CFOs are desperate for more clarity, faster reconciliation and fewer errors in their payments and receivables. Automation solutions and artificial intelligence tools top finance chiefs’ list of strategic solutions. The third annual State of Payment Operations 2023Â report (conducted for Modern Treasury by the Harris Poll) finds that 90% of CFOs’ companies experience one or more […]
B notice season (September through October) can be a minefield for A/P pros because nobody wants the extra work of calculating 24% backup withholding or fielding calls from unhappy vendors about the reduced payments. It should come as no surprise that the Service is monitoring what you’re doing with the Form 1099 series. If a […]
“It’s not right, but it is a reality. … You don’t get a lot of budget attached to (vendor setup and maintenance training and tools in A/P),” said consultant, speaker and trainer Debra Richardson, APM, APPM, CPRS. Richardson is a former controller and finance director, and the founder of Debra R Richardson LLC, which offers […]
Unclaimed property reporting can easily trip businesses up, landing them in the audit crosshairs of state governments and possibly leading to penalties and interest. In addition to all 50 states, Washington D.C., Puerto Rico, Guam and the U.S. Virgin Islands also have statutory-required reporting of unpaid financial assets, such as wages, refunds, uncashed checks, overpayments, […]
To keep your ACH payments flowing smoothly, Nacha advises businesses to update financial institution routing number validation tables at least monthly. That may mean more work for your A/P team, but it ultimately means less stress for them because they won’t have to handle as many investigations into vendor ACH payments that don’t go through. […]
Failed B2B payments can be disruptive in areas beyond cash flow. For instance, if your bank has to repeatedly put in extra work to process ACH payments, there’s a chance they could stop making the necessary changes to pay files and file a complaint with Nacha. Seven out of every 10 businesses and financial institutions […]
IRS is extending tax relief to businesses in Broward County, FL affected by the tornadoes, severe storms and flooding from April 12-14. Federal tax filings and tax payments originally due starting April 12, 2023, have been postponed until August 15, 2023. Penalties on payroll and excise tax deposits that were due on or after April […]
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 […]
