2 basic accounting errors cost firm a whopping $827K
An easy lesson for Finance staffs everywhere, learned the hard way. Â
What would you say good communication is worth in an A/P department?
Well, it’s worth at least $827,000 for SP+, a parking management company serving Harrisburg, PA.
That’s because the company made two basic but costly errors in a contract with the city.
Last year, the accounting staff at SP+:
- deposited money into the wrong account, and
- double-paid on many payments – once electronically and once by check – because an accountant wasn’t told to stop making manual payments.
Make your announcements heard
These mistakes could have been prevented if leadership had been more direct in its messages.
Make sure your staffers know about each and every change in your department – especially when it comes to vendor accounts.
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