What Are the Common Challenges in Managing Accounts Payable?
Entrepreneurs often face several challenges in managing accounts payable, including:
- Invoice Discrepancies: Mismatches between purchase orders, invoices, and receipts can lead to payment delays and disputes. - Cash Flow Constraints: Limited cash flow can make it difficult to pay suppliers on time. - Manual Processes: Relying on manual processes increases the risk of errors and inefficiencies. - Fraud Risk: Without proper controls, there is a risk of fraud in the AP process.