Accounts Payable

Following is a discussion of proven practices for manual keying of invoices. Steps must be tailored to each company's systems and policies. Creation of a data entry manual is strongly recommended. Consistency in data entry is critical and a handy manual will assist specialists to be consistent both individually and as a group. Certain types...… Read More

In order to keep duplicate payments from getting out the door, you will need to use every available means to hunt them down and stamp them out! Out-of-the-Box Techniques Miss the Targets While most accounting systems provide some duplicate-checking capability, they can be woefully inadequate because of the variety of errors that are made when...… Read More

The 80/20 rule seems to apply in a host of situations. Twenty percent of the people you know cause 80 percent of your problems. Eighty percent of your time is spent doing 20 percent of your work. You can probably think of more that apply to your experience. So it should come as no surprise...… Read More

Increasing the number of matching invoices, purchase orders, and receivers is a surefire way to increase efficiency in AP. Unfortunately, the people who can do the most to increase the match rate do not reside in AP – they reside in purchasing, receiving, or at the vendor's billing office. For the most part, these individuals...… Read More

Today, such technology as T&E- and procurement-cards eliminate much of the need for a petty-cash box. Nevertheless, many companies retain a petty cash stash. Companies that do may give that responsibility to the accounts payable (AP) department. An AP manager may want to aggressively discourage its use, but if your department is assigned the job,...… Read More

Accounts payable (AP) professionals know that discovering more efficient ways to handle invoices is a major goal, and achieving it is never simple. For most organizations, a successful three-way match process is fundamental to making accurate payments. The three documents that must be examined are the invoice, the purchase order (PO) and the receiving document....… Read More

The main focus of accounts payable (AP) is paying vendor invoices, of course. But what happens when that focus is suddenly shifted? What happens when it is the vendor who owes you, rather than the other way around? This menacing problem is called a debit balance. Debit balances can be caused by different types of...… Read More

The potential for accounts payable (AP) payment errors is present in any shop, and the consequences are costly. In the worst case, a company loses the money associated with making a duplicate or over-payment, but even if the error is discovered and the payment recovered, the company has lost the interest on that money as...… Read More

An accounts payable (AP) shop has enough to worry about when making payments within the United States. When making international payments, complexity is heightened by issues such as currency, foreign language, customs and regulations. Those involved with international payments should be familiar with the payment methods used. Letter of credit (LC) An LC, a common...… Read More

Genesis In the 1980s, the Motorola Corporation won the Malcolm Baldrige National Quality Award for their inception of the Six Sigma Program. Lead by then CEO Bob Galvin, Motorola established the Six Sigma program to assist the company in the competitive market where foreign firms were producing products with higher quality and with lower costs....… Read More

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