Remove 2020 Remove Accounts Payable Remove Collections
article thumbnail

How Automation Can Improve Accounts Payable Compliance

MineralTree

In any organization, the accounts payable (AP) department is responsible for handling and processing payments. What is Compliance in Accounts Payable? Compliance in accounts payable refers to the practice of following laws, regulations, and standards related to handling payments. Let’s take a closer look.

article thumbnail

Construction Industry Trends: 5 Game-Changing Shifts for Accounts Payable in 2022

AvidXchange

The industry recovered well from the 2020 recession and is more readily embracing technology to enhance productivity and provide a competitive advantage. An analysis of 1,200 companies globally that were hit by cyber extortion between 2020 and 2021 revealed those parts of the market where ransomware is the most widespread.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

How to Fight Accounts Payable Fraud

AvidXchange

Accounts payable fraud is a major problem. They’re taking advantage of the Digital Era’s easy access to private accounts and information in malicious ways that are easily overlooked. But as technology evolves, accounts payable automation (AP automation) is making it hard to crack the code to fraudulent AP attempts.

article thumbnail

Real Estate Trends: 7 Accounts Payable Movements to Track in 2022

AvidXchange

The pandemic fundamentally shook accounts payable (AP) departments in real estate — forcing remote work and, in turn, accelerating the adoption of AP automation. As teams digitize accounts payables, they can better analyze spend and more accurately budget and forecast for the future.

article thumbnail

7 Misconceptions Finance Pros Should No Longer Believe about Paper and Paperless Accounts Payable Automation

AvidXchange

While making these adjustments, many have been grappling with an important decision: whether to continue using a manual paper process to execute their accounts payable (AP) processes or shift to a paperless AP system. As such, going paperless could be an urgent matter for your business. “In Because it is.

article thumbnail

Unusual Year-End Closing Process Headed Your Way: What to Do (and Not Do)

AvidXchange

Almost everything in the year 2020 has been – and will continue to be – about changes and abnormalities. That includes using the power of accounts payable (AP) automation software to help make your year-end process faster and easier. The data there should be consolidated and updated often and rapidly.

article thumbnail

The Guide to Invoice Audit in 2024

Nanonets

What is an Accounts Payable Audit?    An Account Payable Audit is a process by which the financial records of the accounts payable department are examined by an auditor. It is to be noted that a statutorily ordained Account Payable Audit has to be undertaken only by external auditors.