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Accounts Payable

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

Good news for your app-paid vendors: Form 1099-K reporting changes delayed 1 year by IRS

A lot more contractors and businesses like yours that receive payments via CashApp, PayPal or Venmo have been bracing for getting a 2022 Form 1099-K for income received from business transactions over third-party payment networks. That’s because the Form 1099-K reporting threshold requirement for third-party settlement organizations was lowered from $20,000 in aggregate payments from […]

by Brian Bingaman
January 4, 2023

Latest from IRS: Crucial tax relief deadlines for COVID Social Security Tax deferment, disasters

Reminder: If you’re like many businesses that took IRS up on the pandemic-related relief offer in 2020 to put off paying Social Security taxes, the last payment installment is due by December 31st. If you’re experiencing deja vu, there’s a reason. December 31, 2021 was the deadline for the first half of the deferred amount. […]

by Brian Bingaman
December 20, 2022

The weirdest business expense submissions of 2022: Can you top these?

Your A/P staffers have seen their share of outrageous business expense reimbursement requests from employees. But how do they compare to the “Craziest Expenses” for 2022 compiled by global expense management company Emburse? See if you can guess which business expenses were green-lighted and which were declined, then share this list with your team for […]

by Brian Bingaman
December 19, 2022

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