Kennametal Learns Four Valuable Lessons in Rolling Out EIPP

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Managing Accounts Payable

September 2005

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Using electronic invoice presentation and payment (EIPP) tools, AP departments are reaping a number of bottom-line savings. These include reduced direct costs of invoice processing, improved internal controls, and greater use of invoice discounts.

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September 2005 Table of Contents [ toggle snippets ]

MAP September 2005 (full PDF issue)
Year-End Planning: IRS Agents Poised to Crack Down on Executive Expense Reports;
MAP Conference: Kennametal Learns 4 Valuable Lessons in Rolling Out EIPP;
Technology: Two Think Tanks Rank Leading Imaging Vendors;
MAP’s 10th Anniversary: Best Practice Identified for 10 Areas of Accounts Payable;
IOMA.com Upgraded for Research Tasks;
Accounts Payable Calendar;
Exclusive MAP Survey: How to Foster Teamwork in Your AP Department;
Future Issues;
News Briefs;
Accounts Payable Managers’ Forum.
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Year-End Planning: IRS Agents Poised to Crack Down on Executive Expense Reports
An internal government document reveals that IRS agents have been newly trained to descend upon companies to ferret out tax problems with executive expense accounts. If your company is selected for audit, agents will be knocking on AP’s door early in the investigation. Therefore, understanding what they will be looking for is crucial so you can take action before year-end to avoid tax troubles for the company and its top brass.
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Kennametal Learns Four Valuable Lessons in Rolling Out EIPP
Using electronic invoice presentation and payment (EIPP) tools, AP departments are reaping a number of bottom-line savings. These include reduced direct costs of invoice processing, improved internal controls, and greater use of invoice discounts.
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Two Think Tanks Rank Leading Imaging Vendors
In a recent survey we conducted, a quarter (25.5%) of MAP readers said they plan on using imaging technology in their AP departments in the near future. For them, choosing a vendor to provide the technology will be a daunting task. Reason: There are many vendors out in the market. And, of course, they all purport to be the best.
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Best Practice Identified for 10 Areas of Accounts Payable
It’s hard to believe this newsletter is 10 years old! During that time, we’ve presented many best practices dealing with every facet of AP operations. Looking back through past issues, we’ve identified one single best practice for 10 different areas of AP. If your department is like most, you will definitely be able to use at least one of these practices that have saved AP departments—large and small alike—a great deal of time, money, and headaches.
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IOMA.com Upgraded for Research Tasks
The IOMA Web site at www.ioma.com has a new look this month! It is easier than ever to find the back issues and articles you need, as well as the other resources IOMA offers for AP professionals.
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Accounts Payable Calendar (September 2005)
AP CERTIFICATION TRAINING The Essentials of Accounts Payable Seminar & Certification Exam: The Best Training Program Available for Accounts Payable Pros Los Angeles, September 15 New York, October 16 San Francisco, November 18 Miami, December 9 Go to www.ioma.com 2005 REGULATORY COMPLIANCE CONFERENCE (FORM 1099), Sept. 12-14, San Diego. Contact: 1099 Pro, 888-776-1099; www.1099pro.com. ORGANIZING AND MANAGING ACCOUNTS PAYABLE, Sept. 16, New York City; Sept. 23, Philadelphia; Nov. 10, Orlando; Nov. 18, Arlington Heights, IL; other dates and locations. Contact: National…
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How to Foster Teamwork in Your AP Department
When thinking about how to improve AP operations, we sometimes focus exclusively on tasks, processes, and technology—and forget about people. But the fact is, the best processes and technology in the world won’t reach full potential if you have employees who don’t work together as a team.
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Future Issues (September 2005)
IOMA’s Exclusive Research Examines How Companies Succeed With Invoice Imaging How AP Pros Improve Their Relationship With Purchasing Top 10 AP Managers From the Past Decade New Study Highlights Key Reasons to Streamline the Procure-to-Pay Process Exclusive IOMA Study Reveals T&E Processing Practices and Benchmarks How Does Your Salary Compare to Your Peers? Highlights From Key Conferences: IOMA’s AP for Colleges & Universities, Advanced AP Institute, AP University…
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MAP News Briefs (September 2005)
Approver Signature Database;
Avoid a Customs Nightmare;
Check Those Hotel Bills;
E-Filing Mandate for Form 1099;
IRS May KO Tool Plans;
Treasury as AP Ally;
Got Enough P-Card Detail?;
Big Savings in Transit.
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Accounts Payable Managers� Forum (September 2005)
Company Avoids Biggest Pitfall in AP System Upgrade;
New T&E System Improves AP’s Image.
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