MineralTree

DECEMBER 7, 2023

For accounts payable (AP) teams, vendor payments are the cornerstone of business relationships. This becomes even more important as the threat landscape evolves and instances of fraud continue to rise. While checks are a familiar option, they present risks like fraud exposure and the potential for mail delays.

AP 79

AP Deposits Accounts Payable Accounts Payable 79

MineralTree

JANUARY 18, 2024

Optimizing the accounts payable (AP) process involves more than paying vendors on time — it’s also about maximizing efficiency and accuracy with every outgoing payment while managing cash flow to maintain a healthy business. The primary goal for AP teams is to ensure timely, accurate payments to vendors.

Accounts Payable 80

Accounts Payable Accounts Payable Outgoing Payments AP 80

MineralTree

NOVEMBER 2, 2023

Accounts payable is a foundational function that ensures organizations maintain accurate invoices, payments, and vendor relationships, while making bill payments on time. Accounts payable (AP), is the money that a company owes to its vendors and suppliers for goods or services provided. Audits uncover and rectify these inaccuracies.

Accounts Payable 81

Accounts Payable Accounts Payable Auditing AP 81

AvidXchange

JANUARY 19, 2024

It’s a way to flag billing errors, avoid overpayment and prevent fraud. Treasury Department reported an 84% increase in check fraud in 2022. Negotiate Discounts and Terms with Vendors By implementing accounts payable best practices, your team can have a significant impact on the organization’s bottom line.

Accounts Payable 104

Accounts Payable Accounts Payable AP Accounting 104

MineralTree

FEBRUARY 15, 2024

AP check runs involve approving and issuing checks for vendor payments, with 36% of companies still making over half of their payments by check. The AP check run involves the approval and issuance of checks for vendor and other stakeholder payments. of organizations need tools to pay vendors via check when needed. Did you know?

AP 78

AP Accounts Payable Accounts Payable Invoicing 78

MineralTree

MARCH 16, 2023

This includes: Enrolling Vendors Vendor enrollment is a time-consuming and tedious process. In fact, vendor enrollment is the number one pain point for accounts payable teams. Payment service providers such as MineralTree , can help alleviate the stresses associated with enrolling vendors by taking over your vendor outreach.

Accounts Payable 88

Accounts Payable Accounts Payable AP Data Entry 88

MineralTree

JULY 27, 2023

How to Protect the AP Team Picture this: You receive an email from one of your company’s vendors requesting an urgent update to their payment information. You have a strong relationship with this vendor, so you comply without a second thought — unaware that you’ve just fallen victim to a BEC (business email compromise) scam.

AP 68

AP Invoicing Accounts Payable Accounts Payable 68

AP Association

APRIL 12, 2022

Put a dispute resolution system in place There will be times when your AP department gets into disputes with vendors and suppliers. Tracking issues can also help you identify suppliers who may not be playing by the rules, allowing you to evaluate them over time and, if necessary, choose another vendor supplier.

Accounts Payable 130

Accounts Payable Accounts Payable AP Accounting 130

Cevinio

OCTOBER 31, 2023

E-invoicing offers considerable advantages for both vendors and customers. Fight Fraud: E-invoicing enables better integration with your vendors. When receiving e-invoices, two accounting systems communicate with one another, limiting the potential for errors and invoice fraud.

Accounts Payable 100

Accounts Payable Accounts Payable Invoicing Data Entry 100

NextProcess

JANUARY 12, 2024

For example, not every AP employee should have editing access to your company’s Master Vendor File. 7) Manage Vendor Information You need a single, clean master list that collects all your vendor information in one place. Those types of inaccuracies put your company at risk of fraud or making inaccurate payments.

Accounts Payable 52

Accounts Payable Accounts Payable AP Accounting 52

Counto

FEBRUARY 4, 2024

Accounts Payable Process: Overcoming Common Challenges with Automation Managing your accounts payable (AP) process effectively is crucial for maintaining smooth financial operations and vendor relationships. Slow processing can lead to late payments and disgruntled vendors.

Accounts Payable 52

Accounts Payable Accounts Payable Purchase Order AP 52

MineralTree

JUNE 29, 2023

How Vendor Management Impacts Supply Chains The future of the supply chain remains an uncertainty for many companies. Savvy AP teams realize that strong vendor relationships and on-time payments are critical to a healthy supply chain. What is Vendor Management?

Vendor Management 76

Vendor Management AP Accounts Payable Accounts Payable 76

MineralTree

JANUARY 25, 2024

Vendor relationships and payment inquiries drive payment automation adoption Critical supply chain disruptions in the last two years placed increased focus on strategic vendor relationships, which are only growing in importance. At the end of the day, vendors want to be paid more quickly and accurately.

