We are always looking for ways to improve our business. We want to eliminate inefficiencies and increase our profit margins….
The accounts payable section of our business is typically strenuous on our eyes and minds. After a few hours, numbers begin to switch places, things go missing, and we feel like we are losing our minds. A perfect example of why transposition in the most common accounting error. A switch between two digits can cause hours of confusion and miscommunication. Today we’ll be going over the most common mistakes made in accounts payable.
You may think that your life is not affected by financial technology but it’s all around us. Fintech is using new software and technology to change the way people pay for things and is the driving force behind the advances in cryptocurrency. These services are available to your business and are a healthy investment to make for the future.
Employees and outsiders may be taking advantage of your weak internal control system for your accounts payable to siphon extra money off the top. We’ll explain the downsides of a weak internal control, how to identify these problems, and how to make your internal control system even more effective.