Most A/P departments work hard to prevent, reduce and detect mistakes, especially for major transactions and large accounts. But despite the best intentions or most diligent team, small errors slip through the cracks. After all, even 99.9% accuracy is not the same as 100%. These mistakes cost money and put the company at risk, and they often aren't found until it's too late.
Identifying and fixing such errors is an essential step for any successful company. Though it might seem intimidating, doing a thorough audit will minimize risk and save both time and money in the long run. This guide breaks down the options available to you and outlines ways to reduce loss. With these strategies, you can augment the practices of your A/P department and recover significant value for your bottom line.