IRS has announced that interest rates will rise for the fourth quarter of 2022 – a decision that should come as no surprise based on the current state of the economy. Per the agency, the rates will increase for both corporate and individual overpayments and underpayments for the calendar quarter beginning Oct. 1, 2022. New, […]
P-cards are a cost-effective and streamlined method for making payments. But if you don’t set adequate rules for procurement staffers, they open the door to misuse, waste and fraud. IRS learned that the hard way. Back in 2013, a Treasury Inspector General for Tax Administration (TIGTA) audit revealed IRS cards were being used to purchase […]
As COVID restrictions continue to ease, business travel is increasing. Unfortunately, it’s also being impacted by the current economic climate – and you should expect prices to keep rising for the remainder of the year and the beginning of 2023. That’s according to the 2023 Global Business Travel Forecast from CWT and the Global Business […]
All-in-one payment solutions can revolutionize A/P and A/R departments. But many of your peers are still wary of these time-saving solutions, especially smaller B2B firms you may work with on a regular basis. The benefits outweigh the drawbacks in many ways, as recent research shows. Over 70% of executives say that their small and mid-sized […]
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 […]
