Worst practices for the three-way match process in accounts payable or accounting can mean the difference between paying exactly what you owe and paying a lot more on your invoices. Sadly, they are all too common. The three-way match is a process that businesses use to ensure that the goods or services they receive match what they ordered, as well as what they are being billed for payment. This process helps to prevent errors and fraud and is an important part of a business's financial management. When best practices...
Worst practices for the three-way match process in accounts payable or accounting can mean the difference between paying exactly what you owe and paying a lot more on your invoices. Sadly, they are all too common. The three-way match is a process that businesses use to ensure that the goods or services they receive match what they ordered, as well as what they are being billed for payment. This process helps to prevent errors and fraud and is an important part of a business's financial management. When best practices in this critical area are ignored, they can end up costing businesses hundreds or thousands of dollars – or more. Stick around until the end when we discuss one many companies never even consider. #accountspayable #threewaymatch #accounting
Accounts payable and accounting require the use of both accounts payable best practices and strong account payable internal controls. For many organizations, the review of expense reports and the requests for reimbursement of expenses, is handled in accounts payable. For the accounts payable process to work well, best practices for AP should be used. By their very nature, accounts payable best practices incorporate strong internal controls and avoid AP control weaknesses. Three-way match best practices for the invoice handling process in accounts payable or accounting can mean the difference between paying what’s owed or more than what’s owed.
Link to Three Way Match Internal Controls https://youtu.be/mCJTAPAsFQc& list=PLtL6rWSXZ-HemLUV6hG8rDbeElk9kaPjm
A list of short videos on different aspects of the three-way match: https://youtube.com/playlist?list=PLtL6rWSXZ-HemLUV6hG8rDbeElk9kaPjm
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