Accounts Payable Best Practices
Webinar Details $219
- Webinar Length: 60 Minutes
- Guest Speaker: Mary Schaeffer
- Topic:   Taxation and Accounting
- Credit:   HRCI 1.0, SHRM 1.0, CPE 2.0
The truth is that companies ignore accounts payable best practices at their peril and the impact is felt on your bottom line. It's that simple—yet some organizations continue to turn a blind eye to the leakage that occurs due to poor or inefficient process in their AP operations. Don't be one of them!
The accounts payable function is changing at a dizzying pace.. Unfortunately, keeping up to speed these days can be like herding cats. While some best practices remain steadfast, others simply no longer work and are being replaced by new practices just now appearing.
The talk will include a discussion of the newest best practice every organization should implement to ensure crooks don't get their hands-on money or sensitive information.
- Improve your invoice processing;
- Implement effective payment technologies;
- Comply with regulatory issues affecting the payment process;
- Avoid costly mistakes due to spoofed emails
- Create effective expense reporting policies;
- Avoid costly master vendor file practices; and
- Deter fraud (both internal and external)
- About Mary Schaeffer 00:00:
- Agenda 00:03:02
- Business Landscape 00:04:03
- Why Are Best Practices Changing So Much? 00:04:05
- When Best Practices are Ignored 00:06:06
- Invoice Handling 00:07:12
- Invoice Handling” Problems 00:07:20
- NACHA/AP Now Preliminary Survey 00:09:04
- NACHA/AP Now/CRF Invoices 00:10:29
- Invoice Handling: Process Solutions 00:12:18
- Duplicate Invoice Identification Best Practices 00:14:24
- Invoice Handling: Best Practice 00:15:46
- Reality Check 00:18:02
- Invoice Processing: Staff 00:18:39
- Tracking Discrepant Invoices 00:19:12
- State of Invoices Handling Process 00:19:55
- Invoice Handling: Technology Solutions 00:20:19
- Payment Processes 00:20:55
- Move Away From Paper: Part 1 00:21:03
- Move Away From Paper: Part 2 00:21:30
- Lots of Change 00:22:05
- Check Processing Problems 00:24:14
- Check Processing Best Practices 00:26:39
- Check Processing Best Practices Cont’d 00:27:37
- Check Stock: Locked and Taken to Mailroom 00:28:01
- What about Voided Checks? 00:28:38
- Electronic Payment Best Practices 00:29:53
- Controls when Using ACH Debits 00:31:33
- Electronic Payments 00:32:31
- Instant Payments 00:33:53
- Online Banking Best Practice 00:34:35
- Moving Wires to ACH 00:35:04
- New Best Practices 00:36:11
- Vendors and Vendor File Issues 00:37:03
- Master Vendor File: Solutions 00:37:08
- Vendor Set-Up Best Practices 00:38:57
- Reality Check 00:39:35
- More Preliminary Data: AP/NACHA 00:40:01
- New Best Practices 00:41:11
- Regulatory Issues 00:42:10
- Cliff Notes: Speed Dating Version 00:42:16
- Information Reporting Best Practices 00:42:35
- Unclaimed Property Best Practices 00:44:06
- Sales and Use Tax 00:45:16
- Other Issues: Don’t Ignore 00:46:31
- Regulatory Best Practices 00:48:01
- Fraud Prevention 00:49:03
- Fraud Prevention Best Practices 00:51:47
- Check Fraud Prevention and Detection Best Practices 00:52:12
- ACH Fraud Prevention Best Practices 00:53:01
- Wire Transfer Fraud Prevention Best Practices 00:53:22
- P-Card Fraud Prevention Best Practices 00:54:06
- New Best Practices 00:54:54
- Staffing 00:56:20, 00:56:23
- Internal Fraud Prevention 00:57:33
- Don’t Forget 00:58:12
- New Best Practices 00:58:35
- Concluding Thoughts 00:58:53
- Best Practice Philosophy 00:58:56
- Thank You/Questions/Comments 01:01:22
- Presentation Closing 01:05:15
- Accounts Payable (AP)00:04:36,00:11:38
- Accounts Receivable (AR) 00:11:42
- ACH Credit 00:21:29
- ACH Debit 00:21:29
- B-Notice 00:38:33
- Discrepant Invoice 00:19:12
- FCPA 00:42:16, 00:47:43
- Form 1099-NEC 00:44:03
- Form W-9 00:36:16, 00:42:54
- Invoice 00:03:10, 00:07:55
- NACHA 00:09:12
- OFAC 00:38:39, 00:41:53, 00:46:56
- P-Card 00:23:07
- TIN Match Program 00:38:25, 00:43:07
- Unclaimed Property 00:42:16, 00:44:06, 00:45:10
- Vendor 00:03:21, 00:07:16, 00:36:33
- Wire Transfer 00:35:20
Accounts receivable (AR): The amount of money owed by customers or clients to a business after goods or services have been delivered and/or used.
