Vendor statments: The A/P best practice many firms don’t utilize
The monthly statements sent by vendors can be a tremendous resource for Accounts Payable. Problem is, most A/P pros aren’t getting all the info they can from them.
It’s only natural to review these statements from the beginning, paying close attention to any credits your company hasn’t used yet or any invoices that should be there but aren’t.
But to get the most out of your vendor statements, it’s best to start your review at the end of the statement.
Reason: This is where you’ll find the longest outstanding invoices — and these are the bills that are most likely to have late fees and interest added to them. Plus, the most recent invoices may still be in the mail, so A/P could be wasting its time combing the beginning of the statement for them.
- Share on
Free Training & Resources
White Papers
Provided by Anaplan
Further Reading
A lot more contractors and businesses like yours that receive payments via CashApp, PayPal or Venmo have been bracing for getting a 2022 Fo...
The emergence of A/P automation software in recent years has been the catalyst of significant transformation of the accounts payable functi...
In case your finance team had been in cruise control heading into year-end because IRS’s quarterly interest rates hadn’t change...
With remote work here to stay, A/P has to work harder to verify crucial information, such as vendor bank account numbers. Unfortunately,...
About 90% of U.S. companies were targeted by cyber‑fraud last year – almost a 25% increase from the previous year. The rise doesn&#...
B notice season (September through October) can be a minefield for A/P pros because nobody wants the extra work of calculating 24% backup w...
