Get 101 Best Practices for Accounts Payable PDF

By Mary S Schaeffer

One zero one most sensible Practices for money owed Payable by way of Mary S. Schaeffer

*101 practices tested and explained

* most sensible practices delineated for each

* nearly top practices pointed out for these cases the place top practices can't be used

* dialogue of issues appropriate to the money owed payable functionality for every factor

* Worst practices highlighted

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Extra info for 101 Best Practices for Accounts Payable

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No book on best practices would be complete without an examination of regulatory issues. So we investigate best practices related to Information Reporting, 1099s, Unclaimed Property, Sales and Use Tax reporting and remitting, OFAC checking, and FCPA compliance. One of the areas that has experienced the most change is the way we use technology in accounts payable. The chapter on this issue delves into invoice automation, electronic invoicing, use of mobile devices (Smartphones and tablets) and establishing an overall technology strategy for the accounts payable function.

A small but growing number of companies have developed online portals that allow their vendor to input their own information. There’s a lot to be said about this approach. First, it gets the vendor to do some of the work and for most organizations that’s a plus. But, on the more serious side, it makes the vendor responsible for its own data, including updates. This has become increasingly important given some of the new electronic payment frauds and scams. Additionally, it makes it easy for the company owning the portal to ping by email their vendors once a year asking them to update contact information.

In these cases, the signature card should have the illegible scrawl, as well or the accounts payable associate might suspect fraud when the signature cards are checked. We are not suggesting that these cards be checked for every invoice that shows up. However, spot checking once in a while is not a bad idea. And, obviously, if a suspicious-looking signature arrives on an invoice, the signature cards should be checked immediately. Ideally, invoices will arrive electronically. When an invoice is received electronically, it should be forwarded to accounts payable for processing.

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