Managing Accounts Payable

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June, 2003 Table of Contents [ toggle snippets ]

• Improving Your T&E Process Doesn’t Have to Cost Your Company a Fortune
• The T&E process is a function largely overlooked at many companies. After all, it doesn’t add to the
  bottom line. But, as those in accounts payable are well aware, handled poorly, it can certainly detract from
  the profitability of a company. While there are some nifty software packages and Internet-based services,
  companies bent on cutting expenditures are frequently reluctant to pay for them. Thus, it is left to the
  accounts payable manager to devise ways to improve the process without spending a lot of money.
  
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• Use These 7 Strategies to Prevent Check Fraud on Your Watch
• “It’s not a question of if you will be hit by check fraud,” says Bank of America senior vice president
  Ray Podraza, “but when.” He believes, with good reason, that the same is true for electronic fraud.
  
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• How to Clean Up Your Master Vendor File After Years of Neglect
• Most professionals know that cleaning up the master vendor file on a regular basis is a smart move.
  Like exercising regularly and eating lots of fruits and vegetables, integrating that knowledge into everyday
  practice is a whole different matter. It is not unusual to find companies that have ignored the matter
  for years. Such was the case of one accounts payable professional who suddenly found herself responsible
  for the massive undertaking of getting the master vendor file into shape after years of really bad practices.
  Like other companies who face the task after years of neglect, this company decided to address the problem
  when switching to a new system.
  
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• Median Accounts Payable Manager Compensation Now Tops $60K
• When trying to determine if their compensation is fair, the first step savvy accounts payable managers
  take is to look at the compensation of their peers at other companies of similar size in the same location—
  if they can find that data. To help our readers with that process, MAP has obtained salary and bonus data
  from Watson Wyatt, a firm that specializes in compiling compensation data.
  
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• When Should You Start the Clock to Set Vendor Payment Due Dates?
• One of the big issues facing accounts payable managers and those they pay is when to start counting
  to determine the due date and the early payment discount date. Accounts payable managers know exactly
  when their invoice payment terms begin. Vendors also think they know when they begin. Unfortunately,
  the two are often not on the same page. Recognizing this disparity, the Credit Research Foundation investigated
  the communication issue between buyer and seller as part of a larger survey entitled “Logistics of
  Payment Terms.” The results of the survey reveal some interesting and useful data, pertaining to invoice
  payment dates. Here’s a look at the survey results, as well as a few suggestions on how the communication-
  of-terms issue can be resolved.
  
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• Accounts Payable Managers’ Forum (June 2003)
• 1. Taking advantage of additional early-payment discounts without increasing costs
  2. Creating a unified sourcing strategy
  
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