January 29^th, 2012 kicked off our 4-part webinar with AP Now & Tomorrow’s Editorial Director & Publisher Mary Schaeffer. If you were unable to attend the webinar from yesterday here is what you missed.

Brief Overview

• If you focus only the big picture, problems will occur. The control lies within the detail of processing invoices.
• When details are ignored:
  • Duplicate payments are processed,
  • Fraud is much easier to commit,
  • Inaccurate accruals &
  • Inaccurate financial/ accounting records.

How the invoicing process should work

• The Ideal World: part 1- Invoices are sent to accounts payable. Receipts are centralized in one place and approved promptly.
• The Ideal World: part 2- When the invoices have returned in AP. Three-way match is complete. Invoices are then scheduled for payment.

-OR-

If there are discrepancies, they are resolved before payment is due Invoices are then scheduled for payment.

• The ideal World: part 3- Payment is made on due date. (Note: late payments create additional issues)

The reality: when the Invoices arrive

• Problems with invoice receipts:
• Ideally centralized- one location
• Invoice processing
• AP policies and procedures manual

What to do when these problems occur:

• Invoices without invoice numbers
• Invoices without a PO #
• Disputed Invoices
• When disputed invoices are ignored/ Reports
• Invoices arriving at the last minute
• No Backup?
• Duplicate invoices

To view the presentation from yesterday: Click Here.