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Managing Accounts Payable
New Web Research Tools For Detecting Vendor Fraud
March, 2000
Detecting vendor fraud is not a simple job. Most accounts payable professionals assume that when an invoice floats across their desk it is from a legitimate business. While this may have been an accurate assumption at one time, it is no longer true. Accounts payable professionals must now be able to ascertain which invoices are from phony vendors. The Web sites in the accompanying sidebar provide infor-mation, which will help accounts payable managers make this determination.
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March, 2000 Table of Contents [ toggle snippets ]
 Managing Accounts Payable Accounts Payable Managers’ Forum map0001- 1. Getting timely approvals on all invoices
2. Moving the entire staff up the technology ladder
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- People & Technology Key to Improved A/P Productivity
- In a time when technology is being relied on more and more, people are still a deciding factor in the success or failure of an accounts payable department. This came to light in a recent Managing Accounts Payable subscriber survey, accounts payable professionals were asked to identify the most innovative changes they had made within their departments over the last year. Their answers reveal that while technology issues are indeed the two top leading change agents, people issues—representing the third and fourth most effective changes— when combined, rank up with technology:
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- Four Issues Your A/P Dept’s Cell Phone Policy Needs to Address
- A recent Managing Accounts Payable survey identified the 17 most innovative changes made to accounts payable:
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- 17 Ways A/P Pros Use Software to Improve Department Operations
- A recent Managing Accounts Payable survey identified the 17 most innovative changes made to accounts payable:
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- How to Get the Best A/P Reports From New Accounting Software
- Many companies, in their zeal to reengineer and avoid Y2K issues, have installed spiffy new ERP accounting systems. Although this is a positive step on many fronts, it presents new challenges to the accounts payable professionals. Since data in these systems can be difficult to access effectively, more-over, while these systems may have easy-to-use query and reporting tools, many accounts payable professionals find it difficult to pull out the needed information.
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- Online Business-to-Business Commerce
- Are you ready to handle an infusion of invoices from your vendors over the Internet? Have you developed systems and procedures that will handle transactions being initiated not only on your com-pany web site, but also on someone else’s? Think the Internet won’t play such an intrusive role in business commerce for another five to ten years? Well, think again. Both General Motors and Ford have announced massive plans to become powerful players in the e-commerce arena—and we are not talking about selling cars.
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- It’s Time to Take a Long Hard Look at Titles for A/P Pros
- It is time for corporations to take a long hard look at the titles for accounts payable professionals.
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- Mark These Dates On Your Calendar to Apply for VAT Refunds
- The deadlines for filing VAT refunds can be confusing as they are not all the same. To help Manag-ing Accounts Payable’s subscribers, Meridian VAT Reclaim (www.meridianvat.com) has prepared the following guidelines:
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- Case Study: How to Redesign Your Accounts Payable Department
- Every accounts payable department has stress, but what do you do when it begins to overwhelm your staff? Paul Kajanoff, an AP manager at PEMCO financial Services, whose department needed a complete overhaul, shared his solutions with the attendees at the recent IOMA/IMI Accounts Payable Con-ference. He also discussed the success of the program and the challenges that lay ahead.
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- 17 Ways to Reorganize Your A/P Department & Improve Its Productivity
- When was the last time you changed the way your accounts payable department was organized? Has it been set up the same way for eons simply because “that’s the way it has always been?” In a recent Managing Accounts Payable survey, numerous subscribers recounted tales of improving operations simply by saying, “perhaps there is a better way.”
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- New Web Research Tools For Detecting Vendor Fraud
- Detecting vendor fraud is not a simple job. Most accounts payable professionals assume that when an invoice floats across their desk it is from a legitimate business. While this may have been an accurate assumption at one time, it is no longer true. Accounts payable professionals must now be able to ascertain which invoices are from phony vendors. The Web sites in the accompanying sidebar provide infor-mation, which will help accounts payable managers make this determination.
