemanagement

Maximizing AP Performance: Key Metrics [Accounts Payable Best Practices]

What do you think are the top three crucial metrics you need to know to maximize AP performance? Best Practices for Accounts Payable Management includes 3 Must-Know Metrics that are key for maximizing accounts payable performance. While there are literally hundreds of metrics you can measure around the accounts payable process, we’ve got three basic ones to get you started. Although, to be honest, each of the primary metrics has several additional KPIs that you might also want to calculate in order to run a best practice accounts payable operation. Stick around until the end when we show how the last set of metrics can be used to improve productivity and drive best practice performance from your accounts payable and payments operations. It’s really pretty simple.

This is part of a series on accounts payable best practices. It includes short tips, short accounts payable best practice tips, to help viewers improve their accounts payable or procure-to-pay process, as well as longer broadcasts focusing on niche accounts payable topics. One short AP best practice tip will be released every day, except for Tuesday and Thursday when our longer broadcasts are released.

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 Accounts Payable Month Playlist (long and shorts) https://youtube.com/playlist?list=PLtL6rWSXZ-HdXQrxOFqXLPw5t0g7YjhVh

Link to the One AP Metric You Should NEVER Use
https://youtu.be/0CPLv5zv4Q8

Link to Accounts Payable Best Practice Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HcvMSJTdNs0BCQJ0Ivb4l9V

Link to Changing Invoice Best Practice Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HeE6BWKJaVwVMsri7UfQ4vh

Link to Accounts Payable Internal Controls Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HdV9JIterJ-bf6TwMset_z_

Subscribe now: https://www.youtube.com/APNow?sub_confirmation=1

Learn more about AP Now at www.ap-now.com Host:

Host: Mary Schaeffer (www.ap-now.com)
#accountspayable #procuretopay #p2p #purchaseledger #Accounting #accountspayableprocess #accountspayablebestpractices #bestpracticesforaccountspayablemanagement

 

Silicon Valley Bank Failure: Lessons Learned

As news of the failure of Silicon Valley Bank ratcheted across news outlets, its impact being widely discussed by finance thought leaders everywhere. If you think, because you don’t work for a tech startup, this has nothing to do with you or your organization, think again. This should be a wakeup call for every accounting, finance, treasury and accounts payable professional everywhere. It could happen to you. Let’s take a look at the implications for every organization out there. We’ve got some really simple tips, changes every organization can make to protect themselves, and they don’t take a lot of effort or money. Make sure you stick around until the end when we discuss one really obvious tip – but one almost every one ignores. Don’t be that person. #svb #accountspayable #accounting

This is part of a series on accounts payable best practices. It includes short tips, short accounts payable best practice tips, to help viewers improve their accounts payable or procure-to-pay process, as well as longer broadcasts focusing on niche accounts payable topics. One short AP best practice tip will be released every day, except for Tuesday and Thursday when our longer broadcasts are released.

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 Accounts Payable Month Playlist (long and shorts) https://youtube.com/playlist?list=PLtL6rWSXZ-HdXQrxOFqXLPw5t0g7YjhVh

Link to No More Stupid Mistakes
https://youtu.be/sTftdsXsVbM

Link to Accounts Payable Best Practice Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HcvMSJTdNs0BCQJ0Ivb4l9V

Link to Changing Invoice Best Practice Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HeE6BWKJaVwVMsri7UfQ4vh

Link to Accounts Payable Internal Controls Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HdV9JIterJ-bf6TwMset_z_

Subscribe now: https://www.youtube.com/APNow?sub_confirmation=1

Learn more about AP Now at www.ap-now.com Host:

Host: Mary Schaeffer (www.ap-now.com)
#accountspayable #procuretopay #p2p #purchaseledger #Accounting #accountspayableprocess #accountspayablebestpractices #siliconvalleybank

FRAUD Alert: 13 Warning Signs [Accounts Payable Best Practices]

Can you recognize every fraud attempt that may be targeting you? Some are really good. This fraud alert contains 13 signs anyone (including you) can use to recognize if someone is trying to scam or defraud them. While these tactics are focused on those responsible for accounts payable, accounting and finance, most are also applicable to individuals in their personal lives and transactions. If you want to stay safe and learn how to recognize AND fight off the scammers, stick around until the end when we also share 5 really simple tactics to protect your company’s money, as well as your own. Whether you are interested in best practices for accounts payable management or treasury or you simply want to protect your own money (or maybe both), we’ve got you covered. #fraud #accountspayable #scam

This is part of a series on accounts payable best practices. It includes short tips, short accounts payable best practice tips, to help viewers improve their accounts payable or procure-to-pay process, as well as longer broadcasts focusing on niche accounts payable topics. One short AP best practice tip will be released every day, except for Tuesday and Thursday when our longer broadcasts are released.

