What Could Cause Accounts Payable To Be Understated

Hey People,

I had been looking for a professional bookkeeper for some time as my small business was growing and my responsibilities were increasing. Meanwhile, to fill the gap till we hired someone, I appointed my friend to handle the accounting. We were doing well, until we realised that our accounts payable were understated and that too by a huge margin. We could not understand what happened and how the payables were so low than the actual amount. So we hired a bookkeeper who audited the accounts and showed us the mistakes. He told us that it was common to miss out on these things. So here is an article that will enlighten you about the same and help you avoid understatement.     

https://www.agibookkeeping.com.au/cause-accounts-payable-understated/