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,…
Accounts Payable
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…
Many Finance departments are still operating remotely, at least in some capacity. That can be a big fraud risk for many reasons. But there’s good news: While it’s becoming more challenging to avoid payment fraud, it’s not due to telework.…
Good news: Many of your vendors moved from check payments to ACH. Bad news: Criminals will try to find a way to hijack money that’s supposed to go to them by changing or stealing their banking info. Vulnerabilities that contribute…
Got an Excel attachment in your email? Double-check it before downloading - it could be infected with malware. In its 2021 Q4 Threat Insights Report, HP’s Wolf Security service detected a dramatic 588% surge in computer and network malware infections…
Even if you’ve automated your A/P operations, manual processes often get in the way. This can waste time, money and energy for companies. A/P automation solutions provider Beanworks surveyed A/P pros on their biggest manual pain points that bogged down…
Late vendor payments can lead to your A/P department fielding a lot of phone calls and emails from a vendor. This can damage your company's relationship with a vendor fast if it persists. Because you want to get things moving…
From inventory outages to incorrect orders to missed shipping dates, the era of COVID continues to be full of supply chain issues for businesses like yours. And miscommunication with vendors can make matters worse. To minimize the impact of supply…
If you’re like many of your peers, you’re looking for ways to make sure customers and clients stay loyal to your company in the new year and beyond. Digitizing your A/R and A/P departments is key to accomplishing this, according…
Get ready! IRS just released the latest draft of the instructions for Forms 1099-MISC and 1099-NEC. Per the draft, the updated instructions should be effective January 2022. Here’s a rundown of what’ll be most important – especially for your A/P…
Your peers have big plans to modernize their payment processes ... if their vendors can keep up! When asked what their payment modernization programs included, companies’ top answers were: real-time payments (45%)Same Day ACH (36%)fintech integrations (34%)an Application Programming Interface…
Though it’s been three years since states gained the ability to tax online sales, some are still toying with their economic nexus thresholds. The latest state to do so: Maine. As of now, remote sellers must collect sales tax if…
