Payments

By Pam Miller, APMD There are a number of reasons why mailing all checks directly to the payee is sound policy. For example, mailing direct to the payee: Guarantees that the check will be sent to the payee (trusting the efficiency of the USPS). Makes the would-be fraudster work harder for the money. The fraudster...… Read More

When processing ACH payments manually becomes cumbersome for AP, it may be time to consider setting up the ERP system to process ACH payments automatically. That solution helped the AP department at Monster Inc. (Brisbane, CA), which has eight locations, 350 employees, and a six-person AP team in their U.S. office. “Previously, AP processed ACH...… Read More

Teledyne Technologies Inc. is a leading provider of electronic components, instrumentation, and communications products. The company employs 8,100 people in total. One division is Teledyne Brown Engineering, with 1,270 employees, headquartered in Huntsville, Ala. The AP department there is decentralized, and the staff of 3.5 services five of 50 locations throughout the corporation. The department...… Read More

One of the places that corporations are most vulnerable when it comes to stringent internal controls is the payment process. Before Sarbanes-Oxley, lack of adequate controls in this area only opened the company up to fraud or duplicate payments, but now a company without adequate practices in this arena opens itself up to SEC censure....… Read More

Sometimes, in spite of the best controls and intentions, checks are spoiled. For example, the printer runs out of toner or starts crunching up the check stock in the rollers. Or the wrong routing and account numbers are printed because someone chooses the wrong bank. Or someone accidentally reprints the entire batch because someone else...… Read More

Late payments cause a variety of problems for accounts payable departments, including late fees, damaged vendor relationships, and possible disruptions to the supply chain. Could late payments also cause legal problems? A new law for businesses in the European Union does just that. Businesses today are under constant pressure to do more with less. Large...… Read More

“Our AP department was experiencing a very slow and almost null response from suppliers when trying to move them away from check payments,” says Chris Wissinger, Supervisor, Accounts Payable at UPMC, a healthcare network. “Our biggest hurdle was the vendors’ unwillingness to pay the bank fees to receive the remittance detail associated with each ACH...… Read More

Mobile payment technology has the potential to provide incredible value, because it offers the capability of immediate business interactions from almost anywhere. Right now, mobile technology in the business setting is used primarily in travel and entertainment, but usage for other applications will undoubtedly increase. Here are some interesting statistics: Mobile payment subscriptions are increasing...… Read More

The American Records Management Association (ARMA) reports that U.S. workers generate anywhere from 45 to 15,000 sheets of paper every day. This figure is supported by federal government statistics, which reveal that the average U.S. office worker uses about 10,000 sheets of paper a year. "The average company spends between 7 percent and 14 percent...… Read More

Organizations have a variety of payment methods available to them, each with its own unique processes. Whether you are paying a supplier with a check, an ACH transaction, or a purchasing card, the same procedures for issuing the disbursement will not work for all three. In 2006, American Express purchased Atlanta, Ga.-based payment automation firm...… Read More

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