A Six Step Program Reduces A/P Costs to Award Winning Levels

...or Advanced Search

Home

Member Benefits | Contact Us | Active Surveys

Managing Accounts Payable

February, 2003

Today’s accounts payable department looks very different than it did a mere ten years ago. Computers and P-card programs are commonplace, accounts payable professionals are actively involved in the accounting, general ledger, and duplicate pay functions. In growing numbers, accounts payable is no longer part of accounting or finance.

MAP Subscribers: click here for the full story

Non-Subscribers: click here to subscribe

February, 2003 Table of Contents [ toggle snippets ]

A/P Managers Take a Fair-Minded Approach to Discount Policies
Given the dismal state of the economy last year, we wondered if some companies were trying to squeeze a few extra dollars out of their accounts payable obligations by pushing the envelope with their payment practices. To determine what was going on we looked at statistics from the last three benchmarking surveys.

Close Snippit | Read Article
Winners Reveal Tips On How to Improve Department Productivity
Excellence in accounts payable can be achieved in many different ways. We asked our recent award winners exactly what they did in order to make their departments rise to the top. Listed below are portions of their comments.

Close Snippit | Read Article
What General Ledger Functions Are Now Being Handled by A/P?
Increasingly, as accounts payable staff becomes more analytical, accounts payable professionals are taking over elements of the general ledger (G/L) related directly to accounts payable. When a subscriber called to ask if this was happening in isolated cases or whether it was a growing trend, we posted the question in the IOMA accounts payable discussion group. Here are a few of the responses we received.

Close Snippit | Read Article
A Six Step Program Reduces A/P Costs to Award Winning Levels
Today’s accounts payable department looks very different than it did a mere ten years ago. Computers and P-card programs are commonplace, accounts payable professionals are actively involved in the accounting, general ledger, and duplicate pay functions. In growing numbers, accounts payable is no longer part of accounting or finance.

Close Snippit | Read Article
Accounts Payable Managers� Forum (Feb. 2003)
Problem: With 11,000 employees operating globally, Cable and Wireless Global wanted to improve its T&E process and reduce its operational costs. The company also wanted to change its corporate expense culture. The processing cycle before the new system was implemented was seven days and the company wanted to reduce this as well.

When BankBoston merged with BayBanks it quickly came to the realization that the way it processed the thousands of invoices received each day was costly and extremely slow. After the merger, the accounts payable staff found themselves spending more time just searching for and retrieving files in an effort to answer questions and process exception invoices as quickly as possible. They also had to handle an increase in telephone calls from outside vendors and department heads inquiring about disputed charges on invoices. Processing stretched from hours into days, delaying the processing and payment of the invoice even further. Time, money, and people needed to complete the researching process became unacceptable; customer service eroded.

Close Snippit | Read Article
How to Maximize the Asset Value of Your Master Vendor File
Ignoring the master vendor file can lead to numerous problems and cost the companies that do millions of dollars. That’s why Recap’s Jon Casher recommends companies set up a vendor management program. Speaking at a recent IOMA conference he described a five-step program that would alleviate companies of the problems that often occur when the master vendor file is overlooked.

Close Snippit | Read Article