In our research for the new Complete Guide to AP Best Practices, we found that no two AP departments process invoices exactly alike. But we did find certain practices common to all—or that should be common to all—because of internal control purposes. Prior to the enactment of the Sarbanes-Oxley Act, lack of adequate controls over invoice handling only opened the organization up to fraud or duplicate payments. We said “only” here, but these are serious consequences to be sure. But now, organizations subject to SOX that do not have adequate invoice handling practices risk running afoul of the new legal requirements. The following five best practices form the basis for a solid invoice handling process.
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