How to Avoid 3 Potential AP TroubleSpots That Can Derail Your 2006 Plans

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Managing Accounts Payable

January 2006

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Would you be surprised to learn that most AP departments do not deal with VAT refunds or unclaimed property (escheatment)? And that few high-level AP pros are hands-on when it comes to setting up new vendors in the master vendor file?

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January 2006 Table of Contents [ toggle snippets ]

MAP January 2006 (full PDF issue)
How to Avoid 3 Potential AP Trouble Spots That Can Derail Your 2006 Plans;
Year-end Ten Last-Minute Tips for Preparing and Filing 1099s;
SOX and State Law Interplay Creates Escheat Time Bomb;
T&E Alert: A Surprising Number of Firms Ignore Charge-back Rules for Personal Use of Company Car;
Latest Ways Companies Are Fighting Payment Fraud;
News Briefs (January 2006);
MAP Calendar (January 2006);
Accounts Payable Managers’ Forum
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How to Avoid 3 Potential AP TroubleSpots That Can Derail Your 2006 Plans
Would you be surprised to learn that most AP departments do not deal with VAT refunds or unclaimed property (escheatment)? And that few high-level AP pros are hands-on when it comes to setting up new vendors in the master vendor file?
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Year-End Ten Last-Minute Tips for Preparing and Filing 1099s
Yes, it’s that time again—time to get those 1099-MISC forms ready and out the door. Are you up to speed on the latest changes and developments that will affect the 1099 reporting you now have to prepare? Here’s a rundown of what you need to know—and a few tips on making the 1099 job easier.
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SOX and State Law Interplay Creates Escheat Time Bomb
The interplay between the Sarbanes-Oxley Act (SOX) and state reporting of unclaimed property has created a problem that could sneak up on a lot of companies. That’s because of a special provision in most states’ laws that could cause age-old unclaimed property liabilities to come back and haunt companies.
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T&E Alert: A Surprising Number of Firms Ignore Charge-back Rules for Personal Use of Company Car
Over 15% of companies we recently surveyed do not charge employees when they use company cars for personal reasons. This is a definite problem because under the tax law, companies must treat employees’ personal use of company cars as taxable compensation, subject to income tax and FICA taxes. Failure to comply can subject both your company and its employees to back taxes and penalties.
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Latest Ways Companies Are Fighting Payment Fraud
In past pages of MAP, we have stated that the best way to fight check fraud is to use positive pay. This is confirmed by a recent survey that reveals that payments via check are the most ripe for fraud and that more than half of companies now use positive pay.
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News Briefs (January 2006)
FLOAT OR SOAR? The typical strategy for AP has always been to delay payments until the end of the invoice term because of the float. That is, the money is held for the 60 or 90 days and is invested in the meantime. But this doesn’t make sense during periods of low returns on short-term investments. You can get a much bigger return if you negotiate with vendors for discounts for paying early. Cash-strapped vendors may…
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Accounts Payable Calendar (January 2006)
AP CERTIFICATION TRAINING The IOMA/TAPN AP Seminar & Certification Exam: The Best Training Program Available for Accounts Payable Pros n Philadelphia, February 9 n Seattle, February 16 n Newport Beach (CA), March 9 n Dallas, March 19 Other dates and locations Go to: www.ioma.com/certification/aptraining.html BASICS OF SALES & USE TAX, Feb. 8-10, San Francisco. Contact: Sales Tax Institute, 312-701-1800; www.salestaxinstitute.com. …
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Accounts Payable Managers� Forum (January 2006)
Problem: Hallmark Cards Inc. needed a strategy to cut invoice processing time and the cost of producing manual checks. Of course, it could opt for the traditional p-card, but the company wanted something even easier and more efficient.
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