Despite all the warnings your finance staff hears about email scams, it’s all too easy for them to forget those warnings during a busy workday. They’re cutting checks, answering customer queries, opening emails ... and all of a sudden, a…
Accounts Payable
To avoid costly interest and penalties, filing unclaimed property accurately and timely is now even more important for companies. In a recent case, the New York Supreme Court essentially said companies are automatically liable for interest on any unclaimed property they have in the…
Heads up, CFOs. IRS has officially unveiled the new Form 1099-NEC, which your finance staff will use to report nonemployee compensation. In the recently released Tax Tip 2020-80, the Service explained that the reinstated 1099-NEC will be used in tax…
No matter what’s going on in the world – even a global crisis – criminals won’t stop trying to infiltrate Finance and commit payment fraud. Despite companies’ awareness and best efforts, payment fraud still remains extremely high. In 2019, 81%…
Finance teams can expect the slew of local sales tax rate increases that have occurred recently to keep pace for the rest of 2020. In the first five months of the year, your team faced 150 city sales tax rate…
Your master vendor file (MVF) can help simultaneously boost compliance, monetary savings, payment accuracy and business relationships. That is, if you maintain it well, which seems to be a sticking point for many companies nowadays. Ready for the ‘new normal’…
The slow-climbing – then rapid – shift to a remote business world has furthered the argument for replacing manual A/P processes with electronic ones. It’s no longer realistic for your A/P team to have critical invoices, tax forms and other…
Time really flies when your finance department is busy charging, collecting and paying more sales tax, thanks to legislative changes. It’s been two years since the Supreme Court ruled on the pivotal case South Dakota v. Wayfair, which gave states…
A recent scam proves why it’s critical for your company to track products and purchases – especially essential ones – during these hectic times. At one company, a vengeful ex-employee hacked into his former employer's system using a fake user…
As your finance team grapples with today's complex business world, unclaimed property compliance can become even more of a challenge. Given the current circumstances, your team’s probably devoting most of its time to pressing tasks: processing invoices, cutting checks, appeasing…
Your finance department probably has some trading partners that are fairly hands-off ... and others that require more attention from A/P and A/R. The latter want your company at their beck and call, ready to help them and calm their…
Let your Payroll and A/P teams know that there’s new guidance from IRS on handling qualified transportation fringe benefits. An advice memorandum from the Office of Chief Counsel looked closely at a company that decided to reimburse an employee in…
