Accounts Payable Managers’ Forum (0904)

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Managing Accounts Payable

April 2009

PAYING VENDORS DURING CASH CRUNCH Problem: Like many organizations, XYZ Company (name withheld on request) has experienced some well-publicized financial difficulties. Also like others, it has a list of priority vendors that absolutely must be paid on time or they cut off credit. The AP manager has identified and separated out these vendors.

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April 2009 Table of Contents [ toggle snippets ]

MAP April 2009 (full PDF issue)
MANAGING TECHNOLOGY
5 Employee Groups You Need to ‘Manage’ When Automating AP
AP Calendar
AP conferences, seminars, and specialized training
INTERNAL CONTROLS
Time to Take a Fresh Look at AP’s Overall Control Picture
PROCESSING
7 Ways to Make Pesky Small-Dollar Invoices Vanish
News Briefs
AP May Get P-card 1099 Relief... Watch For More E-payment Fraud... AP Manager of the Year 2009... New Sales and Use Tax Rulings... and more
AP Manager’s Forum
Paying Vendors During Cash Crunch ... Solution To AP Procedure Scofflaws
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Compliance: IRS to Start Random Audits to Expose Misclassified 1099ers
Over the next 12 months, the Internal Revenue Service will select employers for random examinations to determine whether Form 1099 workers should really be classified as employees, reveals a new government report. The misclassification of workers contributes to the current tax gap—but just how much is anyone’s guess. The current estimate is that the gap is $1.6 billion—but this is based on data that’s 25 years old. So, naturally, the feeling is that this number is a lot higher.
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Outsourcing: Key to Success of AP Outsourcing? Do Your Homework!
The current recession is forcing corporate management to seek new ways to contain costs. One approach being used is to outsource corporate functions that can be performed as efficiently but less expensively by outside providers than by in-house staff. Accounts payable is a function that is often seen as a prime candidate for outsourcing. Other likely candidates are payroll, other accounting functions, human resources, and benefits administration.
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P-Cards: New IOMA Research Suggests P-Cards Have Room to Grow
The more transactions you can run through your purchasing card (p-card), the fewer invoices you have to process. According to MAP’s recent research, it appears that p-card programs have an opportunity to increase their transaction volume. That’s because about 30 percent of survey respondents say that their cards process no more than 10 transactions per card, and about half say their cards handle no more than 20 transactions per month.
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MANAGING TECHNOLOGY: 5 Employee Groups You Need to �Manage� When Automating AP
At our recent AP Conference & Expo in Las Vegas this past October, many AP managers were scrambling around shopping for AP automation tools. Reason: Their 2009 budgets required them to cut costs—and automation is a prime way to accomplish that.
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Accounts Payable Calendar (0904)
IOMA AP TRAINING The IOMA AP Training Seminar: The Best Training Program Available for Accounts Payable Professionals New York City (Apr. 22); Costa Mesa, CA (Apr. 28); Atlanta (May 20); Philadelphia (June 17); Orlando (Oct. 14)*; other dates and locations to be announced. Go to: www.ioma.com/certification/aptraining.html. (*held before an IOMA AP conference listed below) …
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INTERNAL CONTROLS: Time to Take a Fresh Look at AP�s Overall Control Picture
During all of the distractions surrounding the economic turmoil and cutbacks, it’s easy for internal controls to get a little bit lax. Therefore, it’s a good idea to make sure your overall fundamentals of internal control are sound. There are certain broad areas and general techniques for internal controls that need to be considered before you can think about the specifics.
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Coming in future issues of Managing Accounts Payable (0904)
How Four Types of E-Payment Tools Can Chip Away at the Volume of Paper Invoices Integrating Optical Character Recognition (OCR) Into Your Invoice Imaging Operation How Does your DPO (Days Payable Outstanding) Ratio Compare to Your Industry Peers? New Benchmark Data Helps Set AP and T&E Processing Policies…
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PROCESSING: 7 Ways to Make Pesky Small-Dollar Invoices Vanish
In these times of doing more with less, one way to cope is to try to eliminate as many invoices as possible—especially small-dollar invoices. The cost to process an invoice can top $25 at some organizations, and this cost is incurred whether the invoice is for $1 or $1,000. Nevertheless, AP departments must grapple with small invoices every day, and they can be a real drain on resources.
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News Briefs (0904)
AP MAY GET P-CARD 1099 RELIEF One of the big thorns in the side of AP is Form 1099 reporting of payments made through the corporate credit cards. There’s a chance that you may be rid of this headache once and for all. Here’s why: The Internal Revenue Service asked for comments from the public on the new law that requires credit card organizations to do Form 1099 reporting of payments made to merchants through the…
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Accounts Payable Managers� Forum (0904)
PAYING VENDORS DURING CASH CRUNCH Problem: Like many organizations, XYZ Company (name withheld on request) has experienced some well-publicized financial difficulties. Also like others, it has a list of priority vendors that absolutely must be paid on time or they cut off credit. The AP manager has identified and separated out these vendors.
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