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 Accounts Payable Month Playlist (long and shorts) https://youtube.com/playlist?list=PLtL6rWSXZ-HdXQrxOFqXLPw5t0g7YjhVh

Link to Can You Spot the Phony Email Address
https://youtu.be/8IkeqkkQ2Do

Link to Accounts Payable Best Practice Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HcvMSJTdNs0BCQJ0Ivb4l9V

Link to Changing Invoice Best Practice Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HeE6BWKJaVwVMsri7UfQ4vh

Link to Accounts Payable Internal Controls Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HdV9JIterJ-bf6TwMset_z_

Subscribe now: https://www.youtube.com/APNow?sub_confirmation=1

Learn more about AP Now at www.ap-now.com Host:

Host: Mary Schaeffer (www.ap-now.com)
#accountspayable #procuretopay #p2p #purchaseledger #Accounting #accountspayableprocess #accountspayablebestpractices #bestpracticesforaccountspayablemanagement

Accounts Payable Best Practices: Why Audit P-Card Controls

P-card control audits or what some refer to as a p-card process audit, p-card performance audit or p-card compliance audit are something our guest, p-card expert Lynn Larson is well familiar with. We were chatting recently and she mentioned that she, through her company Recharged Education, had just finished a p-card control audit for a larger mid-sized company and some of things she found absolutely astounded her. Make sure you stick around until the end when she shares some of these findings – control weaknesses that you could very well have in your operation and not even realize it.

This is part of a series on accounts payable best practices. It includes short tips, short accounts payable best practice tips, to help viewers improve their accounts payable or procure-to-pay process, as well as longer broadcasts focusing on niche accounts payable topics. One short AP best practice tip will be released every day, except for Tuesday and Thursday when our longer broadcasts are released.

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 Accounts Payable Best Practice Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HcvMSJTdNs0BCQJ0Ivb4l9V

Link to Lynn Larson on Consumer Type Purchases on Company Cards
https://youtu.be/241Qr0ov9y0

Link to Accounts Payable Month Playlist (long and shorts) https://youtube.com/playlist?list=PLtL6rWSXZ-HdXQrxOFqXLPw5t0g7YjhVh

Insights on Zelle and Fraud Protection from Lynn Larson
https://youtube.com/playlist?list=PLtL6rWSXZ-HfUUlK4BpKlaQSFWAXb8nMQ

Link to Changing Invoice Best Practice Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HeE6BWKJaVwVMsri7UfQ4vh

Link to Accounts Payable Internal Controls Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HdV9JIterJ-bf6TwMset_z_

Subscribe now: https://www.youtube.com/APNow?sub_confirmation=1

Learn more about AP Now at www.ap-now.com Host:

Host: Mary Schaeffer (www.ap-now.com)

Guest: Lynn Larson (www.recharged-education.com )
#accountspayable #procuretopay #p2p #purchaseledger #Accounting #accountspayableprocess #accountspayablebestpractices

Eliminating Duplicate Invoices: Best Practices for Accounts Payable Management

We talk a lot about duplicate payments and not so much about duplicate invoices. This is unfortunate as one of the unsavory outcomes of receiving more than one copy of an invoice is a duplicate payment. Best practices for accounts payable management should now include this issue. Stick around until the end when we talk about one questionable invoice practice more than a few suppliers are using to trick you into making a duplicate payment. Once you know what it is, you’ll be able to protect against it.

This is part of a series on accounts payable best practices. It includes short tips, short accounts payable best practice tips, to help viewers improve their accounts payable or procure-to-pay process, as well as longer broadcasts focusing on niche accounts payable topics. One short AP best practice tip will be released every day, except for Tuesday and Thursday when our longer broadcasts are released.

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 Accounts Payable Best Practice Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HcvMSJTdNs0BCQJ0Ivb4l9V

Link to Accounts Payable Month Playlist (long and shorts)

https://youtube.com/playlist?list=PLtL6rWSXZ-HdXQrxOFqXLPw5t0g7YjhVh

Link to Changing Invoice Best Practice Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HeE6BWKJaVwVMsri7UfQ4vh

Link to Accounts Payable Internal Controls Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HdV9JIterJ-bf6TwMset_z_

Subscribe now: https://www.youtube.com/APNow?sub_confirmation=1

Learn more about AP Now at www.ap-now.com Host:

Host: Mary Schaeffer (www.ap-now.com)
#accountspayable #procuretopay #p2p #purchaseledger #Accounting #accountspayableprocess #accountspayablebestpractices

Best Practices: Anatomy of Best Practices Explained [Accounting, Accounts Payable]

Curious about what makes a practice the "best" in the world of accounting and finance? What is a best practice, what makes something a best practice and do best practices change over time are frequent questions asked by accounts payable, accounting, finance and treasury professionals all the time. Let’s diving into this topic in a little more depth. Stick around until the end when we discuss why best practices change and what should NOT be the driving force behind adopting a practice – best practice or not! #accountspayable #bestpractices #accountspayablebestpractices

Take a deep dive into the issue of what makes a best practice and what doesn’t in accounts payable, accounting and finance with us and discover why best practices evolve over time. But wait, there's more! Learn why blindly following trends could lead to disaster and how to avoid it. Stick around until the end to unlock the secrets to success!

