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A Bit of Fun and Scary Facts about Accounts Payable
Learning sure is quite a tedious tasks but could be turn into a fun lecture with this mix of fun and scary facts about accounts payable. Being able to know little information on things or engage you on such will help you see what’s in your future. Having to decide what to do is a much more tedious task than having a grasp of things to learn.
As defined, accounts payable is also known as payables or trade payables. It is the company’s balance sheet which has the information about the money owed by a business to its suppliers shown as a liability. Such payable is recorded in the accounts payable sub-ledger and would also create an invoice representing the vouched for the payment.
Fun Facts about Accounts Payable
Present and used by the Greeks
It dates back to ancient Greece that automated technology has been of use in this era. It was first used by Homer. The Latinization of the Greek, or “acting of one’s own will”. It was the Antikythera mechanism, the only surviving analog computer ever to exist in Hellenistic Greece.A wide range of automated technologies to choose from
According to Chief Marketing Specialist, it was dated that on 2014, there were 211 different marketing automation solutions on the market with 947 different technologies available.
Accountants doing Police Work
It was that FBI employs 2,000 accounting special agents on handling white collar crimes. It was of also known fact that the famous Chicago crime boss Al Capone was taken down by accounting agents. He was arrested and convicted for income tax evasion rather than the many alleged crimes he’s accountable for.
Scary Facts about Accounts Payable
Invoice? Where art thou
Don’t stress your A/P clerk for unwanted expense. According to the 2012 AP benchmarks reports, it takes up to 5 or more days for the invoice to reach the A/P department upon delivery of the invoices from the vendors to the purchasers.
Patience is a virtue
Due to the fact that the invoices arrives jn a paper format, the accounts payable network let us know that inputting such information could be done for around 14% only upon its arrival date.Needs more time
A minimal automation could process a single invoice up to 16.3 days, said the Aberdeen Group. Also, a huge difference between low level of automation from high level of automation was around 20 times higher of the average cost in processing an invoice according to the Institute of Finance & Management (IOMA).Are you sure your money is safe?
It was stated by the Association of Certified Fraud Examiners that organizations lose an estimated 5% of their annual revenues o fraud.Did you know, you could outsource your accounting services? There are companies that offers outsourced accounts payable that would surely come in handy for the benefit and shows progression in the business. Asking for an outside intervention would not be as much horror as anyone who has foresaw it could be. Ask them, know them, and see if they could make amends with your interests and needs.
