Audio Conferences

Contract Compliance and AP: A Key New Responsibility and Challenge

  December 9, 2008 at 02:00PM ET

A recent IOMA survey of accounts payable managers has found that, even in the best run organizations, nearly 50 percent of purchasing transactions were NOT in compliance with relevant contract terms.

Is your organization among them? Find out what you need to know about contract compliance and how taking responsibility for it can significantly increase your AP department's profile and value.

Even in the best run companies, enormous amounts of money wastefully go out the door. Much of that loss is neither detected nor recovered.

Clearly, a lack of accuracy and control in purchasing transactions can have a negative impact on any company's bottom line. Public companies with Sarbanes-Oxley requirements face the even greater risk of expensive scrutiny of such purchasing transactions and possible costly violations.

Accounts Payable can and should step into the breech and ensure that transactions are consistent with terms and conditions that in far too many cases are carefully negotiated and then ignored.

However, in most organizations, Accounts Payable doesn’t review copies of contracts. But in a growing number of instances, it is Accounts Payable that is responsible for ensuring that invoices are consistent with terms and conditions.

Join IOMA and resident AP expert Jon Casher, APM, for a practical, insightful program designed to help you understand the value of contract compliance, how to interpret key terms and conditions that accounts payable needs to look for, and what accounts payable needs to do to add significantly more to your organization's bottom line.

In just 60 minutes, you'll learn:

• The steps associated with contract management and AP's role
• What AP needs to know about various types of contracts
• What types of erroneous transactions and mismatches AP can catch
• What terms and conditions AP should check
• What enhancements to terms and conditions AP should suggest to procurement and legal
• Key control points in the procure-to-pay process and best practices

Plus, get answers to your toughest questions in the interactive Q&A session following the presentation.

FEATURED FACULTY

Jon Casher
President, Casher Associates and Sr. Consultant, IOMA Advisory Services

Jon has worked with hundreds of organizations in the public and private sector providing guidance and assistance in putting appropriate vendor management practices and procedures in place. "Ten Questions to Ask About Vendor Relations", an article by Jon in Directors Monthly, published by the National Association of Corporate Directors in March 1997 helped lead to some of the key provisions of the 2002 Sarbanes-Oxley Act. He has written several other articles and is quoted extensively on this topic in books and business publications. He is a subject matter expert and frequent speaker at conferences and workshop on a broad range of accounts payable and procure-to-pay topics. He has been the head of the audit committee of the Board of Directors of a public company and founder or co-founder of several other firms.

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AP Certification

Receive 1.5 CEUs toward APM, APS, or APD recertification! About the Accounts Payable Certification Programs: The new credentialing plan is designed to establish standards for the profession and recognize accounts payable professionals who, by possessing related work experience and passing a comprehensive exam, have met stringent requirements for mastering the accounts payable body of knowledge.