Regular Audits: Conduct regular internal and external audits to assess compliance.

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Extend Payment Terms: Negotiate extended payment terms with suppliers.

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Automated Reporting: Use automated reporting tools for regular updates.

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Electronic Approvals: Implement electronic approval workflows to speed up the process.

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10 Key Benefits of AP Shared Services Centers

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Map Current Processes: Understand and document current AP processes before implementing automation.

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Implement Internal Controls: Use internal controls to prevent and detect errors and fraud.

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Fraud Detection: Implement machine learning algorithms to detect fraudulent transactions.

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Standardize Processes: Establish standardized processes and procedures for AP.

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Standardized Processes: Implement standardized AP processes across entities.

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