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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.

Anybill CEO and Co-founder Serves as the Chair of the DC Heart Ball

We are proud to announce that our CEO and Co-founder, Matt Voorhees, is the Chairman of the DC Heart Ball for a second year in a row.  The DC Heart Ball is an annual black-tie gala which celebrates the support of the American Heart Association’s research and programs to help prevent heart disease as well as help survivors thrive.

Last year's event was a huge success where they raised $1,190,000 for critical research, education, and heart health support advocacy.  This year, their goal is to raise $1.5 million and the event's theme is the Lunar New Year.  According to the Asian tradition, the Lunar New Year brings longevity, happiness and good fortune.

Check out the full article here

Anybill Employees Serve the Homeless

A group of Anybill employees recently served the homeless at Miriam's Kitchen, a local soup kitchen in DC committed to ending chronic homelessness. They said it was such an incredible experience to help those in need.

Miriam's Kitchen's mission is to end chronic homelessness in DC by building meaningful connections with chronically homeless individuals. They place homeless individuals in permanent supportive housing and ensure they have the necessary support to remain in housing.

Fraud News and How to Prevent It

An Accounts Payable Manager at Carolina Steel Group, Angela Womack, has been convicted of multiple counts of wire fraud and money laundering.  Womack managed to create non-profit accounts named "IBOCF."  She made the checks payable to "International IBOCF" which were included on the company's vendor reports, even though it was not one of Carolina Steel Group's vendors. She altered internal accounting data and made the checks to appear to be paid to legitimate vendors.

Womack was sentenced to 70 months in prison along with three years of supervised release.  Womack is ordered to pay restitution of $2,857,201.85 and a special assessment of $300.00.  Read the full news article here.

Make sure your organization has strong internal controls in place. Here are a few tips on how to prevent fraud:

  1. Integrate the appropriate segregation of duties (one person per leg).
  2. Run frequent reports showing who has access to what. Be sure to take into consideration promotions and employees who left the company.
  3. Create a written, detailed expence policy for your organization.
  4. Compile daily bank reconciliations and check for unauthorized transactions.
  5. Automate your accounts payable process which will allow you to have an audit trail and set approval routes. It greatly reduces your risk of fraud when you know who did what when.

Check out our on-demand webinar on internal controls here.

SMBs are Embracing the Cloud

The cloud. You've probably heard the buzz about it and you might already be using it if you use social networking sites or online storage.  It plays a key part in our lives today and is changing business processes.

The cloud has played a significant role in the world of accounts payable automation, in particular paving the way for small to medium sized businesses to take advantage of it.  In the past, AP automation was limited to large enterprise companies who had the human and capital resources to implement this type of technology.  

Today, the flexibility of the cloud makes it a perfect fit for SMBs since it involves no excessive set up, infrastructure, storage, or ongoing maintenance costs. The ease-of-use, reduced costs, and scalability of the cloud are driving the SMB market to adopt AP automation.

SMBs interested in winning the game this year and beyond will gain quantifiable advantages through the adoption of AP automation.

To learn more about how SMBs are adopting AP automation, check out our new article here.

Carpenter's Shelter: A Fun Volunteer Experience

Our Operations team recently volunteered at Carpenter's Shelter where they sorted and organized various donations for the homeless.

The team said it was absolutely amazing to see the generous donations and the great amount of community support.  This was a fun and rewarding volunteer experience and they were happy to give back!

About Carpenter's Shelter
Carpenter's Shelter is the largest homeless shelter in Northern Virginia and serves over 1,000 homeless and formerly homeless children and adults each year.

Carpenter’s Shelter’s comprehensive continuum of care offers continuous services, aiding the chronically homeless and shelter residents through their transition back into independent living. Their organization empowers clients to address the issues which led them to homelessness, and provides the tools necessary to achieve lasting independence. 90% of those who complete their program never return to homelessness again.

Anybill Customer Service Receives Platinum Designation in IOFM/TAPN Certification Program

We are proud to announce our customer service team's completion of the IOFM/TAPN certification program.  Several in the department performed at an unusually high level on the exam to be awarded certification "with distinction."

“Anybill is honored to have received certification from IOFM/TAPN, and I congratulate our entire customer service team for achieving this distinction,” said Anybill Chief Operating Officer Rudy Bejarano. “It’s a testament to the department’s commitment to professionalism and customer service.”

Read the full press release here.

A Great Experience Volunteering at Thrive DC

Our Operations team volunteered at Thrive DC and served a hot, generous breakfast to the homeless in the DC area.  Our team members really enjoyed the experience and were happy to give back to the community!

Thrive DC offers a comprehensive range of programs for homeless and vulnerable individuals. Their organization's ultimate goal is to prevent and end homelessness by providing services to vulnerable individuals to help restabilize their lives.  Learn more about Thrive DC and see how you can make a difference here.

Happy Holidays from Anybill

                                 

It's the most wonderful time of the year, again!  However you're planning to spend your holiday season, we wish you the happiest of holidays from all of us here at Anybill!

Our office will close at 2:00 pm EST on Tuesday, December 24 and we will be closed on Wednesday, December 25 in observance of Christmas Day.  Our office will reopen on Thursday, December 26.

Happy Holidays!

Think Before You Blink

According to the Washington Business Journal, a woman from Maryland pled guilty to stealing $5 million from a non-profit over an eight year span.  She generated fake invoices, approved the invoices for payment, and deposited checks into accounts she had created.  She even created invoices and approved payments to a bridal shop she privately owns.

How can you prevent this from happening to your business?  It is important that you instill strong internal controls within your business and more importantly, implement a good transparent accounts payable process. Having clear duties for each working group is critical. No one person should handle more than one type of function.  It is also a best practice, within any industry, to review master vendor files on a regular basis to help detect and deter fraud.

Don’t let this happen to your business.  Take action and make sure you have strong, effective internal controls in place.

To read the full article from the Washington Business Journal, click here.

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