Growing Your Business

11 Best Practices for Managing Accounts Payable

6/7/2015

One of the most important aspects of a successful business is making sure that you are tracking and managing your accounts payable function. Records of outbound payments need to be organized and accurate, not only to ensure your own piece of mind but also for when you want to sell your business or need to apply for expanded credit or a loan. In order to help businesses to safeguard this function, we have provided a list of essential steps that, if followed, will help you achieve this goal.

Do not make a payment unless there is some type of invoice or documentation to back up the request. Starting with a purchase order is preferred.
Create a system wherein before payments are released, they are reviewed and receive approval.
Checks should not be processed far in advance of the date that you plan to send out the payment. Process checks when you are actually ready to make the payment in order to prevent them from being misplaced or otherwise mishandled.
Create a regular payment schedule so that processing checks is done at a specific time rather than on an ongoing basis.
To avoid cash flow issues create an aging report. This will help you make sure that you don't get caught off guard by a bill coming due for more than you have available in cash.
Employee fraud can happen to any business, and the accounts payable process is particularly vulnerable. Avoid this problem by limiting the ability to create new vendors or payment accounts in the system.
Another important aspect of protecting funds is to carefully guard checkbooks, payment devices, and electronic access to bank accounts.
Employees within the accounts payable or bookkeeping department should have carefully segregated responsibilities so that those who are actually writing checks are not the same people who are reviewing bills and providing approval, and the person who is handling payments is not the person who is checking the books for accuracy afterwards.
A particularly effective way of ensuring that the bookkeeping function is operating accurately is to require that the department employees take days out of the office. This provides a chance to cross train employees in preparation for unforeseen circumstances, as well as the opportunity for a new set of eyes to review the books for mistakes or irregularities.
Companies that make the effort to manage their payments need to make sure that their Accounts Payable employees are always aware of how much money is available to pay out during a particular payment run.
The general ledger account is a very important way to keep track of your business' overall financial health, and as such it is essential that payments are correctly classified and logged under the appropriate account. Educate your Accounts Payable personnel about this essential step, and stress the importance of appropriately coding payments.

A business whose Accounts Payable department is well managed and organized is well on its way to success, but one that is haphazardly run can be a risk for fraudulent behavior or errors. Following these steps will go a long way to securing your profitable future. If you have any questions regarding setting up or managing your Accounts Payable for your small business, contact Karen Drescher, CPA at (770) 474-0464.

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Karen C. Drescher, CPA, CGMA

Whether it is helping a individual or a Georgia small business with their taxes, or offering to be a backstop through their difficulties, Karen is always there for her clients. When you are a client of Karen's, she always tries to make you feel comfortable in a casual and friendly environment.

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