Managing Accounts Payable

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November 2007 Table of Contents [ toggle snippets ]

• MAP November 2007 (full PDF issue)
• Paper-Free AP ConferenceHow One AP Dept. Went From Zero to 86% E-Payments;
  Best PracticesDisney’s P-Cards Find Synergistic Growth With AP;
  Exclusive ResearchWhat Metrics Do AP Shared Service Depts. Track Most?
  Streamlined Sales TaxTask Force Hears Proposal to Break Sourcing Deadlock;
  News Briefs;
  MAP Calendar;
  Accounts Payable Managers’ Forum
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• Paper-Free AP: How One AP Dept. Went From Zero to 86% E-Payments
• Best-practice AP departments seek to move their disbursements from paper checks to electronic payments. This reduces costs and eliminates the possibility of check fraud. There are a number of key considerations in moving from paper checks to e-payments. One AP department’s story should serve as a model and inspiration to other U.S. companies that are prepared to go global with e-payments.
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• Best Practices: Disney’s P-Cards Find Synergistic Growth With AP
• The Walt Disney Company is a pioneer of synergistic techniques. In the 1930s, the company licensed its Mickey Mouse character to dozens of firms to produce a vast array of toys, books, and household products. Not only did this generate revenue, it helped promote the company’s films.
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• Exclusive Research: What Metrics Do AP Shared Service Depts. Track Most?
• The key word in the term AP shared service is "service." To make sure service levels are up to par, AP managers need to monitor performance using key performance indicators (KPIs). For example, are AP staffers processing their fair share of invoices? How can you determine this if you don’t track how many invoices they process per month? Also, every AP manager wants to improve departmental performance. You can’t do this without tracking KPIs through a benchmarking initiative.
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• Streamlined Sales Tax: Task Force Hears Proposal to Break Sourcing Deadlock
• A task force organized by the Streamlined Sales Tax Governing Board Inc. recently heard a new proposal put forward in a bid to break a deadlock over "sourcing rules" under the Streamlined Sales and Use Tax Agreement (SSUTA).
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• MAP News Briefs (November 2007)
• Every year, IOMA recognizes AP departments or individuals who have achieved excellence in their AP areas. In the even-numbered years, the awards go to those AP departments that top the charts in terms of the best metrics for costs and efficiency based on a benchmarking survey we conduct of over 500 AP departments. In the odd-numbered years, such as this year, we recognize one individual as AP Manager of the Year.
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• MAP Future Issues (November 2007)
• • Tips for the Year-End Close
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• MAP Calendar (November 2007)
• The IOMA AP Training Seminar: The Best Training Program Available for Accounts Payable Pros
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• Automated Data Input Boosts AP Productivity at AIT
• Moving paper invoices through the system at AIT Worldwide Logistics (Chicago) was anything but efficient. Plus, the company was growing, and the AP department was expected to handle nearly 200,000 invoices a year, representing almost 1.3 million transaction lines. Invoices coming in via the mail were date-stamped upon receipt and sorted alphabetically by hand. Then, overnight, a second team of AP associates sorted the invoices by urgency, type of vendor, and availability of discounts. The entire sorting process took about 8.5 hours to complete. Plus, slow data entry and a cumbersome remittance process translated to a four to six week payment cycle, so trade discounts were lost.
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