Essential terms and definitions for modern finance teams and auditors.
A fraudulent practice where a vendor invoices for goods or services that were never delivered or performed.
Conflicts arising when payment terms (e.g., Net 30 days) are interpreted differently or ignored, leading to late fees or lost early-payment discounts.
The gradual increase in vendor costs over time due to small, often unnoticed price hikes or additional fees.
The process of comparing vendor invoices against purchase orders, contracts, and delivery receipts to ensure accuracy.