Accounts Payable Resources & Tools: Books by Mary Schaeffer

     Excerpt from The Controller and CFO's Guide to Accounts Payable by Mary Schaeffer

Part I addresses the basic functions handled in virtually every accounts payable department. Basically this covers the entire procure-to-pay cycle. We begin by looking at the important issue of internal controls. Without appropriate controls, the door to duplicate payments and fraud is opened wide. The section then investigates the invoice handling process as well as the ensuing payment process before delving into the processes that affect the function.

Few people outside of accounts payable understand the
negative ramifications of exception processing. By investigating what can go wrong when items are handled outside the normal invoice/payment processing routines, you will understand why it is imperative to minimize the number of exception items allowed.

Another issue that few companies like to talk about in public
is the level of duplicate and erroneous payments that occurs
at their companies. We’ll also provide suggestions to help you minimize this problem.

Continue reading the first chapter of this book in electronic format (pdf) here.

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