A number of nagging issues are forcing many Accounts Payable departments to improve their payment processes — some of these issues may surprise you.
You know that customers will jump on any excuse to delay paying an invoice. And the invoices themselves can serve as a major one of those excuses.
Coming out on the other side of 1099 time, you know how critical it is to have complete and correct information in your master vendor file. Otherwise you could have a real nightmare on your hands.
The Financial Accounting Standards Board’s (FASB) new revenue recognition standard will have a major impact on a number of companies, particularly Software-as-a-Service (Saas) firms, according to guest author Jim Perry, the director of EPM Enablement at Infor.
At a time when most Finance departments are drowning in even more paperwork than usual, the idea of paperless payables sounds increasingly appealing.
Sure, simple keying errors are bound to happen. But with almost three-fourths of all improper payments resulting from these types of mistakes, it’s worth taking some extra steps to prevent them.
The majority of A/P departments still receive hard-copy invoices from their vendors, but it looks like all that will change in the very near future.
Asking your suppliers to change their billing processes and start sending you e-invoices isn’t usually an effective tactic. But there are certain things you can do to help them move in that direction.
Ever think about throwing a surprise birthday party for your boss without getting the OK from Finance? Don’t.
Impostor fraud. Business email compromise. Supply chain fraud. Call it whatever you’d like, but the reality is this: Criminals are finding ways to impersonate company execs or trusted vendors and steal employers’ cash with alarming ease.
If Facebook and Google fell for it, what chance do we have? That’s what you might be thinking after hearing a Lithuanian man just pleaded guilty to a slew of charges stemming from a billing scam that flooded these tech giants with fake invoices for a nine-figure loss.
Sad but true: These days, many companies are cutting headcount, some of which may be your contacts at your customers’ or suppliers’.
Heads up: Poor contracting could be costing you thousands – or even millions – each year.
In many cases, seconds are great. Second chances at love, second helpings at dinner … But second payments to vendors? Not so great.
With the rise of a new generation of B2B financial technology companies, the opportunities for CPA firms to offer new services have never been better. Brent Meyers of Nvoicepay takes a look at the expansion of fintech and how CPA firms can get more clients with these new solutions.
For Accounts Payable, moving away from paper still tops the to-do list. But you may be surprised at some of your peers other goals for the near future.
Get up to date with our Blueprints.