P-CARDS: IOMA Benchmark Data Helps Set P-Card Audit Policies

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Managing Accounts Payable

August 2008

Almost two-thirds of organizations MAP recently polled say they audit 100 percent of the monthly purchasing card (p-card) statements for all cardholders. However, this varies significantly by size of the p-card program and by industry. Of those organizations that do not audit 100 percent of the statements, the most prevalent method to use is the random, or surprise, audit.

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August 2008 Table of Contents [ toggle snippets ]

MAP July 2008 (full PDF issue)
IRS COMPLIANCE
IRS Crackdown Points Up Importance of Form 1099 Filing
Form 1099 reporting plays a key role in limiting exposure to stiff fines over misclassifying employees as independent contractors. This is important in the face of increased audits by the IRS over this issue. But the agency admits that there is still no bright-line test to use when classifying workers.
News Briefs
Higher Mileage Rate Now in Effect...Growth in Imaging and Workflow...Biggest Barrier to E-Invoicing...New Sales & Use Tax Rulings...
and more.
AP Calendar
AP conferences, seminars, and specialized training.
AP Managers’ Forum
Centralized, Paper-Free T&E a Big Hit.
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BENCHMARKS: Take a P2P Perspective to Help Achieve World-Class AP Performance
How do AP departments attain world-class status in terms of costs and efficiency? One way is to take a different perspective. Don’t simply look at AP—look at the entire process, from initial purchase through to payment. This means breaking down the silos between AP and purchasing in order to work together to save the organization a bundle—and make your job easier.
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AP TECHNOLOGY: Manageable Steps Tackle a Complex AP Automation Project
The implementation of a new, automated AP system can be complex and confusing—unless it is broken down into manageable steps. At the recent RECAP/IOMA AP Conference in Ft. Lauderdale, Darren Pate, director of Financial Operations at Sonepar USA, talked about some of the hard-learned lessons he acquired while implementing automated AP processes at Cameron & Barkley Co. and Hughes Supply.
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P-CARDS: IOMA Benchmark Data Helps Set P-Card Audit Policies
Almost two-thirds of organizations MAP recently polled say they audit 100 percent of the monthly purchasing card (p-card) statements for all cardholders. However, this varies significantly by size of the p-card program and by industry. Of those organizations that do not audit 100 percent of the statements, the most prevalent method to use is the random, or surprise, audit.
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IRS Crackdown Points Up Importance of Form 1099 Filing
The Internal Revenue Service is salivating over the prospect of finding that many employers are misclassifying employees as independent contractors. When that happens, employers can owe back payroll taxes plus stiff fines. To fend off trouble, one of the most important things an employer that classifies workers as independent contractors must do is issue Form 1099s that report the income to those individuals.
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News Briefs (0808)
NEW RULE FOR BIZ CAR USAGE When employees use business cars for personal use, the value of the personal use is generally considered taxable income to the employees. However, there’s no tax if the vehicle is a so-called "qualified nonpersonal use vehicle." Under new proposed regulations from the Internal Revenue Service, "clearly marked" public safety officer vehicles would be added as a new type of qualified nonpersonal use vehicle. That means, for example, that public safety…
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Coming in future issues of Managing Accounts Payable (0808)
New Generation of EDI Triggers E-Invoices From Any Size Vendor How One AP Dept. Integrated Automated Data Input Into Its Imaging Setup Four Steps to World-Class AP Performance New IOMA Research on Electronic Invoicing Techniques…
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Accounts Payable Calendar (0808)
IOMA AP TRAINING The IOMA AP Training Seminar: The Best Training Program Available for Accounts Payable Professionals. Portland, Ore., Aug. 13; Toronto, ON, Aug. 20; Atlanta, Sept. 10; Boston, Sept. 17; Las Vegas, Oct. 15; Annapolis, Md., Nov. 12; Houston, Nov. 19. Go to: www.ioma.com/certification/aptraining.html. AP BEST PRACTICES & EFFECTIVE ADMINISTRATION, Aug. 5, Atlantic City, N.J. Conducted by Goodman & Associates. Register through IOMA. Contact: Eric Fink at 973-718-4704 or efink@ioma.com. …
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Accounts Payable Managers� Forum (0808)
CENTRALIZED, PAPER-FREE T&E A BIG HIT Problem: A large consumer products firm took a fresh look at its entire travel and expense process and saw an enormous opportunity for improvements—not just for AP and not just for the firm’s travel program—but for the entire organization. They were looking for ways to save money, but they were also looking to provide employees with an easy way to book travel, pay for it, and keep a record of what they spent.
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