Thinking of Outsourcing? Here Are Some Keys to Success;
REL/CFO Study How Does Your DPO Stack Up?;
Boost Your Invoice Imaging With Data Capture Technology;
AP Compensation: How to Use Salary Surveys to Lure—and Keep—Good AP Workers;
What's New on AccountsPayable360?;
MAP Calendar;
News Briefs;
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Not every AP department has the resources or expertise to do all of the functions it needs to—so that’s where outsourcing comes in. In our ongoing research into AP best practices, we examined the current state of outsourcing in AP and identified the factors for success—as well as some obstacles you may encounter.
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Monitoring your days payables outstanding (DPO) metric is important because it is a key component in your company’s formula for calculating working capital. Companies must maintain the proper amount of working capital to pay for daily operations and to finance future growth. So if your DPO is out of whack, it will throw your company’s working capital out of whack, too—and you’ll get someone from the CFO’s office knocking on your door. Close Snippit | Read Article
At our recent conference in Chicago dealing with AP technology, several AP managers related positive experiences they have had with data capture tools—technology that reads the invoice once it’s scanned so that the data does not have to be input manually. Close Snippit | Read Article
Salary surveys are extremely useful because they help make sure you are offering salaries that are competitive in the marketplace. Otherwise, you risk losing good AP workers, and you can have trouble recruiting additional staff. In addition, organizations use salary surveys to plan their annual merit and pay increase budgets. Close Snippit | Read Article
There are over 2,000 pages of case studies, AP research findings, benchmarks, compensation data, news, sample policies, tools, resources, how-to’s, and more on AccountsPayable360.com. This is a free Web site—updated daily—designed to be the most extensive information portal on everything AP-related. Close Snippit | Read Article
A new white paper from PayStream Advisors points out that despite the powerful incentives for using p-cards, there still are two main challenges to implementing them: Loss of control and accounting. The idea of doling out cards to hundreds of employees can give executives nightmares about loss of control. On the accounting side, there’s a concern about charging the numerous p-card purchases to the right department, project, or other accounting category. The paper offers the following ways companies use to overcome these two problems.
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Problem: Jennifer Cousté is assistant controller at the Davison Chemical division of W.R. Grace & Co. She has responsibility for the AP department, which has a staff of 13 that process 20,000 invoices a month for the company’s 54 North American locations. The challenge she faced was getting a handle on a huge backlog of "problem" invoices in the system, which was paper-based. Close Snippit | Read Article
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