Accounts payable (AP): The amount of money a company owes creditors (suppliers, etc.) in return for goods and/or services they have delivered.
B-Notice: A notice from the IRS stating that one or more tax ID numbers were missing from a 1099 or do not match the IRS records.
Form W-9: Form W-9 (officially, the "Request for Taxpayer Identification Number and Certification") is used in the United States income tax system by a third party who must file an information return with the Internal Revenue Service (IRS). It requests the name, address, and taxpayer identification information of a taxpayer (in the form of a Social Security Number or Employer Identification Number). - Wikipedia (https://en.m.wikipedia.org/)
TIN Match Program: TIN Matching is part of a suite of Internet-based pre-filing e-services that allows “authorized payers” the opportunity to match 1099 payee information against IRS records prior to filing information returns.
Vendor: A vendor is a person or business that supplies goods or services to a company. Another term for the vendor is the supplier. In many situations, a company presents the vendor with a purchase order stating the goods or services needed, the price, delivery date, and other terms.
Unclaimed Property: Unclaimed property (sometimes referred to as abandoned) refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for one year or a longer period. Common forms of unclaimed property include savings or checking accounts, stocks, uncashed dividends or payroll checks, refunds, traveler's checks, trust distributions, unredeemed money orders or gift certificates (in some states), insurance payments or refunds and life insurance policies, annuities, certificates of deposit, customer overpayments, utility security deposits, mineral royalty payments, and contents of safe deposit boxes.
Form 1099-NEC: In the context of 1099 tax filing, NEC stands for “Nonemployee Compensation” (the first letters of the three words None, Employee and Compensation). Most tax payers recognize NEC as box 7 on Form 1099-MISC. NEC is used to report income paid to independent-contractors / the-self-employed (referred to as 1099 employees for simplification purposes). So, while employers report income that gets paid to employees on Box 1 (Wages, tips, other compensation) of the W2 form, payers report income that gets paid to none-employees on Box 7 (NEC) of the 1099-MISC form. As an individual, if you received form 1099-MISC instead of Form W-2 then the payer did not consider you an employee and did not withhold income tax or social security and Medicare tax.
Invoice: An invoice, bill or tab is a commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer. Payment terms are usually stated on the invoice.
NACHA: National Automated Clearing House Association manages the development, administration, and governance of the ACH Network, the backbone for the electronic movement of money and data in the United States. It is funded by the financial institutions it governs.
Discrepant Invoice: A dispute is defined as any discrepancy showing something might not be true or accurate with the invoice or billing document which may result in delay of payment.
ACH Credit : An ACH credit is a type of ACH transfer where funds are pushed into a bank account. That is, the payer (e.g. customer) triggers the funds to be sent to the payee (e.g. merchant). For example, when an individual sets up a payment through their bank or credit union to pay a bill, this would be processed as an ACH credit.
ACH Debit : An ACH debit transaction occurs when the originator of a transaction authorizes the recipient to “pull” funds from his or her account. For example, say a customer wants to pay an electric bill via ACH debit.
Wire Transfer: Wire transfer, bank transfer or credit transfer, is a method of electronic funds transfer from one person or entity to another. A wire transfer can be made from one bank account to another bank account or through a transfer of cash at a cash office.
OFAC - Office of Foreign Assets Control: The Office of Foreign Assets Control is a financial intelligence and enforcement agency of the U.S. Treasury Department. It administers and enforces economic and trade sanctions in support of U.S. national security and foreign policy objectives.
FCPA - Foreign Corrupt Practices Act: The Foreign Corrupt Practices Act of 1977 is a United States federal law that prohibits U.S. citizens and entities from bribing foreign government officials to benefit their business interests.
P-Card: A PURCHASING CARD (also abbreviated as PCard or P-Card) is a form of company charge card that allows goods and services to be procured without using a traditional purchasing process. In the UK, purchasing cards are usually referred to as procurement cards