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          Handling Nonexempt Employee Pay: Stay Compliant and Avoid DOL Audits
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Accounts Payable

Court decision: When it comes to use tax exemptions, state DOR isn’t always right

Imagine getting a Notice of Final Determination from a state revenue department that said it wasn’t going to recognize a use tax exemption that your organization was claiming, and that you owed $74,000 more than what you thought you were liable for. That’s what happened to a construction company with operations in North Carolina. The […]

by Brian Bingaman
March 21, 2023

Purchase order cyberattacks: 7 due diligence steps to take with all vendor emails to A/P

Increasingly clever cybercriminals are out to take your company’s money. They’d even stoop so low as hacking you with a purchase order that looks real. For example, emails with an attachment disguised as a purchase order can contain links to a bogus site that looks real enough to trick users into sharing sensitive account information. […]

by Brian Bingaman
March 7, 2023

Faster payments mean higher fraud risk: Can your invoice authentication process keep pace?

Many companies are turning to even faster payment methods, such as embedded finance solutions and banking as a service products. In fact, according to a PYMNTS report, more than four out of 10 businesses (41%) are using real-time payments to some degree. But while switching to these faster payment capabilities makes life better by making […]

by Brian Bingaman
March 1, 2023

What’s holding your A/P team back from becoming best-in-class? 3 areas to evaluate now

Because your A/P team is a critical part of your business, it needs to be adequately staffed with qualified and capable employees who enjoy working for you. But in a tight labor market, where employees expect remote work options, work/life balance and professional growth opportunities, it’s necessary to put extra effort into holding on to […]

by Brian Bingaman
February 27, 2023

Vendor bank accounts a high-risk target for payment fraud: What you can do about it

With remote work here to stay, A/P has to work harder to verify crucial information, such as vendor bank account numbers. Unfortunately, fraudsters are also working hard. They’ve been busy exploiting dispersed Finance teams’ increased reliance on email for routing invoices for approval, getting payments approved and collecting vendor bank account info. An easy-to-miss attack […]

by Brian Bingaman
February 17, 2023
Safeguarding account info like it was your own

Spring B notice season’s coming: Stop problems, penalties before they start

In March and April, some of your peers will receive CP2100/CP2100A notices from IRS that will require them to mail out B notices notifying vendors and contractors that they need to update their Form W-9, or else payments will be noticeably smaller due to 24% backup withholding. Right now your A/P team is collectively holding […]

by Brian Bingaman
February 10, 2023
Key is to monitor vendor TIN, name accuracy

Report: Fewer sales tax changes, but many tax rates are rising

The 2022 End-of-Year Sales Tax Rates and Rules report by tax technology solutions provider Vertex Inc. has both good news and bad news for your finance team. First, the good news: The overall number of sales tax rate and rule changes impacting businesses is the lowest it’s been in eight years, with 542 changes at […]

by Brian Bingaman
February 3, 2023
Sales tax trends to track this year

Sales and use tax nuances A/P, A/R, Sales & Purchasing all need to know

Sales and use tax shouldn’t just be the responsibility of your A/P and A/R departments. Although they’re the ones who are experts in sales and use tax liability, your sales and purchasing teams can support Finance by double-checking that the following terms are spelled out in all your contracts: Freight On Board (FOB), which determines […]

by Brian Bingaman
January 20, 2023
Vital knowledge for Purchasing to better support A/P, Sales to support A/R

IRS 2023 mileage rates announced: Time for A/P, Payroll to update their records

The rare midyear change to the IRS standard mileage rate in 2022 didn’t stop all the standard mileage rates used to calculate the deductible costs of operating a vehicle from going up for 2023. So it’ll cost your company a little more to reimburse employees’ vehicle travel this year. The Service announced that as of […]

by Brian Bingaman
January 5, 2023

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Resourceful Finance Pro, part of the SuccessFuel Network, provides the latest Finance and employment law news for Finance professionals in the trenches of small-to-medium-sized businesses. Rather than simply regurgitating the day's headlines, Resourceful Finance Pro delivers actionable insights, helping Finance execs understand what Finance trends mean to their business.

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