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7 ‘Do This, Not That’ Practices Every Organization Should Use

Many organizations incorporate poor practices into their accounts payable function without knowing it. Check out Mary Schaeffer's seven ‘Do This, Not That’ suggestions to eliminate these common problems.

  1. DO: Centralize the receipt of invoices.
    DON’T: Allow the vendor to decide where to send invoices.
  1. DO: Return unidentified invoices to the sender.
    DON’T: Try and determine who placed the order.
  1. DO: Establish and mandate the use of a rigid coding standard.
    DON’T: Allow each processor to enter data as they wish.
  1. DO: Review statements for open vendor credits on a regular basis.
    DON’T: Ignore the issue.
  1. DO: Mail all checks.
    DON’T: Return checks to the requisitioner.
  1. DO: Address the personal device issue.
    DON’T: Allow employees to do as they see fit.
  1. DO: Learn as much as possible about invoice automation.
    DON’T: Hope the issue will go away.

To learn more best practices and how you can avoid an internal control breakdown, download the full whitepaper here.

Does Your AP Function Have a Solid Foundation?

Is your AP really as strong as it should be? You might think so, but with the accounts payable environment rapidly changing, it's best to check your foundation on a regular basis.

During our webinar with AP Now & Tomorrow, Mary Schaeffer covered how to set up invoice processing to incorporate strong controls, best practices, as well as regulatory compliant practices. She also walked us through an informative checklist of strong foundation practices every organization should use. Be sure to download the checklist to evaluate your own operation.

View the webinar presentation and recording to learn how you can start building a solid foundation today.

Come into the Cloud with Us

As the Director of Sales at Anybill, I always try to stay up-to-date with industry trends in the cloud-based space that we operate in here at Anybill.

I came across this interesting article while reading the Washington Post this morning.  According to the article, Bessemer Venture Partners states that publicly traded cloud-based companies are now worth over 100 Billion!!!  A large number in its own right, but the kicker is that the number of companies that are public are only a small percentage of the total cloud-based companies out there.  Most cloud-based companies are still privately held, so they are not accounted for in the 100 billion.  What this tells me is that the cloud-based space is growing and growing still at a very rapid pace.  What may as started at a fad or idea is now very much a reality of how companies purchase, use, and access their software platforms.  Cloud-based platforms have multiple benefits.  A few come to mind:

  • Low cost of start-up, as you don't have to purchase hardware to run the applications
  • Lower cost of ownership, as you don't have to maintain software versions, manage new releases, and pay associated maintenance fees
  • Ease of access, being cloud-based makes your application accessible to anyone in your organization that has an internet connection

Companies, big and small, are changing the way they purchase and run their software platforms with the adoption of cloud.

Where does your organization grade on the cloud adoption scale?

Want to build a best practice AP organization?

Join us for Part 3 of our 4-part webinar series with Mary Schaeffer of AP Now & Tomorrow to learn how to incorporate strong controls, best practices, and regulatory compliant practices into your AP process.

Details:
Date: Tuesday, August 13
Time: 1:00 pm ET

Mary will walk us through a checklist of strong foundation practices every organization should use.

Register here.

Thank you for attending AP in the AM!

Thank you to everyone who attended our AP in the AM breakfast seminar on June 6!  We hope you enjoyed it and found it useful.  

We would like to extend a huge thank you to Henry Ijams, Founder and Managing Director of PayStream Advisors, and Sander Mueller, Chief Strategy Officer of Anybill, for the excellent presentations. They covered industry trends and considerations when building an automated AP department. Stay tuned for the date of the next Anybill event!

AP in the AM Anybill Breakfast Seminar

Mark your calendar for our first breakfast seminar, AP in the AM.  Henry Ijams, founder of PayStream Advisors, and Sander Mueller, Chief Strategy Officer of Anybill, will provide the latest insights in automated AP and what to expect in the future.

Breakfast is on us and seating is limited, so be sure to reserve your seat today.

Date     Thursday, June 6, 2013
Time     8:00 am: Breakfast and Networking
              8:30 am: Presentations

Place    Dupont Circle Hotel
              The Heights at Level Nine
              1500 New Hampshire Avenue NW
              Washington, DC 20036

Register now before it fills up!

Get the Latest AP News

Stay in the know and subscribe to the e-AP News e-zine. AP Now & Tomorrow’s free weekly newsletter by Mary Schaeffer includes tips, payment issues, products, job listings, and upcoming events. Read the excerpt below from the most recent article featured in the newsletter.

Best Practice Advice: Handling Change of Bank Account Requests
Most experts recommend that organizations pay as many vendors as possible using electronic payments, often referred to as ACH payments. And finally, the corporate world in the US is following. Of course, most companies in other parts of the world have been paying their vendors this way for a long time. But that's another story. With this change come a few new issues. One of those is a variant on an old fraud. In the check world, from time to time, companies had to deal with fraudulent requests for changes in the remit-to address. The electronic version, with its own unique twists, is fraudulent requests for changes to bank accounts used for payments. Let's take a look at the issue as well as best, almost best and worst practices for addressing it.

Sign up today to receive your copy!

Announcing 4-part webinar series with AP Now & Tomorrow!

On January 29th, we will be kicking off our complimentary 4-part webinar series with AP Now & Tomorrow. Mary Schaeffer will discuss the tools that you need to ensure that you are starting the year off strong.

Register today for this month's webinar and join us throughout the year as we continue the series!

Part 1 -- Invoice Processing in Accounts Payable: Start the Year Strong

Let’s face it; no matter how advanced your accounts payable function is, at the end of the day, its primary responsibility is to process invoices, and to process them efficiently in a cost-effective manner. This means making as few mistakes as possible. In this session, Mary S. Schaeffer, a nationally recognized accounts payable expert, will tear apart the invoice processing function and identify common mistakes made repeatedly by many organizations.

She’ll share solutions (including low and no-cost options) any organization can use to strengthen its processes so the same mistakes are not made over and over again – eating voraciously into the bottom line. While we hope no organization will have all the problems identified, we’re fairly confident most will have at least one or two.


If you are interested in improving your organization’s bottom line, this is one session you can’t afford to miss.

REGISTER HERE!

Check out our new article in CEOCFO Magazine

Making Accounts Payable a Valuable Contributor to the Bottom Line

“... accounts payable is no longer the cost center of years past but can be, with the right technology, a valuable contributor to the bottom line.” - Peter Bepler, President of Anybill

Read the full article here!

Stressed about the end of the year?

The end of the 2012 fiscal year is right around the corner and for everyone in accounts payable we know that can mean pure chaos.  Lucky for you, we’ve put together a comprehensive webinar, featuring Mary Schaeffer of Accounts Payable Now and Tomorrow, that will help make this a less traumatizing experience. On November 13th we will share over a dozen of year-end strategies and tactics that have been implemented and proven to work for companies just like yours. Think of it as a year-end survival kit that will help you conquer the deadlines and angst. Register today and close the year with ease and remove that feeling of "impending doom".

Register here and join us on the 13th!

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