A vendor file must be kept up to date with current and relevant data. It is a difficult undertaking and there is hardly a simple fix once your vendor file has become saturated with outdated information and duplicate records. Maintenance and management is an ongoing process and requires constant attention. Any firm promising immediate vendor-file cleansing should be avoided.
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Ever since the first American business opened its doors, the accounts payable, procurement, and accounts receivable departments have been the foundation of modern commerce. Technology has driven productivity, efficiency, and cost-savings through automation. But those benefits comprise only a small portion of AP automation’s value.
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Consistency is the foundation of success to avoid multiple invoices and vendor name variations when entering invoices into the AP system. We know it can be a challenge. Inconsistency may lead to issues in locating paid invoices, or result in an eventual duplicate payment. It often begins with the invoice number.
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Consistency is the foundation of success to avoid multiple invoices and vendor name variations when entering invoices into the AP system. We know it can be a challenge. Inconsistency may lead to issues in locating paid invoices, or result in an eventual duplicate payment. It often begins with the invoice number.
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As an accounts payable professional, you have undoubtedly noticed the rising use of purchasing cards, or p-cards, in the month-end check run (payables process). Many AP departments are replacing checks, and sometimes Automated Clearing House payments, with p-cards to pay suppliers.
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Despite the many benefits organizations can gain from purchase-to-pay automation and tighter cooperation between finance and procurement, many still find themselves stuck in old-world manual paper-handling processes. A recent report commissioned by Basware, “Lost in Transaction,” surveyed 550 AP departments worldwide and found that weaknesses in finance processes are actually resulting in additional costs for businesses.
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Expense management has always been a vital component of any business strategy. With the growth in corporate travel, the Accounts Payable and Finance departments have assumed the burden of processing higher and higher volumes of more detailed expense reports.
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American Accounts Payable Association members Jodi L. Parsons, CPP, and Michael J. Ruhm, CPP, share something in common—a strong dedication to the AAPA.
Parsons and Ruhm were honored with the 2011 Accounts Payable Woman of the Year and the Accounts Payable Man of the Year awards during the AP General Session on May 25 at the 29th APA / AAPA Annual Congress. Parsons and Ruhm each joined AAPA at its founding in 2008, and have been involved members of the American Payroll Association since 2001.
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Alba L. Taber, CPP, was awarded the 2011 Accounts Payable Education Grant during the AP General Session May 25 at the 29th APA / AAPA Annual Congress. Alba, an Accounts Payable Associate Manager at the YMCA of Greater Miami, said she planned to focus on attending AP sessions at Congress to advance her technical knowledge.
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The AAPA Strategic Accounts Payable Leadership Task Force (SAPLTF) is accepting applications for new members.
“Volunteering with a task force is a form of giving back to others within your profession,” said Temple Liebmann, CPP, Corporate Accounting Consultant and Chair of the SAPLTF. “It also helps one grow their AP knowledge as you are working on new developments or articles of interest.”
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Homework, it’s not just for kids. For instance, has your organization been thinking about starting a purchasing card (P-card) program? Or perhaps they have already made the decision and are in the process of setting up the program. Wouldn’t it be great to know how other organizations wish they had set up their program, now that they see the error of their ways? Yes, homework is important.
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In January 2011, the Internal Revenue Service released a new version of Form W-9, Request for Taxpayer Identification Number and Certification, followed in February with the new version of the Instructions for the Requester of Form. What's new on this W-9?
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Three Percent Withholding on Government Contractor Payments Repealed
Payment Card and Third-Party Network Payments Backup Withholding Requirement Postponed
PUBLISHED BY
American Accounts Payable Association
MANAGING EDITOR
Frank J. Mendelson
EDITORIAL ADVISORS
Marcia L. Aamodt
Director of HRIS/Payroll Serv. Apple, Inc.
La Tanya Cherry
Sr. Accountant, A/P Intelsat
Philip Cavoretto
Director of Disbursement BJC Health System
Daniel B. Dycus, CPP
Director, Payroll and Accounts Payable Living Social
Carl A. Imhof
Sr. Tax Accountant
Tyson Foods, Inc.
Donna Michele, CPP
Director,Payroll/Accounts Payable
MVP Health Care
Jodi L. Parsons, CPP
Manager, Payroll and Accounts Payable
Telligen
Karen Salemi, FLMI, CPP
North American Payroll Manager IBM
Alba L. Taber, CPP
Accounts Payable Associate Manager YMCA of Greater Miami
Sandy Tomasko, CPP
Accounts Payable/ Payroll Manager Sacred Heart Hospital
Sarona-Lee Wilde, CPP
Owner SL Wilde & Associates
Web publishing services provided with assistance from Publishing Resources, Inc.
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Coming Up...
- Form 1042-S: What You Need to Know to Comply with IRS Reporting
- Requirements for Payments to Nonresident Aliens
- How to Create an Effective TIN Solicitation Program & Avoid All Pitfalls.
- Unclaimed Property Basics: A Best Practice Approach
- Combined State & Federal Information Reporting
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