Managing Accounts Payable

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April 2006 Table of Contents [ toggle snippets ]

• MAP April 2006 (full PDF issue)
• 7 Best Practices That Will Keep Your Master Vendor Files Squeaky Clean;
  Exclusive Data Reveals Audit Targets for T&E;
  SOX Triggers New Audit Changes in P-Card Programs;
  How to Avoid a Big Mistake in Picking an AP Software Vendor;
  MAP Calendar (April 2006);
  News Briefs (April 2006);
  Accounts Payable Managers’ Forum (April 2006)
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• Policies and Procedures: 7 Best Practices That Will Keep Your Master Vendor Files Squeaky Clean
• AP professionals in the know realize that a sloppy master vendor file can create all kinds of headaches—so they have begun to implement some rock-solid policies and procedures. However, they have a long way to go, reveals new in-depth research on this often neglected issue.
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• Exclusive Data Reveals Audit Targets for T&E
• Under the harsh glare of today’s intense scrutiny of corporate financial controls, AP departments must make sure their own internal controls are rock-solid—especially for employee expense reimbursements. Executives have been sent to jail over expense account abuses. Plus, the IRS recently issued new training materials to agents on how to ferret out reimbursements that run afoul of the tax law. What’s more, corporate T&E operations must pass tough Sarbanes-Oxley audits.
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• SOX Triggers New Audit Changes in P-Card Programs
• Almost three-quarters of public companies have made changes to their p-card programs as a result of the Sarbanes-Oxley Act (SOX), reveals a new study. These changes were designed to comply with the internal control mandates of SOX Section 404.
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• How to Avoid a Big Mistake in Picking an AP Software Vendor
• In 2006, you’ll most likely be looking for some new AP software. Whatever you’re looking to buy, it always comes down to the make-or-break stage: the vendor demo. If you manage a demo effectively, your job in making a final recommendation will be a whole lot easier—and you’ll avoid making the wrong choice that could haunt you for years.
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• News Briefs (April 2006)
• IDEAS TO BREAK INVOICE LOGJAM While doing research for our Transforming AP Management report, we came across three good ideas to speed up the processing of invoices: 1) Have invoices sent to AP. "We have been able to cut our aging in half in the last four months using this procedure," reports an AP supervisor at an educational institution (1,000 employees); 2) Date stamp invoices. "We began to enter a ‘received by AP’ date on each…
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• Company Uses Data Capture Tool to Analyze Invoices
• USIEnergy (Norcross, GA) processes a huge amount of utility invoices in its role as an energy management services firm. For its clients, the company must analyze their invoices for consumption, billed charges, due dates, and service period dates—a process that often reveals operating inefficiencies. Once an invoice is authenticated, it is processed for payment. After analyzing all of the data, the company recommends ways its clients can reduce their energy costs.
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• Accounts Payable Calendar (April 2006)
• AP CERTIFICATION TRAINING The IOMA/TAPN AP Seminar & Certification Exam: The Best Training Program Available for Accounts Payable Pros Kansas City, MO, May 19 Chicago, June 11 Charlotte (NC), June 22 Denver, July 13 Other dates and locations Go to www.ioma.com/certification/aptraining.html 7th Annual NAPCP Conference, April 2-5, Orlando. Contact: National Association of Purchasing Card Professionals, patty_ebert@napcp.org; 952-546-1880; www.napcp.org. …
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