If your revenue involves digital goods and services, you’ve noticed more states are expecting you to collect and remit sales tax on them. But sometimes the legal language regarding what’s taxable or nontaxable becomes a gray area and a judge has to step in to decide what it means. That’s what happened when a Washington […]
With all the work your A/P department puts into issuing timely payments, it can be frustrating to find out there’s unclaimed property floating around out there. Unclaimed property laws vary widely from state to state, and can be very confusing. Yet compliance is crucial since issues with reports can lead to fines. Congratulations if you […]
Although consumers have fully embraced digital payments – peer-to-peer mobile apps, electronic bill-pay services and getting paid via direct deposit, to name a few – many companies are slow to adopt modern electronic payment technologies. In fact, last year a third (33%) of all B2B payments were still being made via paper check, according to […]
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 […]
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. […]
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 […]
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 […]
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 […]
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 […]
