Originally published in
Reprinted with permission

Simple Changes Can Minimize Accounts Payable Errors

In most companies, one out of every 500 invoices that has already been paid contains an error of some sort, such as a payment of an overcharge or a duplicate payment.

Over the course of several years, these errors can add up to significant dollars.

That’s the experience of Jon Casher, Chairman of RECAP, Inc. (Oak Ridge, New Jersey). His firm specializes in finding and recovering overpayments,as well as helping businesses improve their accounts payable and purchasing processes.

About 75 percent of the dollar value of these accounts payable errors can later be recovered, either by a vendor or someone reviewing payments, Casher says.

Fortunately, simple procedural changes in accounts payable can often eliminate between 50 and 75 percent of accounts payable errors, reports Casher.

Three examples of such procedural changes are shown in the box on page 4.

Connection: Jon Casher, Chairman, RECAP, Inc., 3040 Holiday Springs Blvd Ste 105, Margate, FL 33063-5425; phone (888)697-6430; fax (888)697-1530.

"Simple Changes Can Minimize Accounts Payable Errors"
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