accounts payable
An interesting tool called Benford’s Law can be effective in detecting fraud. But it also can be used during external auditing procedures to test journal entries for unusual numeric patterns. Here’s what you should know about this statistical technique, including its potential limitations. Random data sets According to Benford’s Law, in sets of random data,…
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Managing accounts payable is a critical task for any business, but it’s particularly important for construction companies. Most contractors juggle payments to a variety of subcontractors, suppliers and other entities. (We’ll refer to them collectively as “vendors.”) And the players involved may differ from job to job, depending on location and other factors. As a…
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