As if there wasn’t enough to worry about when running a business, you also need to constantly monitor your payments to ensure no one is trying to defraud you. A common type of fraud affecting businesses of all sizes is accounts payable fraud.
Accounts payable, also called AP or A/P, is your business’s short-term debt. In other words, it’s all the upcoming bills that need to be paid to creditors. For example, you purchase supplies on credit and have 30 days to pay your supplier. This debt is part of your accounts payable, and its payment is the responsibility of your accounts payable team.
