Guarding Against Fraud: Internal Controls in AP

I recently sat down with a group of business owners to delve into a pressing concern that permeates the world of accounts payable (AP) automation: Fraudulent Payments. In our open discussion, a common refrain echoed through the room – the urgency of establishing a robust safeguard against an array of challenges that beset the landscape of accounts payable operations.

Julie, owner of a retail outlet, stated “Internal fraud is the most common issue we face. Without comprehensive internal controls, our systems are vulnerable to unauthorized payments that eventually compromises operational integrity.” While Billie, owner of an auto care shop, stressed the impact of “Duplicate and late payments on cash flow, motivating us to implement vigilant internal controls for scrutinizing each payment.”

During the discussion, a few other SMB owners believed that 70% of the fraudsters committing business payment fraud are ahead of the game.

This candid exchange illuminated the vital role of internal controls within the accounts payable process. If you are looking to improve security and control, AP automation solutions can help pave the way to a more efficient and secure way to process invoices and payment.

From here, our journey delves into the core of accounts payable internal controls, exploring their significance in fortifying your AP process against fraudulent payments. We will unveil actionable strategies empowering you to establish secure transactions effectively.

Read More at https://pathquest.com/knowledge-center/blogs/internal-controls-in-accounts-payable/

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February 21, 2024

PathQuest Solutions

We are a subsidiary of Pacific Accounting & Business Services aka PABS, a result-driven Blended Shore Outsourced Accounting Firm. For the last 15 years, PABS has been catering outsourced accounting services to small and medium businesses across diverse industry verticals. Being a leading outsourced accounting company, PABS offers accurate & premium quality accounting, bookkeeping, and financial reporting.

While eliminating the accounting woes of our clients, we realized something was missing, and guess what? We already knew the answer – PathQuest. At PathQuest, we help make your business better and reach its full potential by moving beyond the conventional finance and bookkeeping operations. Our goal is to empower businesses and franchise owners across diverse industries to excel in their accounting processes, ensuring accuracy and effortless financial accessibility at their fingertips.

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