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 Accounts Payable Best Practice Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HcvMSJTdNs0BCQJ0Ivb4l9V

Link to Changing Invoice Best Practice Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HeE6BWKJaVwVMsri7UfQ4vh

Link to Accounts Payable Internal Controls Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HdV9JIterJ-bf6TwMset_z_

Subscribe now: https://www.youtube.com/APNow?sub_confirmation=1

Learn more about AP Now at www.ap-now.com Host:

Host: Mary Schaeffer (www.ap-now.com)

ChatGPT: Secret to a More Efficient Operation

If you are trying to learn how you can use ChatGPT, we’ve got some ideas for you on how it can help you be more productive. The emphasis here is on help you. Despite what you may have heard or read, don’t think it is going to completely eliminate your job or those tasks that you despise. But it definitely can help you become more productive. Make sure you stick around until the end when I share one startling example, which sounded right at first glance, but was 100% wrong. If you are looking to have a good laugh at my expense, well then, you’ll love this story.

 

 

ChatGPT Playlist (series of short videos addressing different facets related to ChatGPT)
https://youtube.com/playlist?list=PLtL6rWSXZ-HeTO4e8Cuyv5RppwicFecuT

Link to Accounts Payable Best Practice Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HcvMSJTdNs0BCQJ0Ivb4l9V

Link to Accounts Payable Automation Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-Hf_cZwQOcDZrYV4dA0oDVby

Subscribe now: https://www.youtube.com/APNow?sub_confirmation=1

Learn more about AP Now at www.ap-now.com Host:

Host: Mary Schaeffer (www.ap-now.com)

#chatgpt #chatgpt101 #whatischatgpt #chatgptuse #chatgpt101

 

The Weakest Link: Where AP Separation of Duties Fall Apart

The Weakest Link: Where AP Separation of Duties Fall Apart focuses on those accounts payable internal controls that are frequently broken, areas where, for the most part organizations don’t realize they are ignoring the controls that protect their organization against fraud, duplicate payments and inefficiencies. Often companies allow these practices without even considering how they might facilitate fraud. Separation of duties is sometimes called segregation of duties. Make sure to stick around until the end when we discuss one issue that is allowed at most organizations and can cost them big time. #accountspayable #separationofduties #segregationofduties

This is an informative presentation that highlights the common breaches of accounts payable internal controls. This session emphasizes that many organizations are not aware of their lack of compliance with controls that safeguard against fraudulent activities, duplicate payments, and inefficiencies. In many cases, companies tend to overlook the risks associated with these practices, which can potentially facilitate fraudulent acts. Separation of duties is also known as segregation of duties, and this session will provide insights into how to implement it effectively. To maximize your learning, please stay tuned until the end when we discuss a crucial issue that is often neglected by most organizations and can lead to substantial financial losses.

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 Internal Controls That Never Work
https://youtu.be/JCVR4BFKHwM

 

Subscribe now: https://www.youtube.com/APNow?sub_confirmation=1

Learn more about AP Now at www.ap-now.com 

Host: Mary Schaeffer (www.ap-now.com)

#accountspayable #procuretopay #p2p #purchaseledger #Accounting #accountspayableprocess #accountspayablebestpractices

Accounts Payable Control Issues when Someone Gets Promoted

When Someone Gets Promoted one of the last things anyone thinks about is the Accounts Payable Control Issues. This is unfortunate because not focusing on the control issues leaves the organization at serious risk. In this short talk, we take a look at three places every organization should investigate every time someone gets promoted so the organization is protected. Make sure you stick around until the end when we discuss the one issue NO ONE talks about – and it puts every organization at risk, in a way they never thought about.  #accountspayable #accountspayablebestpractices #accountspayableinternalcontrols

Sadly, upon being promoted, one of the last considerations on anyone's mind is the potential accounts payable control issues. This oversight is unfortunate, as neglecting control issues places the organization in a precarious situation. Thus, in this brief discourse, we shall examine three crucial areas that every organization should scrutinize each time an individual receives a promotion. This will ensure that the organization remains safeguarded. It is highly recommended that you remain attentive until the end, where we shall discuss a critical issue that is seldom addressed, yet its implications for every organization's safety are significant, and often overlooked.

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 Accounts Payable Internal Controls Playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-HdV9JIterJ-bf6TwMset_z_

Link to Internal Controls That Never Work
https://youtu.be/JCVR4BFKHwM

Subscribe now: https://www.youtube.com/APNow?sub_confirmation=1

Learn more about AP Now at www.ap-now.com 

Host: Mary Schaeffer (www.ap-now.com)

#accountspayable #procuretopay #p2p #purchaseledger #Accounting #accountspayableprocess #accountspayablebestpractices