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Mastering Accounts Payable Internal Control: Reduce Risk & Prevent Fraud
Accounts payable is not only responsible for control of cash paid by the business but also handles sensitive vendor information such as tax ID numbers. Adequate internal control is an essential element of accounts payable operations. Controls serve to protect company assets including company reputation through protection of sensitive information and processes. Controls provide assurance that company records are accurate and complete. They monitor compliance with company policy and compliance with legal and contractual obligations and measure progress toward achievement of organizational objectives. In addition, controls can result in cost savings through assessment and improvement of operational efficiency as well as the prevention, detection and mitigation of errors and fraud.
Why should you get this book:
While most executives are savvy enough to realize they need to be concerned about payment fraud, not everyone realizes they can also experience losses if they don't have the proper controls around all aspects of their Accounts Payable function. Duplicate and erroneous payments, audit issues and lost vendor credits all have a deleterious bottom line impact. And that is exactly what happens when internal controls in the accounts payable function are not integrated into your processes.
Control problems can creep in at almost any point in the process. Hence, it is critical that all organizations build a sturdy foundation for their accounts payable function by integrating strong internal controls throughout.
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