Accounts Payable 69

Accounts Payable Accounts Payable AP Accounting 69

Compleatable

JUNE 28, 2023

It streamlines everything, consolidates all your vendor info, makes it easy to find what you need, and best of all- it’s mobile! Also, if you want to be a market leader, you can establish strong vendor relationships with your suppliers. Let’s not forget about accounting fraud!

Accounts Payable 100

Accounts Payable Accounts Payable AP Accounting 100

MineralTree

FEBRUARY 29, 2024

Efficient digital payments are critical for accounts payable (AP) teams to streamline the AP process and maintain strong relationships with vendors. Key takeaways AP teams that rely solely on QuickBooks for payments experience vendor enrollment issues, sync challenges, and tedious, manual work. Vendor enrollment 2.

AP 52

AP QuickBooks Data Entry Invoicing 52

Nanonets

SEPTEMBER 22, 2023

  Accounts payable  (AP) refers to the money a company owes to vendors and suppliers for goods or services purchased on credit. It is important to segregate these functions within different departments or personnel to reduce the risk of fraud. What is Accounts Payable?

Accounts Payable 52

Accounts Payable Accounts Payable General Ledger Accounts Receivable 52

Nanonets

APRIL 1, 2024

Tipalti's AP automation solution includes multi-entity support, tax compliance, and fraud detection, allowing businesses to simplify and evolve their AP processes while focusing on growth and success. Automated 3-way matching and discrepancy detection help identify potential issues early in the process, preventing overpayments and fraud.

AP 98

AP Accounts Payable Accounts Payable Invoicing 98

NextProcess

FEBRUARY 9, 2024

For every invoice, your AP process needs to keep track of vendor name, account number, invoice number, amount owed, expense type, invoice receipt date, and payment deadline. 3) Manage Suppliers and Vendors Vendors and suppliers are an important part of the accounts payable process. Should you send out batches of paper checks?

Accounts Payable 52

Accounts Payable Accounts Payable Purchase Order AP 52

AP Association

JANUARY 21, 2020

For example, the Procurement/Sourcing should have a separate policy since their focus may be items such as vendor risk management, identifying strategic partners, and reducing costs. Each can quite different from a focus on onboarding vendors for the purpose of payment for goods and services. Include signature requirements.

General Ledger 130

General Ledger AP AR Purchase Order 130

Nanonets

APRIL 3, 2024

Guide to the Vendor Account Reconciliation Process Running a business involves collaboration with various vendors who provide different kinds of products and services. Vendor reconciliation , a crucial part of this process, involves scrutinizing purchase-related documents to ensure accuracy in all vendor transactions.

Account Reconciliation 52

Account Reconciliation Accounts Payable Accounts Payable Data Entry 52

Nanonets

NOVEMBER 14, 2023

In business operations, BEC is often used to manipulate individuals within an organization for financial fraud or unauthorized access to sensitive information. Perpetrators impersonate trusted entities, such as executives or vendors, employing social engineering techniques to coerce employees into compromising actions.

Invoicing 52

Invoicing Invoice Processing Auditing Collections 52

MineralTree

MARCH 14, 2024

A manual approach slows down the payment process and increases the risk of errors and fraud while jeopardizing relationships with strategic vendors. End-to-end automation enables businesses to efficiently process invoices and pay vendors quickly and easily. In fact, check fraud is expected to reach $24B in 2024.

Accounts Payable 52

Accounts Payable Accounts Payable AP Accounting 52

MineralTree

FEBRUARY 16, 2023

In order to prevent ACH payment scams, you must first understand the current state of ACH fraud and the most common scamming methods. ACH payment scams are a type of fraud committed by using Automated Clearing House (ACH) payments. In doing so, the AP team thinks that they’re paying the vendor. Let’s take a closer look.

AP 52

AP Accounts Payable Accounts Payable Data Entry 52

Nanonets

NOVEMBER 30, 2023

Companies that establish accounts payable best practices increase the visibility of information, reduce their invoice processing time, save money, strengthen internal controls and cash flow management, reduce fraud and errors, and improve vendor relationships. Accounts payable best practices are a subset of accounting best practices.

Accounts Payable 52

Accounts Payable Accounts Payable General Ledger Purchase Order 52

oAppsNet

MARCH 3, 2024

In today’s rapidly evolving business landscape, effective vendor management is essential for organizations to maintain competitive advantage, drive operational efficiency, and foster innovation.

