Internal Control Issues in Accounts Payable: Step by Step
Well-run accounts payable operations are very cost effective. They don’t get this way by cutting corners or taking shortcuts. Generally speaking, these organizations have implemented strong internal controls across the P-2-P chain. They do this by paying close attention to every last detail. This session was designed to help you achieve the very same results by walking through the process - step by step.
Control problems can creep into the procure-to-pay at almost any point in the process. Mary Schaeffer, your presenter for this session, divides the process into three parts: before the invoice shows up, the processing of the invoice and making of the payment, and the after the invoice is paid processes. Most only focus on the middle part missing a number of opportunities to strengthen controls and eliminate the problems that make a dent in the bottom line. She’ll show you how to take advantage of instilling controls across the entire spectrum.
After this session you will be able to:
• Identify best control practices for the entire procure-to-pay process;
• Evaluate your own processes to identify weak controls that need tightening;
• Fix the questionable controls so fraud and erroneous payments don’t sneak through; and
• Introduce practices that are often overlooked but strengthen controls
Mary S. Schaeffer is the founder of AP Now, a B2B organization focused on creating business intelligence around the accounts payable and payment functions. She has written 18 business books and is a frequent and popular speaker at both online and live events. Schaeffer has created a number of CPE self-study courses, customized training and online training events. She is the developer of the Accounts Payable Best Practice Certificate program. Previously she held positions as an Assistant Treasure... View Full Profile
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