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- Here's What You Should Include on Your A/P Web Page
- Web sites are the way leading A/P depart-ments are now getting relevant information into the hands of those who need it—both inside and outside of the company. These sites offer quick access to important information without disrupt-ing the accounts payable staff with mundane questions. Managing Accounts Payable has received a number of phone calls from subscrib-ers who want to set up such sites but don’t know what details to include. After talking to several accounts payable professionals who have set-up such sites, we have come up with the following list.
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- Use These Electronic Helpers to Preserve E-Ticket Savings
- If your company’s travelers are using e-tickets, chances are that some of the cost savings are going down the drain. That’s because travelers who change their flights at the last minute can easily forget to cash in unused tickets.
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- A/P Clerks’ Salaries Now Average ,000
- Accounts payable clerks now earn an average of $23,199 annually, with salaries ranging, on average, from $19,279 to $28,564. The best paid are those who work at small companies with annual sales between $10 and $25 million. These folks make an average of $2,000 a year more than those who toil at the very largest companies—not exactly what one would have expected before seeing the results.
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- Electronic Payment Survey: EI & EPI Task Force Asks for Your Help
- Accounts payable professionals now have a golden opportunity to change the way business-to-business (B2B) billing is done. A handful of innovative companies, and Managing Accounts Payable, have created a taskforce to develop a workable electronic invoice solution. After reviewing what is presently available, it became apparent that current solutions do not meet the needs of all market participants.
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- Manag Accts Payble Accounts Payable Managers’ Forum MAP0003
- 1. Eliminating rush checks
2. Eliminating the problem of lost faxes
3. Improving departmental morale
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- Chevron’s A/P Department Sets Tone for Corporate Internet Security Policy
- Are you sure that every check and wire request that you receive is valid? Are you concerned that perhaps some of those requisitions for large dollar payments from overseas may not be from legitimate sources? Do you want to verify that the money you send out goes where it is supposed to go? Does using the Internet for data transmission make you uncomfortable? Well, the accounts payable folks at Chevron also had these concerns, but they were especially concerned about the requests for payments coming in from overseas.
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- What A/P Needs to Know About Digital Signatures & Encryption
- One of the biggest fears your boss has about the Internet is the lack of security. The solution to the security problem lies in encryption and digital signatures. A/P professionals need to understand that these new technologies are coming to accounts payable—quickly.
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- Now Is the Time to Fix All of Next Year’s 1099 Problems
- Are you letting out a sigh of relief now that 1099s have been issued and don’t have to cope with, what one Managing Accounts Payable subscriber describes as, “that old clunky software?” for another year? Stop right there. If you are not happy with your 1099 policy, procedures or software, now is the time to deal with those issues—not next January.
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- How Compass Group Succeeded With A/P’s Multi-Card Program
- Multi-purchase card programs are the answer to Corporate America’s dreams on how to handle relatively small dollar payments. P-cards are now widely used for corporate purchases, T&E cards, and Fleet cards for vehicle-related transactions. However, some employees are complaining about having to carry around so many different cards. Additional economies of scale can obviously be achieved if programs could be combined.
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- How to Get Management on Your Side to Reduce Rush Checks
- “After 50 years of processing emergency checks on a daily basis, we significantly reduced the num-ber of such occurrences,” says one savvy accounts payable manager. How? She got management on her side. Everyone who works in accounts payable knows that rush checks are inefficient, costly, and can lead to duplicate payments and fraud. Unfortunately, management often doesn’t understand what the big deal is.
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- How to Win the A/P Staff Hiring Battle
- Current national averages predict that over the next three years you will lose 40% to 50% of your key accounts payable staff. You’ll also lose everything you spent on hiring and training those people. However, before you start sending out flurries of ads, the following expert advice offers a practical step-by-step approach to hiring who that will stay.
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- Accounts Payable Managers' Forum (0004)
- 1. Reducing errors related to payments
2. Reducing the number of phone calls due to short pays
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