Accounts Payable Processing Best Practices

Currently, our AP process is as follows:

1. Property loads bills and attaches images; property cannot post, and so bills are left as pending.
2. Corporate AP reviews pending bills (via pending AP report), makes any corrections, and then posts the bills.
3. Corporate operations approves posted bills for payment.
4. Checks are processed based on due date cut-off.

This current process works okay and there are checks and balances in place, but we run into issues such as:

• Sometimes a bill gets loaded under the wrong vendor and will be inadvertently paid.
• Property and Corporate AP have limited coding knowledge and sometimes coding errors are not caught, creating additional corrections needed at month-end.  Would like to somehow involve the staff accountants in this process so they can catch these ahead of time, but not sure how to involve them.
• Property will sometimes complain about payments not being made timely, but Corporate AP prints and sends a pending invoice report at Enterprise level to management daily.  This is used to review historical information, but is there a better audit trail located directly in M3 reporting that could be used for issues like this?

Thanks for any suggestions.

Also meant to ask - I looked through the webinar videos but did not see an AP best practices demo.  Is one available and if not, maybe a good one to do for the future?

Reviewing General Ledger of expense accounts could catch missing or out of place invoices.  We often look over Invoice number sequences and find out of place sequences triggering a review of the invoice.  The review of the GL prior to cutting checks could provide an opportunity to void and reenter.  Details of each expense line could help bridge the gap of coding knowledge.