Unearth major A/P savings through 'In-sourcing'
Even if your firm can’t afford to outsource an audit of Accounts Payable, you can bring some of outsourcing’s most successful tactics into your processes.
The key: having your A/P self-audit areas where outsourcing companies normally uncover the greatest problems.
Example: Almost 35% of the “lost” cash is due to duplicate payments.
Other problem areas are unclaimed discounts and sales tax overpayments.
For the best results, have A/P hone in on one specific area at a time in its search to uncover problems. If your staff doesn’t have a great deal of time to spare for the task, it may be a good idea to limit your search to a single vendor at a time.
Once you’ve decided a course of action, it’s important to review all important documents (contracts, invoices, other correspondence, etc.) with a fine-toothed comb.
If A/P does discover an area in which it’s owed money, tell them to be sure there’s a solid paper trail in place before pursuing the vendor about any credits, refunds, etc.
- Share on
Free Training & Resources
White Papers
Provided by Personify Health
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 success of Finance depends on an accurate and efficient A/P department. That includes every step of invoice processing – receivin...
If a poll of attendees of a recent IOFM webinar is any indication, it’s going to be a very busy Form 1099 reporting season in 2024 fo...
“It’s not right, but it is a reality. … You don’t get a lot of budget attached to (vendor setup and maintenance tra...
Ever wondered why Excel features a currency format as well as an accounting format? You’re not alone. The reason is, creating Exce...
What experts are saying the top business finance trends will be for the upcoming year may sound familiar. They’re worth highlighti...
