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Managing Accounts Payable

December 2004

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Do you view AP as a dead-end job or do you believe it can be used as a steppingstone to help you climb the corporate ladder? If you are of the opinion that accounts payable and corporate success do not mix, you may be in for a surprise.

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December 2004 Table of Contents [ toggle snippets ]

MAP December 2004 (full PDF issue)
Policy Changes That Will Decimate a Duplicate Payment Problem;
Advice From High-Powered Execs Who Started Careers in AP;
What’s the Right Staff Size for Your AP Department?;
How to Satisfy the T&E Recordkeeping Rules;
New IOMA Study Benchmarks Invoice Processing Standards;
Metrics Prove That Duplicate Payments Are Still the Bane of AP;
Accounts Payable Miscellany (December 2004);
Accounts Payable Calendar (December 2004);
Accounts Payable Managers’ Forum (December 2004)
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Policy Changes That Will Decimate a Duplicate Payment Problem
While duplicate payments have always been an issue for corporate America, the problem has taken on new dimensions with the enactment of the Sarbanes-Oxley Act. The focus on internal controls under the act makes it imperative that public companies as well as many private companies address the shortcomings in their procedures that permit duplicate payments to happen. To help our readers address that issue, we’ve identified some common practices that can lead to duplicate payments as well as some processes they can incorporate into their own procedures to minimize this onerous problem.
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Advice From High-Powered Execs Who Started Careers in AP
Do you view AP as a dead-end job or do you believe it can be used as a steppingstone to help you climb the corporate ladder? If you are of the opinion that accounts payable and corporate success do not mix, you may be in for a surprise.
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What�s the Right Staff Size for Your AP Department?
It will probably come as no surprise to most people reading this to learn that the accounts payable profession is largely female. According to IOMA’s most recent benchmarking survey, over two-thirds of those who work in accounts payable are women. The latest figures show that 68.4% of those in the field are women, up from 65.7% two years earlier. This is just one feature that emerged from the statistics in our survey. This piece takes a look at some of the other metrics relating to the makeup of accounts payable departments.
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How to Satisfy the T&E Recordkeeping Rules
Travel or entertainment expenses still yield significant benefits for businesses and their employees, but these benefits can be realized only if the detailed T&E recordkeeping rules are followed to the letter. The recordkeeping that’s needed depends on the type of expense. The following piece examines what companies need to mandate their employees to do with regard to documenting business travel expenses if they want to deduct these expenses from their income taxes.
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New IOMA Study Benchmarks Invoice Processing Standards
Automation definitely pays dividends when it comes to invoice processing in AP, regardless of whether there’s a purchase order involved or not. The same holds true for T&E. That’s what the mounds of data analyzed as part of IOMA’s most recent benchmarking study show. Automation is not the only factor in the processing speed. The type of invoice—PO, non-PO, or T&E—will also affect the number of invoices a processor can handle during a month.
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Metrics Prove That Duplicate Payments Are Still the Bane of AP
While making duplicate payments remains a problem for corporate America, MAP believes the problem is no worse than it was two years ago, despite the fact that at first glance, it might appear to have worsened. As part of our recent AP benchmarking initiative, survey participants were asked about the percentage of invoices paid twice at their companies. An in-depth analysis of the responses reveals that the problem is no worse—nor, unfortunately, better—than it was two years ago.
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Accounts Payable Miscellany (December 2004)
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Accounts Payable Calendar (December 2004)
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Accounts Payable Managers� Forum (December 2004)
Reducing the amount turned over to the state for unclaimed property—legally. Getting cooperation from other departments to get non-PO invoices coded correctly
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