A finance employee at a multi-national company recently transferred money at the direction of the CFO during a video call. Other finance co-workers whom the employee recognized sat in on the call. The employee dutifully made 15 separate electronic transfer…
Fraud
Whether they're triggered by criminal fraud, duplicate charges, a technical glitch or a dissatisfied customer, credit card chargebacks can become a nagging pain point for A/P and a disruptor to the efficiency and profitability of your business. In fact, Mastercard…
Pat's and Geno's in South Philadelphia are the most famous cheesesteak destinations for tourists who come to Philadelphia. But locals know you're better off heading a little further south into the city for a steak sandwich at Tony Luke's (or…
Insider trading is morally wrong and illegal. People go to jail for it. The risks to one's reputation and freedom outweigh the money that can be made. The risks are a lot lower if you're a member of Congress though.…
The most common reason companies get ripped off by dishonest employees? Lack of oversight. The Jacksonville Jaguars football franchise is just the latest example. The Jags made Amit Patel its manager of financial planning and analysis in 2018. One of…
A beneficial ownership reporting rule that takes effect January 1, 2024 may add another critical item to your compliance to-do list. An estimated 32.6 million LLCs and corporations that will be subject to the rule must complete a Beneficial Ownership…
The Federal Trade Commission (FTC) just widened its crackdown of so-called junk fees that mislead the buying public. A proposed rule would prohibit businesses from adding "hidden and bogus fees that can harm consumers and undercut honest businesses." The FTC…
Several investment advisers and dealer-brokers are paying a whopping $79 million in fines because they couldn't produce records of electronic communications. The Securities and Exchange Commission (SEC) continues to focus its enforcement efforts on individuals and companies that don't practice…
Publicly traded companies that offer stock options may want to touch base with their tax accountants. That's because the IRS is launching an enforcement crackdown on employee stock ownership plans (ESOPs). The goal is simple: Make an example out of…
"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…
Because your A/P staff is so good at keeping important bills paid, it unfortunately makes them a prime target for payment fraud email campaigns. Official-looking notices can arrive in their inboxes warning that you’re about to lose customers because your…
Compared to the rest of the world, the U.S. has lagged behind in rapid B2B payments technology, but that's about to change. The Federal Reserve's FedNow service is coming soon! The Fed says its more modernized payment infrastructure will launch…
