Controller Benefits

Accounts Payable fraud is a common type of fraud that targets a company’s accounts payable department, which is responsible for paying suppliers and vendors. Accounts Payable fraud can take shape in multiple forms and can be committed internally by employees, externally by vendors, internal and external parties working together to commit fraud, or internal/external hackers.

Definition & Other AP Questions Answered…

rnrnAccounts payable (AP) refers to what is owed for items purchased on credit. It is considered a short-term debt, or money that a business owes its suppliers. It appears as a liability and shows how much a company owes to its suppliers for products or services that it purchased and received on credit.

Accounts payable is an integral part of the way organizations operate. While recognized as a support in maintaining profitability, accounts payable has historically been done through manual processes. Why though? It’s inefficient, prone to error, and can be expensive. Switching to EZ Cloud AP automation is the best way to streamline this process.

Calculating the cost of processing an invoice is important for any organization using Accounts Payable. There are several factors to consider when calculating the cost of an invoice, and it may be difficult to accurately calculate the actual cost of processing. While somewhat technical and mathematical, this blog aims to assist in calculating the true average cost of processing an invoice. rn