Accounting Issues

Common accounts payable errors—such as overpayments, duplicate payments, pricing mistakes, inaccurately calculated taxes, and currency conversion errors—can lead companies to lose millions of dollars. 

Other AP glitches leading to lost dollars include missed discounts as a result of late payments and vendor fraud. To avoid (or regain) potentially huge losses, AP departments may choose to periodically undergo a payment recovery au… Read More

Use Win-Win Communication in a Client-Facing AP Environment By Chris Dritsas, Accounts Payable Manager Top-quality customer service to both internal and external customers is our number-one goal in the North & South America (NSAM) Finance Hub of Cameron, a Schlumberger Company. Headquartered in Houston, TX, Schlumberger is the world’s leading provider of technology for reservoir...… Read More

Whether public or private, all companies are subject to financial audits—and major headaches await those who are ill prepared. By putting a relatively simple preparation strategy in place, controllers can help their companies avoid costly penalties and sidestep a host of pitfalls. “A lack of audit preparedness can demoralize the finance team and distract finance...… Read More

Should internal audit focus on identifying and evaluating strategic risks? In its 2009 study, Executive Survey on the Strategic Role of Internal Audit, Vonya Global LLC surveyed a cross-section of executives and internal auditors from both public and private organizations in a variety of industries. The respondents were asked to express their opinions regarding the...… Read More

One of those horrible words every AP manager hates to hear is “audit.” It means extra work and some young hotshot going through things with a fine-tooth comb, looking for something wrong. AP can be subject to government audits from the Internal Revenue Service and state revenue departments, and you may also undergo internal audits...… Read More

Did you know that audit confirmation letters pose a risk to your company if they are not handled properly? The Security and Exchange Commission (SEC), requires auditors to send out audit confirmation letters as part of the process of confirming an audited company’s sales and earnings. Such letters do not contain account numbers, banking information, or any...… Read More

Al Barrett, Shared Services Manager at Briggs & Stratton Corporation (Wauwatosa, WI), is dealing with a documentation challenge that presents itself when AP is undergoing an audit. Background: Barrett reports that approximately 65 percent of his company's payment transactions are based on automated Evaluated Receipt Settlement (ERS), consignment, or intercompany transactions, where there is no...… Read More

When a return merchandise authorization (RMA) from a vendor is not tied to the proper purchase order that accompanied the initial purchase, this can result in confusion, payment and credit errors, and accounting mistakes. To find out how to prevent these situations, Managing Accounts Payable interviewed Jordan Paganini, APS, who works in accounts payable at...… Read More

Pam Buda, MBA, Accounts Payable Manager at St Luke’s University Health Network in Bethlehem, PA, posed this month's AP Question of the Month. She asks: "Vendors like when they can ‘offset’ because it cleans the account up. The problem is, it creates an accounting nightmare for AP. How do you handle credits with your vendors?”...… Read More

"Once a business encounters budget-related issues such as version control, complex macros, formula errors, and the inability to consolidate input from a wide range of participants, it begins to make sense to explore a packaged application that is specifically designed for budgeting," reports a recently-released white paper, Moving Beyond Spreadsheets. "Yet breaking the spreadsheet habit...… Read More

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