We invite you to join the Accounts Payable Professionals Group on LinkedIn

Accounts Payable Professionals (APPG), was established with the primary goal of disseminating AP-related news, information, and valuable resources. As of now, our community boasts a membership of over sixty-two thousand individuals, predominantly comprising AP professionals. Our diverse membership also includes IT professionals, recruiters, and other business experts, enriching our discussions with varied perspectives.

Many of our members hold certifications in specialized AP fields, contributing to the depth of expertise within our community.

To join our dynamic network and stay updated on the latest AP trends and developments, visit us at: Accounts Payable Professionals LinkedIn Group

Mistake Avoidance in Accounts Payable

In the world of finance, accuracy is paramount. Nowhere is this truer than in the realm of accounts payable (AP), where even the smallest mistake can lead to significant financial discrepancies and operational headaches. From misplaced decimal points to erroneous data entries, errors in AP can snowball into costly issues if not promptly addressed.

To maintain the integrity of your financial processes and safeguard your organization's fiscal health, it's essential to implement robust methods of mistake avoidance in your accounts payable practices. Let's delve into some effective strategies to mitigate errors and streamline AP operations:

1. Automated Invoice Processing: Manual data entry is prone to errors. Implementing automated invoice processing systems can significantly reduce human error by accurately capturing and recording invoice data. These systems leverage optical character recognition (OCR) technology to extract information from invoices, minimizing the risk of data entry mistakes.

2. Establish Clear Approval Workflows: Lack of clarity in approval workflows can lead to delays and errors in processing invoices. Define clear and well-documented approval processes that outline the steps, roles, and responsibilities involved in approving and processing invoices. This ensures accountability and reduces the likelihood of oversight or duplication of payments.

3. Regular Reconciliation: Conduct regular reconciliations between accounts payable records and vendor statements to identify discrepancies promptly. Reconciling accounts helps detect any inconsistencies or missing payments, allowing you to rectify errors before they escalate into larger financial issues.

4. Segregation of Duties: Implement a system of checks and balances by segregating duties within the AP process. Assign distinct roles for invoice receipt, approval, processing, and payment to different individuals or teams. This segregation helps prevent fraud and errors by ensuring that no single person has control over the entire payment process.

5. Supplier Master Data Management: Maintain accurate and up-to-date supplier master data to avoid payment errors resulting from outdated or incorrect vendor information. Regularly review and validate supplier records to ensure accuracy in addresses, banking details, and contact information.

6. Training and Education: Invest in ongoing training and education for AP staff to enhance their understanding of best practices, compliance requirements, and the use of AP systems. Well-trained employees are better equipped to identify and rectify errors, reducing the likelihood of costly mistakes.

7. Utilize Technology for Error Detection: Leverage technology solutions such as accounting software and AP analytics tools to detect anomalies and errors in payment data. These tools can flag duplicate invoices, unusual payment amounts, or deviations from established patterns, allowing for prompt investigation and resolution.

8. Implement a Robust Review Process: Establish a rigorous review process for all outgoing payments. Conduct thorough reviews of invoices, payment authorizations, and supporting documentation to verify accuracy and compliance with organizational policies before processing payments.

9. Continuous Improvement: Foster a culture of continuous improvement within the accounts payable function. Encourage feedback from staff and stakeholders to identify areas for optimization and implement process enhancements that minimize the risk of errors over time.

10. Regular Audits: Conduct periodic internal audits of your accounts payable processes to assess compliance, identify weaknesses, and address any potential areas of risk. External audits by independent auditors can provide additional assurance and validation of your AP controls and practices.

By implementing these methods of mistake avoidance in your accounts payable processes, you can enhance accuracy, efficiency, and compliance while minimizing the risk of financial errors and fraud. Investing in robust AP practices not only safeguards your organization's financial integrity but also contributes to overall operational excellence and stakeholder trust.

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Robert Ruhno

Director of Social Media

Accounts Payable Professionals Group (APPG)

Introducing: Factura.ai

Factura.ai is a great AP automation solution that offers unique functionality for companies that operate multi-unit/entity operations. They specialize in retail, hotels, restaurants, as well as shared services centers, BPOs, and more. Users of Factura consistently give them 5-star reviews: https://lnkd.in/g6JYkAwr

To learn more please reach out to the Director of Sales, Mark Beasley, at mark@factura.ai, or sign up for a free demo: https://factura.ai/appg/

#accountspayable #accounting #hotels #retail #ai #automation #restaurants #ap #invoiceprocessing #invoicemanagement #bpo #sharedservices #sso

SAP Concur Fusion Virtual Summit

Due to Corona-19 the SAP Concur Fusion Summit in Orlando, Florida had to be canceled as an in-person event. However, in a turning lemon into lemonade moment, the event managers created the first-ever virtual summit for SAP Concur Fusion.

https://fusion.concur.com/virtual-summit

The Key-note address was very professionally produced and beautifully designed. All of the speakers did a great job. It is worth a look, to see for yourself. Besides the key-note, there are 18 virtual workshops to listen to and watch the presentations that go along with it.

The 18 virtual workshops do not have the same production value of the key-note address. The workshops resemble your average webinar. But, if you are looking for more information regarding SAP Concur products, these workshops might be worth your time to check out.

There is no cost to check out the SAP Concur Fusion Summit, so why not do so?

#accountspayable
#accounting

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Robert Ruhno
Director of Social Media
Accounts Payable Professionals Group (APPG)

Happy AP Appreciation Week

The week of May 18th thru the 22nd has been declared as AP Appreciation Week. So thank you for all the hard work you do! I know first hand that AP is more than, "just paying the bills". Sometimes it is like you are taking on several roles at the same time: accountant, police, economist, politician, teacher, and occasionally mental health therapist! lol.

#accountspayable
#accounting
#apappreciationweek

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Robert Ruhno
Director of Social Media
Accounts Payable Professionals Group (APPG)

Getting it Done, Even at Home

Accounts Payable Professionals group is free to join and is welcoming new members. Our members make up a vibrant online community that helps each other regularly with all kinds of technical questions regarding accounts payable and the various technologies that go with it. We encourage networking between members and work hard to minimize "spammy" discussion posts.

We are all working from home now, due to the Covid19 pandemic, but the way we work going forward is going to change dramatically. Many of us are proving that we can successfully get as much work done from home, as we did at the office. No doubt this proof of concept will open up the opportunity to continue working our digital jobs from home. Imagine all the time saved from not commuting (not to mention fewer CO2 added to the air). There are a lot of details that will have to be figured out.

I would like to open up the discussion on the subject of, "How do you see Accounts Payable after the quarantine?"

Interested in joining? We are available on:

● LinkedIn ● Twitter ● Facebook ● Blog

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Robert Ruhno

Director of Social Media

Accounts Payable Professionals Group (APPG)

Free learning resources

Here is a list of free resources to improve your accounting knowledge (I will add to this list as I discover new ones):

* IRS webinar videos:  https://www.irsvideos.gov/Webinars