Managing Accounts Payable

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December 2006 Table of Contents [ toggle snippets ]

• MAP December 2006 (full PDF issue)
• AP Department Benchmarks Report 2007: AP Depts. Jump on the E-Invoice and E-Payment Bandwagon
  5th Annual AP Conference: Recap of the Past Year’s Key AP Trends and Developments
  Form 1099: Are You Up on the New-for-2006 Rules for Year-End?
  Like Accounts Payable, the Way IOMA Provides Information Is Changing
  How to Work New High-Low Per Diems Into Your T&E Policy
  Management: Time for AP Managers to Push for Ethics Training
  News Briefs
  MAP Calendar
  Accounts Payable Managers’ Forum
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• AP Depts. Jump on the E-Invoice and E-Payment Bandwagon
• Just a short time ago, the only way to make the invoice and payment process more efficient using automation was to turn to the p-card. Now, AP departments are increasingly taking advantage of electronic invoicing and payments. This is revealed in the latest version of IOMA’s AP Department Benchmarks and Analysis 2007, which is based on a survey of almost 500 AP departments.
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• 5th Annual AP Conference: Recap of the Past Year’s Key AP Trends and Developments
• Addressing a record-breaking number of attendees at our 5th Annual AP Conference & Expo in Las Vegas, this editor reviewed what’s been going on in the AP world since last year’s conference. Thanks to your responses to our various surveys and telephone calls requesting interviews, a lot has been learned—so here’s a rundown of the key developments and trends.
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• Form 1099: Are You Up on the New-for-2006 Rules for Year-End?
• An overflow crowd attended our recent workshop on Form 1099 reporting at IOMA‘s 5th Annual AP Conference and Expo in Las Vegas. A highlight of the two-hour session was a wrap-up of the newest developments that will affect the 1099s you’ll soon be filing for 2006.
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• Like Accounts Payable, the Way IOMA Provides Information Is Changing
• More than half of what accounts payables professionals do or must know has changed in the past two years. For our regular readers, this is old news. But the radical evolution in accounts payable continues to accelerate. As yesterday’s processes, procedures, and benchmarks melt into tomorrow’s brave new world, IOMA has evolved and changed to continue to serve you with the best, most timely information available. That is the reason we launched the AccountsPayable360 membership community, information portal, and dailies earlier this month—access is free to all registered members.
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• How to Work New High-Low Per Diems Into Your T&E Policy
• Generally, expense reimbursements for travel are taxable wages to employees unless they submit detailed backup documentation to their employers. However, if you reimburse employees using travel per diems that stay within government-approved rates, the amounts are tax-free—and there is no detailed recordkeeping. Employees just have to show where, when, and for what purpose they traveled.
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• Management: Time for AP Managers to Push for Ethics Training
• In the wake of the corporate accounting scandals, companies have been told about the importance of the "tone at the top." The idea is that if senior executives set the example for ethical behavior, employees will follow suit and keep the company out of trouble. Now that most top executives understand that concept, ethics training must be trickled down through the ranks, according to attorneys and ethics professionals.
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• News Briefs (0612)
• VENDOR FILE NAMING TIPS At IOMA’s 5th Annual AP Conference & Expo in Las Vegas, there were a number of questions about how to enter names of vendors in the master vendor file. Here are some tips attendees mentioned that help them maintain consistency. No punctuation marks of any kind should be used in the vendor name. That means no periods, commas, slashes, and so on. For example, A.B.C., Inc. should be entered as ABC Inc…
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• Accounts Payable Calendar (0612)
• AP CERTIFICATION TRAINING The IOMA/TAPN AP Seminar & Certification Exam: The Best Training Program Available for Accounts Payable Pros Cincinnati, Feb. 8 Atlanta, April 12 New York, NY, March 8 San Diego, May 3 New Orleans, March 18 Go to: www.ioma.com/certification/aptraining.html. PROCURE-TO-PAY SUMMIT 2007, Jan. 22-25, Orlando. Contact: IQPC, 800-882-8684; www.iqpc.com/financeIQ. RECAP’S 11th ANNUAL ENHANCING AP OPERATIONS CONFERENCE & WORKSHOP, Mar. 5-7, Fort Lauderdale. Contact: Sara Citron, 877-527-3927; www.recapinc.com. …
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• AP Manager's Forum: Vendor File Woes--Fix It or Start Over?
• The master vendor file at Cox Ohio was based on old technology that was not robust enough to serve the needs of the AP department. Denise Thompson, the company’s AP manager recalls: "We used to have one central location and four payment companies. We were doing check runs every day for each one of the companies, and sometimes paying the same vendor under four companies. Each of the companies had set up the vendors in different ways. I think we had something like 75,000 vendors."
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