Managing Accounts Payable

One of those horrible words every AP manager hates to hear is "audit." It means extra work and some young hotshot going through things with a fine-tooth comb, looking for something wrong. AP can be subject to government audits from the Internal Revenue Service and state revenue departments, and you may also undergo internal audits and audits by outside accounting firms. Here are some tips on what to do and what not to do during an audit.