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Managing Accounts Payable

January 2009

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Because AP is the gatekeeper of an organization’s disbursements, it is in the best position to screen vendors. The purpose is to make sure a vendor is legitimate in order to reduce fraud. The best way to handle this is by setting up a formal vendor verification program.

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January 2009 Table of Contents [ toggle snippets ]

MAP January 2009 (Full PDF Issue)
Streamline in ’09: 50 Ways AP Can Cut Costsand Be More Efficient in 2009;
Form 1099: Coping With 1099 Reporting of Credit Card Payments;
Invoice Automation: 3 Key Issues in Planning Automated Workflow Systems;
INTERNAL CONTROL: How to Set Up a Rock-Solid Vendor Verification Program 2;
AP Calendar (January 2009);
News Briefs (January 2009);
AP Managers’ Forum (January 2009)
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50 Ways AP Can Cut Costs and Be More Efficient
The ongoing economic woes have perpetuated efforts to cut costs. Corporate management is trying to squeeze every red cent out of any place they can find. Have you done all you can in your AP department to contribute to this unrelenting effort?
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Form 1099: Coping With 1099 Reporting of Credit Card Payments
Payments made through regular AP channels—via check, cash, or wire transfer—are easily picked up on the Form 1099 radar. That is, it’s easy to spot these payments and do the necessary 1099 reporting. But payments made using a corporate credit card can easily fall through the cracks. That’s a problem because these payments are subject to the 1099 reporting rules.
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Invoice Automation: 3 Key Issues in Planning Automated Workflow Systems
For many AP departments, 2009 will be the year to cut costs to the bone. One way to do this is by moving to invoice automation, such as invoice imaging or electronic invoicing—or a combination of both. Regardless of the approach, you will also need an automated workflow system. Some vendors of automated invoice solutions offer automated workflow, but some do not. Either way, you need to understand it and be able to choose the solution that’s right for your operation—and then successfully implement it.
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How to Set Up a Rock-Solid Vendor Verification Program
Because AP is the gatekeeper of an organization’s disbursements, it is in the best position to screen vendors. The purpose is to make sure a vendor is legitimate in order to reduce fraud. The best way to handle this is by setting up a formal vendor verification program.
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Coming in Future Issues of Managing Accounts Payable (January 2009)
Newest Metrics on AP Processing Costs and Efficiency Major P-Card Providers Give Insights Into Optimizing P-Card Programs Using Software-as-a-Service to Automate Invoice Processing Latest Trends in Automating Employee Expense Reimbursements Accelerate the Switchover From Paper Checks to ACH Payments Process Improvement Tools to Stimulate AP Change Developing Closer Working Relationships With Key Internal and External Customers…
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Accounts Payable Calendar (January 2009)
IOMA AP TRAINING The IOMA AP Training Seminar: The Best Training Program Available for Accounts Payable Professionals Las Vegas* (Feb. 23-24); San Antonio, TX (Mar. 11); Los Angeles area (March); New York City area (Apr. 22); Atlanta (May 20); San Diego (June 10); Philadelphia (June 17); other dates and locations to be announced. Go to: www.ioma.com/certification/aptraining.html. …
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News Briefs (January 2009)
NEW DUE DATES FOR SOME 1099s The Internal Revenue Service has posted to its Web site a notice on the new due date for furnishing certain information returns to recipients enacted under recent federal bailout legislation (Public Law 110-343). It said that under Division B, Section 403, the due date for providing recipients with Copy B of certain information returns filed after 2008 is February 15 of the year following the calendar year for which the…
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Accounts Payable Managers' Forum (January 2009)
REDUCING PESKY CALLS Problem: The volume of phone calls from vendors was a real problem for one AP department at a manufacturing firm.
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