How to Minimize Your Unclaimed Property Exposure

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Managing Accounts Payable

December, 2003

When most people think about unclaimed property and their escheat responsibilities, they kind of groan and then prepare the necessary reporting and write a check. Only the savviest take it one step further, realizing that they can take steps to minimize the amount they eventually have to turn over to the state. As one part of an
IOMA audio conference on unclaimed property, UPRR’s Karen Anderson, Bob Murray, and Tyco Electronics Jeffrey Wiest explained to the audience how they could keep their returns to the state to a minimum. The speakers believe that this should be one part of any company’s unclaimed property program.

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December, 2003 Table of Contents [ toggle snippets ]

How to Audit Your P-Card Program, Assess Its Risk, Limit Losses, and Comply With S-O
As companies continue to shift spending to their corporate procurement cards, the need for an effective audit program becomes even greater. Recognizing the growing importance of this requirement, the topic was included as part of the p-card panel at IOMA’s Second Annual Accounts Payable Conference and Expo. An audit program not only identifies fraud it also strengthens existing controls. American Tire Distributors’ Dwight Drum explained some of the approaches, tools, and rationalization for the audit of p-card programs.

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Which Technologies Are Now The A/P Manager’s Top Tools?
MAP believes that Web invoicing and imaging are the two technologies having the biggest impact on accounts payable today. The results from MAP’s most recent subscriber survey confirmed this belief. Use of
imaging jumped 50% since the last survey two years ago and e-invoicing almost 40%. These were just part of the survey findings regarding the use of technology in accounts payable today. The results, discussed below,provide insights on what the accounts payable community can expect in the next few years—continued change fueled by the Internet and technology.

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How to Get a Disorderly T&E Situation Back Under Control
T&E reimbursements, especially when employees are paying credit card bills out of their own pocket, can be a very touchy issue in accounts payable. It is even more delicate if the manager is new, the process unruly,and the new manager wants to impose some discipline on the process. This was the situation described on the IOMA accounts payable discussion forum. The problem is synopsized below as well as the advice offered by two seasoned accounts payable professionals who had dealt with similar circumstances themselves.

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File Your Form 1042-S & Form 1042 Form 1042
As year-end approaches, accounts payable professionals at numerous companies are girding themselves to prepare and mail Form 1099 to independent contractors. As those who make payments to nonresidents are
aware, there is a special form that must be used for reporting most types of payments to these individuals. It is the Form 1042-S. With the heightened security after September 11, greater attention is now being paid to this reporting.

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How to Jump-Start a Lackluster Career
Did you ever wonder why certain people’s careers really skyrocket while others seem to muddle along at a snail’s pace? Often, the rise appears to have little to do with advanced degrees from prestigious schools. At the recent IOMA A/P Conference and Expo, four very senior-level executives shared their secrets with attendees at the event. Those who listened left with valuable insights as well as advice they could implement for their staffers as well as in their own careers.

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How to Minimize Your Unclaimed Property Exposure
When most people think about unclaimed property and their escheat responsibilities, they kind of groan and then prepare the necessary reporting and write a check. Only the savviest take it one step further, realizing that they can take steps to minimize the amount they eventually have to turn over to the state. As one part of an
IOMA audio conference on unclaimed property, UPRR’s Karen Anderson, Bob Murray, and Tyco Electronics Jeffrey Wiest explained to the audience how they could keep their returns to the state to a minimum. The speakers believe that this should be one part of any company’s unclaimed property program.

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Accounts Payable Managers’ Forum (12/03)
Find accidental duplicate payments yourself

Problem: Allmerica Financial Corporation has a centralized accounts payable function that processes 80,000 electronic invoices and 6,000 paper ones each month. The company wanted to detect accidental duplicate payments itself to reduce its audit costs and improve its cash flow.

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