Accounts payable fraud risks finance and security and is an ever-growing threat for businesses. With increasingly sophisticated methods, fraud can go undetected for months – or even years – unless robust fraud detection and prevention controls are in place. At Westgate Moore Associates (WMA), we specialise...
Managing accounts payable (AP) effectively is critical to maintaining financial accuracy, compliance, and operational efficiency. However, even the most well-run businesses are susceptible to payment errors, financial leakage, and fraud if audit best practices are not in place. At Westgate Moore Associates (WMA), we’ve spent over...
Late or missing invoices can be a significant challenge for businesses, leading to cash flow issues, strained supplier relationships, and unnecessary financial stress. Whether caused by human error, misplaced paperwork, or inefficient systems, these disruptions can quickly escalate if not managed effectively. At Westgate Moore Associates...
What Is Overpayment in Accounting? An overpayment occurs when an invoice is settled for more than the amount due. These discrepancies can happen for various reasons, such as duplicate payments, manual entry errors, or miscommunication between businesses. Overpayments may appear to be minor inconveniences, but they...
Reconciliation of supplier statements is a crucial yet notoriously tedious task for finance teams. From uncovering duplicate payments to keeping ledgers accurate, the process is essential for maintaining financial health. However, manual reconciliation is fraught with challenges, making it a low priority for many. Enter...
In any profession, no worker intends to make a mistake during their day job. But, even a small error can be costly for a business when it comes to the accounts payable function. Unfortunately, an AP professional’s role is open to human error, with manual data entry,...
In any profession, no worker intends to make a mistake during their day job. But, even a small error can be costly for a business when it comes to the accounts payable function. Unfortunately, an AP professional’s role is open to human error, with manual data entry,...
Supplier statement reconciliation is a vital part of any Accounts Payable team. A supplier statement reconciliation process allows AP teams to ensure ledgers are balanced accurately. This means working closely with suppliers to ensure that invoices and credit notes on their statements match with the transactions...
We’ve experienced a lot of changes in the world of accounts payable in the last eight months. With a mix of office and remote working changing up the industry, at Westgate Moore, we wanted to explore how AP’s and finance directors view the recovery audit process,...
Accounts payable (AP) functions are some of the most transaction intensive environments within a medium to large scale business. Endless emails, faxes, and piles of post, come into the AP function on a daily basis. The amount of incoming paper is thankfully starting to decrease;...