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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.

“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.

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!

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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