Accounts Payable Internal Control Basics [Some SURPRISES]

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Do you want to avoid duplicate payments and fraud when paying your company’s invoices? Of course you do, that’s a foolish question to ask. Or is it? While I’m willing to bet virtually everyone had the same answer to that original question, not every organization is as diligent when it comes to the basic internal controls needed to protect the organization against paying twice or fraudulently- and before you say, “well, it’s not the end of the world if we pay twice, our suppliers will return the excess payment,” let me assure you that is only true in a small number of cases. What’s more, and I won’t get an argument on this on, criminals will never return the funds, they’ll just try and get you to make the same mistake a second time. Make sure you stick around until the end when we discuss the one “building block of internal controls” many never implement … and it costs big time. Your organization could be one of them. #accountspayable #accountspayableinternalcontrols #accounting

Internal controls that NEVER Work https://youtu.be/JCVR4BFKHwM

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