Managing Accounts Payable

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January 2007 Table of Contents [ toggle snippets ]

• MAP January 2007 (full PDF issue)
• Exclusive New Study Reveals Hefty Pay Increases for AP Pros;
  Latest Research: Coping With the 5 Top Problems of a New Imaging System;
  Rave Reviews Over IOMA‘s AP Portal—AccountsPayable360 ;
  New for 2007: IRS Crackdown on Excessive Per Diem Payments;
  CFO Study Reveals DPO Metrics Relatively Unchanged;
  Company Battles IRS Over Employee vs. Independent Contractor Issue;
  Calendar;
  News Briefs;
  Accounts Payable Managers’ Forum
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• Exclusive New Study Reveals Hefty Pay Increases for AP Pros
• Salaries for many AP professionals have increased significantly over the past year, reveals IOMA’s Accounts Payable Compensation Report 2007. The report is based on a survey of over 400 individuals and analyzes data concerning salaries, bonuses, work experience, education, gender, and other variables that affect compensation.
  Close Snippit | Read Article
• Coping With the 5 Top Problems of a New Imaging System
• The use of imaging to automate the invoice process is gaining steam, according to several surveys IOMA has conducted. Our research reveals the main problems you can expect to encounter if you implement a new imaging system--and how to overcome them.
  Close Snippit | Read Article
• Rave Reviews Over IOMA‘s AP Portal—AccountsPayable360
• ". . . great site . . ." ". . . a lot of useful information . . ." " . . . I love the daily updates . . ."
  Close Snippit | Read Article
• New for 2007: IRS Crackdown on Excessive Per Diem Payments
• If you routinely reimburse employees for travel expenses using per diems that are higher than the federal rates, you had better make sure the amounts are tracked and documented carefully. Reason: As of January 1, the Internal Revenue Service is going after these unsubstantiated amounts and can impose taxes on the entire per diem.
  Close Snippit | Read Article
• MAP Future Issues (January 2007)
• • Results of MAP’s Exclusive AP Compensation Survey
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• CFO Study Reveals DPO Metrics Relatively Unchanged
• The key role accounts payable plays in a company’s cash management strategies is revealed in a new survey about corporate "working capital." It found that top U.S. companies freed up $72 billion of cash from working capital in 2005 partly by enhancing the way they pay vendors.
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• Company Battles IRS Over Employee vs. Independent Contractor Issue
• If workers supply their own tools on the job, are they independent contractors or employees? That was the main issue in a recent Tax Court case in which a company was challenging the IRS’s determination that the workers were employees, not independent contractors.
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• MAP Calendar (January 2007)
• AP CERTIFICATION TRAINING
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• MAP News Briefs (January 2007)
• Rosario Licata, a former head of accounts payable at Miami-based PBSJ Corp., along with two other high-level employees, pleaded guilty to criminal mail and wire fraud charges that they embezzled over $35 million from the company. The scheme lasted from approximately 1992 until March 2005. Licata and the other two individuals, William Scott DeLoach and Maria Garcia, face a statutory maximum of 20 years’ imprisonment, a fine, and mandatory restitution.
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• Accounts Payable Managers’ Forum (January 2007)
• Problem: At Frymaster, a manufacturer of commercial kitchen equipment that employs a workforce of 544, Rachel Spivey is AP supervisor in a department that processes an estimated 5,700 invoices a month. But there was a problem. "By analyzing our benchmarking data for discounts lost, we found that in 2003 we lost 19.78% of our available discounts," Spivey says. "Even considering that we intentionally lose discounts in order to maximize cash flow at the half-year mark and at year-end, it was apparent that we needed to find a solution to increase the amount of discounts taken."
  Close Snippit | Read Article

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