New IOMA Study Reveals Certified AP Pros Earn 11% Higher Salaries;
Handy Checklist Helps to Handle Unclaimed Property;
Tips on How to Notify ACH Vendors of Invoice Changes;
CFO Study Reveals More Companies Stretching Payment Dates;
MAP Calendar;
New Research Reveals Best EIPP Vendors;
Strict T&E Recordkeeping Rules for Employees Who Foot the Bill for Expenses;
News Briefs;
Accounts Payable;
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To put more money in your pocket, get certified. That’s what a new survey of over 600 AP pros suggests. On average, salaries for individuals with some type of certification are 11% higher than those of their colleagues who are not certified.
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If your company is not turning over unclaimed property to the state, it could face a nightmare. States are aggressively pursuing the collection of funds from all sources, and unclaimed property can be a rich source. The fines and penalties for not turning over unclaimed property can be severe—and there is no statute of limitations.
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In a world of paper checks, when a vendor invoice gets adjusted, the typical procedure is to include with the check a debit or credit memo explaining the change. Since many companies now pay—or plan to pay—vendors via ACH, informing them of invoice adjustments becomes an issue. Of course, you can still mail them a debit or credit memo, but is there a better way to do this?
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More companies are squeezing their suppliers through delayed payments or tougher terms, suggests a new survey by CFO Magazine. The survey also illustrates the key role AP has in the overall financial health of a company. AP managers who understand this are in a better position to make improvements, thus positively affecting the company as a whole.
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If paper-free AP is your goal, look to electronic invoice presentation and payment (EIPP) systems. The trouble is, there are many vendors that offer EIPP systems. Some offer only certain components, while others offer the whole shebang.
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While legendary song-and-dance man George M. Cohan was on the road giving his regards to Broadway, he didn’t collect receipts. As a result, he had to do some fancy footwork in court to keep his business travel deductions. This case led to the famous Cohan Rule that says if T&E receipts are lacking, you can estimate the amount for tax deduction purposes [Cohan, 39 F.2d 540 (2d Cir. 1930)].
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A new research report from the Aberdeen Group (www.aberdeen.com) examines how best-practice companies are managing travel expenses. In general, they have centralized programs for establishing policies, procedures, and preferred suppliers; a clear governance program to ensure compliance; and a heavy reliance on automation to manage both. The report makes these 10 recommendations and comments:
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Problem: For five years, Charlie Marcous, AP & purchasing manager at Stride Rite (Lexington, MA), tried to make the case for automating the company’s travel and entertainment (T&E) expense reporting process. But his requests to the top brass at the 2,500-employee shoe manufacturer fell on deaf ears.
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2009
