In the last few years, there have been lots of changes in account payable operations. Along with trying to improve efficiency, these changes also help to combat fraudsters who are using the latest technologies in terms of payable operations which can be a huge loss for small and medium sized companies.
Every company undergoes an auditing process, which in turn reveals the negative part of the payment process for the company. Once the auditing process is complete, the type of over payments that have come into the picture need to be explained by the accounts team. To overcome this problem, we list down the best practices for accounts payable operations, and cover everything from invoice handing to payment processing so you can do your job better. The top 10 practices for accounts payable operations to optimize spend management include –