Sample interview questions: How do you ensure that financial transactions are recorded in compliance with GAAP?
Sample answer:
Ensuring Accurate Financial Recording in AP Systems
- Establish Clear Approval Processes: Implement authorization protocols for invoice approval, ensuring that only authorized personnel can approve expenses.
- Automate Invoice Receipt and Data Extraction: Use software or third-party services to automate invoice receipt, data entry, and matching to purchase orders, reducing errors and manual processing.
- Implement Three-Way Matching: Match invoices to purchase orders and goods received notes to verify the accuracy of expenses and prevent duplicate payments.
- Reconcile Supplier Statements Regularly: Regularly compare AP records to supplier statements to identify discrepancies and ensure accuracy.
- Conduct Periodic Account Reconciliations: Reconcile AP accounts to the general ledger to identify and correct any errors … Read full answer