Sorry, you need to enable JavaScript to visit this website.

“Pay the right amount, to the right vendor, at the right time”

January 29th, 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.

"Automation Levels High, Satisfaction Higher"

The Accounts Payable Network just released its new benchmark survey report, entitled The State of AP.
 
The report discovers that "if your organization has implemented accounts payable automation, chances are you are satisfied with it."
 
 
 

Pages

Subscribe to RSS - The Strategic Shift in Accounts Payable

SALES  1-877-426-9245  |  SUPPORT  1-866-957-2455