Managing Accounts Payable

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November 2004 Table of Contents [ toggle snippets ]

• MAP November 2004 (full PDF issue)
• AP Benchmark Study 2005 Over Half of AP Depts. Will Use e-Invoicing and e-Payments by End of ’05;
  Ready to Propose an Imaging Project? Use This Blueprint;
  New Book Outlines How to Handle Drop Shipment Tax Issues in 45 States;
  What AP Needs to Know About Recordkeeping for Per-Diem Payments;
  How Are Today’s AP Depts. Now Structured?;
  Accounts Payable Miscellany;
  Accounts Payable Calendar;
  Accounts Payable Managers’ Forum
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• AP Benchmark Study 2005: Over Half of AP Depts. Will Use e-Invoicing and e-Payments by End of ’05
• Invoices and checks—probably because they cause so many headaches—are under attack by innovative professionals who are looking for ways to cut costs and improve departmental efficiency. While just a few short years ago, p-cards were the weapon of choice to cut into that mess, today the preferred techniques are electronic invoicing and payments. Statistics compiled in IOMA’s most recent Accounts Payable Benchmarking survey back this assertion. This article takes a look at how these two techniques are being used today.
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• Ready to Propose an Imaging Project? Use This Blueprint
• Most accounts payable professionals realize that an imaging system would help their department’s efficiency as well as reduce costs. But knowing that and documenting the true savings are two different stories. And document you must, if you want management to allocate the necessary funding for an imaging system. Speaking at IOMA’s "Harnessing the Power of e in AP Today" forum last June, Dominion Resources Services’ Larry Carter laid out a game plan that will help professionals effectively analyze their own processes to make an effective presentation to management.
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• New Book Outlines How to Handle Drop Shipment Tax Issues in 45 States
• Accounts payable professionals who are responsible for sales and use tax need to be knowledgeable about a whole set of complex regulations. These rules cover tax rates, which vary not only from state to state, but also often from county to county. The issue becomes even more complicated when drop shipments are involved. Is that one transaction or two? In her new book, Drop Shipments: Taxation, Compliance and Planning, Diane Yetter provides definitive answers—state by state.
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• MAP Future Issues (November 2004)
• • Expanded Guidance Related to New IRS Regulations for QPCA and Backup Withholding
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• What AP Needs to Know About Recordkeeping for Per-Diem Payments
• There’s no such thing as a simplified reimbursement for business meals and entertainment. It’s made under either an accountable plan and requires full recordkeeping or a nonaccountable plan and treated as salary. Employers can use three different types of simplified recordkeeping for per-diem arrangements: a regular per-diem that covers lodging, meals, and incidental expenses (M&IE); a simplified per-diem for lodging and M&IE; or a meals-incidentals-only per-diem. This article, adapted from a special report for the Controller’s Tax Letter, a sister publication, examines the different options.
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• How Are Today’s AP Depts. Now Structured?
• In the old days, the debate about how to handle the accounts payable function revolved around whether it should be centralized or decentralized. Today, that debate takes on new dimensions with the introduction of shared service centers. As part of the recent Managing Accounts Payable Compensation Survey, respondents were asked how their departments were structured. It will come as no surprise that most companies have centralized this function. This article examines how today’s accounts payable departments are set up.
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• Accounts Payable Miscellany (November 2004)
• • Sarbanes-Oxley deadline breathing down our necks. Section 404 of the Sarbanes-Oxley Act requires companies and auditors to attest to and report on the effectiveness of internal controls over financial reporting. The rules are effective for large public companies with fiscal years ending on or after Nov. 15, 2004. Smaller companies must comply as of July 15, 2005. Are you ready?
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• Accounts Payable Calendar (November 2004)
• AFP 25th ANNUAL CONFERENCE, San Diego, Nov. 7-10. Contact: AFP, 301-907-2862; www.afponline.org.
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• Accounts Payable Managers’ Forum (November 2004)
• Problem: The City of Portland spent too much time on the T&E process.
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