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[Webinar Recap] Accounts Payable Best Fraud Deterrent Practices

Accounts Payable Best Fraud Deterrent Practices

When was the last time you reviewed your company’s Accounts Payable practices for process improvement opportunities that can help deter internal fraud? 

On February 15th, Mindy Barker of Mindy Barker & Associates CFO Services teamed up with Neal Anderson, President & CEO of OnPay SolutionsTM to talk about fraud deterrent practices that accounts payable departments can implement to lessen the risks.

Missed the Thought Leadership webinar? No problem. We have provided a recap of the highlights below.


According to the Association of Certified Fraud Examiners, the five most common fraud schemes are billing fraud, corruption, check tampering, skimming and expense reimbursement fraud.

In this webinar, Barker discusses how to address these fraud schemes and more.

She presented an "Accounts Payable Fraud Checklist". Here is a sneak peak as to what is on this valuable AP tool (for the full checklist download, click here): LINK TO LP

ACCOUNTS PAYABLE FRAUD CHECKLIST

Proactive Controls:

  • Check to ensure employees are following .........
  • Make sure someone is reviewing the Bank Reconciliation and .........
  • Walk into the accounting area in the evening ........
  • AND MORE LINK TO LP

Review of data related to payments after they are made:

  • Search for duplicate payments by ............ 
  • Similar to the previous item, but instead of matching on exact values, analyze based ........
  • Use Excel’s MOD function to identify invoices with ............
  • AND MORE LINK TO LP

Cash Controls to Prevent Skimming:

Some of the more common controls that can help prevent and detect cash skimming schemes include:

  • Utilizing an automated cash receipts system or cash register that .......
  • Issuing pre-numbered and numerically controlled cash receipt forms for all ........
  • AND MORE LINK TO LP

Want to learn more about how you can help protect your company and Accounts Payable Department from fraud? Download this free eBook now.

 





This post first appeared on OnPay Solutions Payment, please read the originial post: here

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[Webinar Recap] Accounts Payable Best Fraud Deterrent Practices

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