Preventing Duplicate Payments
Businesses need sound processes to avoid expensive errors. For instance, almost every business has made the mistake of paying a vendor twice for the same product or service. And when it happens, assuming you find out, it can be maddening! With more businesses embracing remote workforces as a result of the Covid-19 pandemic, the risks of duplicate payments are even higher.
This video tells you the 3 things you need to do to prevent duplicate payments from happening to you:
Hi everyone, it’s Shirley Wiliani with 1-Minute Wednesday.
Here is an unfortunate truth. Every business has suffered from paying a vendor twice for the same product or service. And when you find out about it, assuming you do, it can be maddening! So, here are three things you need to make sure you do in order to prevent that from happening to you. Make sure you have:
- An accounting system setup that will not allow duplicate invoice numbers
- A documented Standard Operating Procedure for entering invoices into your accounting system
- A professional accounting person who won’t try to circumvent your policies and systems
A La CARTE Solutions is a full-service accounting and CFO advisory firm. If we can help you by making sure your business has these best practices , give us a call or click the GET IN TOUCH button below.