Social media is synonymous with interpersonal business connections. It’s an integral part of our everyday business life. Social media and business networking are conveniently combined in LinkedIn. So, what can an Accounts Payable professional do to put their best foot forward in front of friends, colleagues, and maybe even future colleagues?
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In Part II, we examine the measurement systems used to track performance trends and make lasting improvement. (Editor’s note: Part I. of this article is published in PAYTECH, April 2012).
The data analysis used during the defect root-cause analysis discussed in Part I was an important first step; however, measurement systems were needed to understand the AP department’s performance. In order to fill that gap, the team determined to simultaneously perform two approaches.
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Anniversaries deserve celebrations, and the American Payroll Association's 30 years of education and professional support are no different. The APA/AAPA 30th Anniversary Congress, “Paying it Forward: Building a Firm Foundation for Future Success,” coming May 6–10 to the Gaylord Palms Resort & Convention Center in Orlando, Fla., is the perfect setting for celebrating this important milestone.
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The international component of accounts payable typically comprises just a small portion of the overall AP function. However, due to the complexity and size of these payments, it is an important component that requires strategic management. Efforts to improve processing of international AP can yield important operating efficiencies and economic benefits.
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To maximize their contribution to the company, the Accounts Payable department needs to know how their performance compares to other departments. Benchmarking—the process of identifying a standard of excellence against which to be judged—helps identify opportunities and provides a method to collect ideas for process improvement. Not only does benchmarking impart powerful tools for initiating, but the process assists in continuous improvement. Here are 12 steps to get started.
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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 It is a difficult undertaking and there is hardly a simple fix once your vendor file has become saturated with outdated information and duplicate records.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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Showcase Your Department's Value; Apply for 2012 Prism Awards
Strategic AP Leadership Task Force Plans Goals
PUBLISHED BY
American Accounts Payable Association
MANAGING EDITOR
Frank J. Mendelson
EDITORIAL ADVISORS
Philip Cavoretto
Director of Disbursement BJC Health System
La Tanya Cherry
Sr. Accountant, A/P Intelsat
Daniel B. Dycus, CPP
Director, Payroll and Accounts Payable Living Social
Carl A. Imhof
Senior Accountant
Tyson Foods, Inc.
Donna Michele, CPP
Director of Finance Administration and Procurement
MVP Health Care
Jodi L. Parsons, CPP
Manager, Payroll and Accounts Payable
Telligen
Karen Salemi, FLMI, CPP
Global Training Lead IBM
Alba L. Taber, CPP
Accounts Payable Associate Manager YMCA of Greater Miami
Sarona-Lee Wilde, CPP
Accounts Payable/Payroll Manager Ecova
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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