Rachel Marson

Whether it’s through overpayment, duplicate invoices or supplier payments - Accounts Payable mistakes happen in any organisation processing large quantities of invoices. These mistakes may seem small at first, but they can heavily affect an organisation's working capital and add up to substantial losses over time. A lot of companies are investing in AP recovery audits to recoup any overpayments and regain profit losses.

In a time where organisations are transitioning to more digital processes, online data management and cloud-based solutions, the risk of fraud is greater than ever. UK Finance reports that over £1.2 billion was stolen from companies by criminals through fraud in 2022, with £49.5 million through invoice and mandate fraud alone. The report also highlights that 78% of company fraud cases in 2022 originated from online sources.

What is master vendor management? Master vendor management is the practise of maintaining an accurate master vendor file so your business can have efficiency in their Procure-to-Pay processes and transparency in their vendor data. Good management of your master vendor file ensures your data is accurate, avoiding things like duplicate vendors, inactive vendors and fraudulent vendors.

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.

It’s that time of year again, and planning for 2023 is top of the agenda for businesses everywhere. But this time, the rules of the game have changed.

There’s a new reality in manufacturing. And to survive it, you’ve got to treat your suppliers like gold. Driving down costs through the supply chain is no longer an option, and paying invoices on time is non-negotiable. Combined, these changes could erode your profit margins and disrupt cash flow.