SOME ACCOUNTS PAYABLE CONTROLS
1. The check signer should always be given documentation as proof of validity of the check amount. This person should also randomly verify that discounts were taken, amounts were entered correctly, invoices paid on time but not too early. People are just more accurate if they know their work is being checked.
2. Duplicate payments to vendors are costly, both in time and money. If duplicate payments are made it involves a considerable amount of your employees time to phone or write to the vendor documenting the error. Many times the vendor is slow in returning this overpayment, which ties up your company's funds. Marking all paid invoices as "Paid by Check #__" will ensure that they are not accidentally processed for payment a second time.
3. If Accounts Payable is on computer, the listing of unpaid invoices should be matched to the actual invoices in unpaid invoice file at least quarterly to verify the accuracy of the computer files. If everything is OK, this would not need to be done again until next quarter. However, if there is a discrepancy the procedure should be done monthly until it is correct. Then, it can be done quarterly again.
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