Accounts Payable Processes
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A year-end financial audit may seem like another daunting task on your to-do list, but it doesn't have to be. Beyond compliance, Accounts Payable audits help uncover financial discrepancies, enhance transparency, and build trust with stakeholders. In this post, you’ll learn about the benefits of carrying out a year-end Accounts Payable audit and the practical steps to take to ensure your audit not only goes smoothly but also acts as a valuable tool for your company.
Read more - How to prepare for your year-end Accounts Payable audit
Navigating challenging economic conditions like the US recession and the EU economic crisis calls for a judicious approach to every investment made. It is paramount for businesses to be mindful of maximising returns and ensuring sustainable growth with every pound spent.
Read more - Preventing duplicate invoices: everything you need to know
High competition and low-profit margins in retail mean every penny counts. So there’s no room for inefficiency in Account Payable in the retail sector. Finance teams can’t afford to make mistakes – and business leaders need to understand the root cause of AP problems in order to prevent them.
Read more - Three Accounts Payable problems undermining retail in 2022 (and how to fix them)
Outlining the Overpayment Story Last week saw the Southern District of New York release their judgement on one of the largest payment errors in recent memory. Finance giant Citibank intended to pay $7.8 million in interest payments to a syndicate group of lenders. Accidentally, Citibank overpaid the group by almost 900 million dollars, an amount that nearly matched the full value on the loan.
Read more - Citibank’s $900 million dollar overpayment error
Despite the marketing headlines, most – if not all – players in the duplicate invoice prevention market use rules-based tools to detect errors. The complexity and variety of data from different organisations around the world, however, mean this “one size fits all” approach is simply not efficient. High numbers of inaccurate results (false positives) are surfaced, which creates huge amounts of additional work for Finance teams.
Read more - Using AI to build world-leading duplicate invoice prevention software
For too long, Accounts Payable teams have relied on standard controls to spot risks and avoid costly payment errors. But these traditional processes fail to prevent many types of fraud and overpayments, exposing organisations to serious risks. Indeed, some organisations lose a whopping 5% of their revenue to fraud and overpayments each year.
Read more - The problem with Accounts Payable – and how to fix it
In 2019, UK Finance issued data that indicated 26% of large businesses have fallen victim to invoice fraud, despite 84% not fully understanding what invoice fraud actually means. With the ever-growing sophistication of fraudsters, finance teams need to look beyond their ERP to fully safeguard their business. Conviction of Evaldas Rimasauskas; Manhattan Using imitation email addresses, Lituanian national Evaldas Rimasauskas successfully defrauded US tech giants Facebook and Google out of a total ...
Read more - The Worst Invoice Fraud Cases in 2019/2020