Being able to make and receive B2B cross-border payments is essential for growing e-commerce, capturing new markets and facilitating long-term growth for your business. But cross-border payments are complicated. One of the biggest headaches is the long transaction times due…
Accounts Payable
Accounts payable fraud happens at companies of all types and sizes, so it’s important to put checks and balances in place to avoid these issues. One small company learned that the hard way. After the company’s co-owner died, its comptroller…
To ensure your firm can continue electronically filing information returns, such as Form 1099-MISC, via the IRS Filing Information Returns Electronically (FIRE) system, there's some actions your Finance team needs to take in the months ahead. Beginning this September, all…
New research shows nearly 1 in 10 invoices are duplicates, meaning your A/P department might be double-paying vendors without even realizing it. That’s an issue that negatively impacts your cash flow, and it must be resolved ASAP. After reviewing $500…
T&E is one of a company’s biggest costs. While you want to keep these expenses under control, many employees see business travel to exotic locales as one of the perks of their jobs, so it can be a tough balance…
To prevent cash from slipping through the cracks, many Finance teams periodically run an A/P recovery audit to identify and recover erroneous payments and unidentified credits. Besides year-end financial reporting time, other optimal times to conduct an A/P recovery audit,…
ACH payments continue to be a popular choice with your peers for electronic payments, and traffic continues to increase on the ACH network. The ongoing COVID-19 pandemic has been one of the major drivers for increasing ACH activity. Over two-thirds…
Heads up: IRS has announced that interest rates will rise yet again in the third quarter of the year. The new rates are listed in Rev. Ruling 2022-11. Effective July 1, 2022, the new interest rates will be: 4% for…
Inefficient manual processes are getting to your A/P team, especially when they’re working with invoices. The current state of affairs is leading to burnout that, if left unaddressed, could increase turnover at your company. Over three-quarters of A/P staff said…
With business communication becoming less face-to-face and more virtual, criminals could contact your firm disguised as a customer support specialist from one of your vendors. According to a recent press release from the FBI Internet Crime Complaint Center (IC3), 2021…
You wouldn’t want to remain loyal to suppliers that frequently raise their prices without warning or miss important delivery deadlines. So maybe it's time to consider starting or updating a supplier performance management program. Among the organizations that may be…
Since IRS has sent out its second batch of CP2100/CP2100A notices, backup withholding and B notices may be on your mind right now. While IRS notified many A/P pros of any taxpayer identification number (TIN) issues back in the fall,…
