If any of your A/P staffers work a hybrid schedule, email is a crucial important tool for invoice processing. Your payables department may also be relying a lot more on e-mail to onboard vendors and approve supplier payments. But relying on email for invoice processing and receiving may present some challenges with: Invoice receipt and […]
Many of the vendors you work with may be among the more than 2,300 U.S. businesses that accept the cryptocurrency bitcoin, according to a report from Deloitte. There may be even more businesses exploring cryptocurrency right now because, unlike cash, it’s not subject to devaluation from inflation. For A/P transactions, virtual currencies and blockchain technology […]
A workcation – also known as “bleisure” travel – is when employees extend their business trip plans to enjoy sightseeing and other recreational activities. Allowing it is a good way to boost morale and encourage more employees to hit the road on company business, according to Dr. Jim Castagnera. In fact, 43% of business trips […]
Between internal fraud risks, cyberattacks and stolen checks, being on guard against fraudulent activity can become an all-day, everyday concern for your A/P department. For instance, the number of fraud complaints nationwide averaged 2,300 per day in 2021 (up from 1,300 daily complaints in 2019), according to the FBI Internet Crime Complaint Center’s (IC3) Internet […]
Corporate travel was a casualty of the COVID-19 pandemic. As business travel begins to rebound this summer, some organizations may continue to keep travel at a minimum as a method of cost control in response to inflation and the rising costs of supplies. Sure, that’s one approach to cost control – but is it the […]
Your A/P leaders have an important role to play in keeping company cash out of the hands of criminals. According to the Association of Certified Fraud Examiners’ report “Occupational Fraud 2022: A Report to the Nations,” there’s a lot of cash being lost. The global average loss case amount just from internal fraud is estimated […]
Many of your peers learned from the pandemic that a paperless A/P department can benefit every level of the organization, putting the focus on individual transactions instead of clusters of documents. But as consultant, author and former CFO Carl L. Young said in the Premier Learning Solutions workshop “A/P Internal Control Best Practices: Going Paperless,” […]
It’s up to A/P to double-check vendor contract terms to make sure everyone’s sticking to them, as well as to handle the renegotiation of contracts. In order to be able to easily access contract documents, and not waste time hunting down misplaced pages or sections, strong contract organization is essential. Digital, secure, trackable vendor contracts […]
Will the A/P software suite you have in place be able to meet your company’s payment volume, compliance and security goals for this year and beyond? If you’re not sure, it may be time to huddle with IT and your CFO to assess whether what you have will be adequate or if it’s time to […]
