Managing Accounts Payable

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January 2005 Table of Contents [ toggle snippets ]

• MAP January 2005 (full PDF issue)
• The State of Errors in the AP World and What You Can Do to Minimize the Damage;
  How Boehringer Automated the P2P Cycle;
  Three Levels of Controls That May Soon Affect Your AP Dept.;
  Consultants Can Make Your AP Dreams Come True;
  13 Tips for Your Department’s Productivity From an AP Pro;
  MAP Future Issues;
  Accounts Payable Calendar;
  How AP Manager at SPX Used Metrics to Improve Departmental Productivity;
  2005 Per Diem Updates From the GSA;
  MAP News Briefs;
  Accounts Payable Managers’ Forum.
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• The State of Errors in the AP World and What You Can Do to Minimize the Damage
• Errors, unfortunately, are a fact of life in AP, and not just mistakes made in the department. We are mainly talking about the errors that come into the department. One of the dirty little secrets in the business world, rarely acknowledged, is the fact that corporate America sends out invoices that are laden with inaccuracies. And you know those mistakes hardly ever benefit the customer.
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• How Boehringer Automated the P2P Cycle
• Accounts payable can be a paper-laden, manual process with tons of time wasted looking for invoices, tracking payments, and resolving discrepancies. Or it can be run like a smooth, well-oiled machine, providing all affected parties with the information they need—without ever getting AP involved in long games of telephone tag. Speaking at IOMA’s AP Conference and Expo, Boehringer Ingelheim’s (BI) Dan Parnell explained how his company made the leap from the former to the latter.
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• Three Levels of Controls That May Soon Affect Your AP Department
• Whether you work for a private company or a publicly held firm, having strong internal controls is important. Right now, public companies are under the gun in this regard, thanks to Sarbanes-Oxley. While Section 404 talks about internal controls, there are no hard-and-fast guidelines as to what is adequate and what is not. Recently, nine accounting firms provided such guidance. While the deadline applies only to public companies, private companies would be wise to use this guidance to make sure their financial statements are rock-solid.
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• Consultants Can Make Your AP Dreams Come True
• In a recent issue of the AP Insider, our e-zine about AP issues that is sent to subscribers and other readers, we wrote about the frustration that occurs from time to time when management ignores suggestions made by its AP team and then adopts the very same tactics when recommended by a high-priced consultant. While that can be aggravating as all get-out, it doesn’t have to be. One savvy AP professional, Susan Arnold, AP supervisor of Group Health Cooperative, wrote to tell us that not only doesn’t she let her blood pressure rise when this happens, she has found a way to take advantage of the practice.
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• MAP Future Issues (January 2005)
• 
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• 13 Tips for Your Department’s Productivity From an AP Pro
• The main reason for attending one of IOMA’s certification review sessions is to prepare for the IOMA/TAPN AP certification exam. However, that is not the only reason to go. Each course is taught by an innovative, knowledgeable professional who works in the field—and generally these instructors also share tips that work in their accounts payable departments. That’s exactly what happened at the session in Napa instructed by BMHC’s Pam Miller. Here are some of the additional strategies she shared.
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• Accounts Payable Calendar (January 2005)
• 
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• How AP Manager at SPX Used Metrics to Improve Departmental Productivity
• "It is important for AP departments to realize that they live in a world of numbers," says SPX’s AP Manager, Beth Chapman. She notes that numbers get attention, and they measure what you do. Thus, she uses numbers to quantify problems that arise and to show the impact in dollars. She also exploits the data she gathers to get the attention of others. Here are two ways she does this.
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• 2005 Per Diem Updates From the GSA
• Does your company use per diems in conjunction with its T&E processes? If it does, the odds are good that the reimbursement rates you use are based on those published by the General Services Administration (GSA). So you will want to get the latest updates regarding the per diem rates, as well as the high-low rates.
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• MAP News Briefs (January 2005)
• Immediate error detection;
  Getting lodging costs under control;
  1099 reminder;
  Automobile reimbursement rates for 2005;
  Avoiding a data entry nightmare;
  Motivating the AP staff.
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• Accounts Payable Managers’ Forum (January 2005)
• Eliminating the invoice black hole;
  Re-engineer the T&E audit process;
  Using technology to increase productivity.
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