PAYMENTS: How Pressure to Delay Payments Triggers Hidden Cost

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Managing Accounts Payable

October 2009

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Many AP departments are under unrelenting pressure from management to hold off paying invoices until the last possible moment. But what the corporate financial people often do not realize is that this tactic may cost their companies money—and it could be a bundle. That’s because many vendors will not pressure you for the payment--they simply send a second invoice that may not be marked "Copy" or "Duplicate."

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October 2009 Table of Contents [ toggle snippets ]

MAP October 2009 (Full PDF Issue)
FORM 1099 New Bill Cracks Down on Misclassifying Employees PAYMENTS How Pressure to Delay Payments Triggers Hidden Cost INTERNAL CONTROL AP Pros Offer Tips on Paying From Invoice Copies or Faxes News Briefs IRS OKs Tool Reimbursement...Damages and Settlements...SIFL Rates for 2H09...Free T&E Spend Analysis...New Sales and Use Tax Rulings...Ferret Out Missing Invoice AP Managers’ Forum Freight Invoice Chaos... Match Game
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Accounts Payable Calendar (October 2009)
IOMA/TAPN AP CERTIFICATION PROGRAM Register now for a one-day intensive AP review class to prepare for the AP Certification Exams.
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MAP Future Issues (October 2009)
Survey Data Reveals Bonuses Paid to AP Professionals
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MAP News Briefs (October 2009)
IRS OKs TOOL REIMBURSEMENT The Internal Revenue Service (IRS) has been cracking down on employee tool reimbursement plans because the agency believes that many of them are designed for employers to dodge payroll taxes.
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New Study Reveals Salary for AP Directors
Individuals who devote their careers to the accounts payable profession can earn a good salary. And those who make it to the upper echelon of AP can pull down average pay that approaches $100,000. This is revealed in our study of compensation of over 650 AP professionals who responded to our survey. The study analyzes data concerning salaries, bonuses, work experience, education, gender, and other variables that affect compensation for a wide range of AP job titles.
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SALES & USE TAX: How AP Handles Sales & Use Tax on P-Card Transactions
Sales and use tax liability can be sneaky when purchasing cards (p-cards) are used.
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NEW RULES: OFAC Triggers New International ACH Payment Rules
If you use the electronic banking network to make payments to foreign vendors or individuals outside the United States, you must comply with new rules—or face stiff penalties.
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Accounts Payable Managers� Forum (October 2009)
FREIGHT INVOICE CHAOS Problem: "We were processing over 100 invoices each week for freight payments," said the AP manager for a large mining company.
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FORM 1099: New Bill Cracks Down on Misclassifying Employees
Legislation recently introduced in the House would limit existing "safe harbor" provisions for employers that have treated employees as Form 1099 independent contractors, increase tax penalties in misclassification cases, and make penalties more difficult to avoid. New Bill The Taxpayer Responsibility, Accountability and Consistency Act of 2009 (H.R. 3408), introduced by Rep. Jim McDermott (D-Wash.), would replace Section 530 of the Revenue Act of 1978 with a new federal tax law section that requires the Internal Revenue…
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PAYMENTS: How Pressure to Delay Payments Triggers Hidden Cost
Many AP departments are under unrelenting pressure from management to hold off paying invoices until the last possible moment. But what the corporate financial people often do not realize is that this tactic may cost their companies money—and it could be a bundle. That’s because many vendors will not pressure you for the payment--they simply send a second invoice that may not be marked "Copy" or "Duplicate."
Close Snippit | Read Article
INTERNAL CONTROL: AP Pros Offer Tips on Paying From Invoice Copies or Faxes
One of the leading causes of duplicate payments is paying from invoice copies or faxes.
Close Snippit | Read Article