Vendor Management 52

Vendor Management Auditing Accounting Accounting 52

MineralTree

FEBRUARY 1, 2024

Yet, it also underscored the critical role that AP plays in enabling prompt vendor payments and strengthening relationships to keep goods and services flowing during supply chain volatility. MineralTree recently surveyed more than 800 finance professionals and over 200 of their vendors for the State of AP Report.

Accounts Payable 74

Accounts Payable Accounts Payable AP Accounting 74

Nanonets

MAY 7, 2024

This process is essential for maintaining financial accuracy, compliance with regulations, and preventing fraud or errors. Fraud Prevention: Expense reconciliation plays a critical role in fraud prevention. Vendor reconciliation is essential for maintaining good relationships with suppliers and avoiding payment disputes.

Reconciling 52

Reconciling Bank Reconciliation Financial Records Expense Reports 52

Nanonets

MAY 31, 2023

In business, mistakes made by manual processes are difficult to control, leaving businesses of all sizes vulnerable to fraud.     Accounts payable (AP) fraud is a growing concern, with over 80% of organizations having fallen prey to it.  Even  Once it is approved, a cheque is cut and payment is sent to vendors.  In

Accounts Payable 52

Accounts Payable Accounts Payable AP Data Entry 52

Bookkeeping Express

APRIL 26, 2023

Fraud is a constant concern for businesses, whether internal or external. Let’s examine how fraud prevention and detection is automatically “built-in” to a properly designed and implemented bookkeeping process, making it your first and most reliable line of defense against fraud. Accounts payable reconciliation.

Bookkeeping 52

Bookkeeping Purchase Order General Ledger Reconciling 52

Nanonets

MARCH 14, 2024

All invoices received by a company for products or services that have been purchased from a vendor must be checked for accuracy before payment is initiated. Purchase order (PO) is a legally binding agreement issued by the purchaser to the vendor, informing of the type of product/service ordered and the quantity and prices agreed upon.

Purchase Order 52

Purchase Order Accounts Payable Accounts Payable Invoice Processing 52

Nanonets

APRIL 18, 2023

Automated Clearing House (ACH) payments have become increasingly popular among growing businesses, for their faster processing times, lower fees, and reduced risk of fraud. However, managing ACH payments can be a challenging task for AP teams, especially when dealing with multiple vendors and payment preferences.

AP 52

AP Deposits Accounts Payable Accounts Payable 52

MineralTree

SEPTEMBER 28, 2023

For example, bad actors could send phishing emails using the correct vendor name but include fraudulent payment details. Automated AP solutions can help reduce the risk of invoice fraud and vendor fraud by providing real-time visibility into transactions and flagging suspicious activity.

AP 78

AP Invoicing Invoice Processing Data Entry 78

Gaviti

APRIL 30, 2023

Modern fraud tactics are more sophisticated than they used to be. While payment fraud can take many forms, the one that affects accounts receivable departments the most is payment redirection fraud and prevents your company from getting money due to them. What Is Payment Redirection Fraud?

Invoicing 52

Invoicing Accounts Receivable Accounts Receivable Account Receivables 52

Nanonets

MARCH 20, 2023

The accounts payable process of a company is the management of its short-term payment obligations to vendors/suppliers. The accounts payable or AP is the amount of money that a business owes to its vendors/suppliers for availing their goods/services. Accounts payable processing ensures timely payments to suppliers and vendors.

Accounts Payable 52

Accounts Payable Accounts Payable AP Accounting 52

Compleatable

JUNE 15, 2023

Apart from the obvious risk of fraud, these purchases burn a huge amount of time for finance. Compleat enables every member of staff to buy online from any supplier/vendor website. Online business delivers suppliers/vendors with the lowest possible cost of sales, making it a simple ‘pick, ship and bill’ execution.

Invoicing 100

Invoicing Accounting Software Billing Purchase Order 100

Nanonets

MAY 11, 2023

Invoice processing or bill processing is the whole gamut of operations associated with the business-end (pun unintended) of purchasing products/services from a vendor. It encompasses all the steps right from receiving a vendor’s invoice to recording the payment made after appropriate checks & approvals.

Invoice Processing 52

Invoice Processing Invoicing AP Accounts Payable 52

Nanonets

MAY 31, 2023

Payment fraud has tripled from $9.84 This surge in fraudulent financial activities can be attributed to a combination of factors, including the widespread adoption of online payment systems, the increasing sophistication of fraud techniques, and the collaborative efforts of criminals facilitated through the dark web.

Data Entry 52

Data Entry Auditing Computation Purchase Order 52