7 ‘Do This, Not That’ Practices Every Organization Should Use

7 ‘Do This, Not That’ Practices Every Organization Should Use

Many organizations incorporate poor practices into their accounts payable function without knowing it. Check out Mary Schaeffer’s seven ‘Do This, Not That’ suggestions to eliminate these common problems.

  1. DO: Centralize the receipt of invoices.
    DON’T: Allow the vendor to decide where to send invoices.
  1. DO: Return unidentified invoices to the sender.
    DON’T: Try and determine who placed the order.
  1. DO: Establish and mandate the use of a rigid coding standard.
    DON’T: Allow each processor to enter data as they wish.
  1. DO: Review statements for open vendor credits on a regular basis.
    DON’T: Ignore the issue.
  1. DO: Mail all checks.
    DON’T: Return checks to the requisitioner.
  1. DO: Address the personal device issue.
    DON’T: Allow employees to do as they see fit.
  1. DO: Learn as much as possible about invoice automation.
    DON’T: Hope the issue will go away.

To learn more best practices and how you can avoid an internal control breakdown, download the full whitepaper here.