News Briefs (February 2007)

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Managing Accounts Payable

February 2007

If your company requires employees to pay their p-card or T&E card bill and then file for reimbursement, they should be aware that a late payment could hurt their credit score and hike up the interest rate on the card balance. Plus, it could affect the interest rate on their own personal cards. Some companies pay the p-card bill directly, but late payments here can also cause trouble for employees. Typically, a credit card provider will notify credit reporting agencies when a bill is 30 or 60 days late.

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February 2007 Table of Contents [ toggle snippets ]

MAP February 2007 (full PDF issue)
101 Non-Tech Ideas to Improve AP in 2007;
AP Compensation Report 2007: 62% of AP Managers Eligible for Bonus—Averaging $7,400;
How Closely Are Vendors Eyeing Your Invoice Deductions?;
AP Pro Uses Metrics to Slash Rush Checks by 85%;
MAP Calendar;
Four Key Criteria for Selecting an Imaging/Workflow Vendor;
News Briefs;
Accounts Payable Managers’ Forum
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101 Non-Tech Ideas to Improve AP in 2007
Amid the razzle-dazzle of all of the latest AP automation tools, it’s easy to overlook the things you can do to improve AP operations that have absolutely nothing to do with technology. Over the past year, MAP has collected many of these ideas—they came from AP managers during conference sessions, interviews, reader surveys, informal chats, off-the-cuff remarks, and a variety of experts. The point is each and every one has been field-tested. So tack this to your bulletin board and give a copy to everyone on your staff.
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AP Compensation Report 2007: 62% of AP Managers Eligible for Bonus—Averaging $7,400
Last year was a good year for AP professionals bonus-wise, as revealed in the preliminary results from our latest survey on AP compensation. Not only were an increasing number of staff eligible for a bonus, but bonuses increased by an average of 23%.
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How Closely Are Vendors Eyeing Your Invoice Deductions?
Adjusting invoices for defective merchandise, returns, shortages, and the like is commonplace in AP. But just how closely does the vendor examine these deductions? Answer: It depends on the amount. Deductions under a certain threshold amount are automatically accepted by vendors without question—and many vendors never even keep track of them. This is revealed in the 2006 Deduction Study from the Credit Research Foundation (CRF).
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AP Pro Uses Metrics to Slash Rush Checks by 85%
The results of a recent mini-survey on our new AP information portal, Accounts Payable360.com, reveal that making requesters jump through extra hoops is the best way to cut down on requests for rush checks. "Require extra approvals" was cited most often as the best strategy AP360 members have used (see the graphic.) Coming in a close second was to approve the rush check request only in an "emergency." …
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Accounts Payable Calendar (February 2007)
AP CERTIFICATION TRAINING: The IOMA/TAPN AP Seminar & Certification Exam: The Best Training Program Available for Accounts Payable Pros
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Four Key Criteria for Selecting an Imaging/Workflow Vendor
Over a third of AP pros we recently polled say they plan on using imaging to automate the invoice process. Add to this the number of companies currently using imaging, and around 70% will have imaging up and running in the near future, according to IOMA’s AP Department Benchmarks and Analysis 2007.
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News Briefs (February 2007)
If your company requires employees to pay their p-card or T&E card bill and then file for reimbursement, they should be aware that a late payment could hurt their credit score and hike up the interest rate on the card balance. Plus, it could affect the interest rate on their own personal cards. Some companies pay the p-card bill directly, but late payments here can also cause trouble for employees. Typically, a credit card provider will notify credit reporting agencies when a bill is 30 or 60 days late.
Close Snippit | Read Article
Coming in Future Issues of Managing Accounts Payable (February 2007)
New Research Reveals Best Practices and Metrics for AP Shared Services
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Accounts Payable Managers’ Forum (February 2007)
Problem: Keeping the master vendor file clean—free of duplicate vendor entries and complete with accurate information—will minimize the possibility of duplicate payments and eliminate headaches over incorrect 1099 reporting. Many companies do not have the time to spend doing the cleanup themselves, so they use an outside service.
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