Process: GL – Review it or Lose it?
Or was it use it or lose it? Review the AP and AR registers weekly, not all at once. This also includes inter-company transactions – essentially a form of AR
Process: GL – Who’s on First?
Is the expense captured in an account? Is it the exact, technically correct accounting classification? Maybe not, but it's been captured in a bucket that
Process: Incorrect Code, Please Re-enter Your Code
Have you reviewed journal entry and AP account coding for the month? If not, you just added another day to the close process to review the GL to see what
Process: AP – Approve your payables once a year
Are you using pre-approved expense templates to save time on monthly expense approvals? Why not speed up the AP process with this? See the AP Approval template
Process: AP – Expense This!
Do you really know what that expense is for? Get your accounts payable team members out on the floor (store, factory, etc.) to learn what is generating the
© 2014 All rights reserved. Paul Malen