On Demand Webinar

Accounts Payable Best Practices

Webinar Details $219

  • Rated:
  • Webinar Length: 100 Minutes
  • Guest Speaker:   Mary Schaeffer
  • Topic:   Taxation and Accounting
  • Credit:   CPE 2.0, ATATX 1.5, HRCI 1.5, SHRM 1.5
All Access Membership

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. 

Learning Objectives:

  • 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)
  • Introduction
  • About Mary Schaeffer 00:00:20
  • Agenda 00:01:25
  • The Reality Of 2022 00:02:07
  • Business Landscape 00:04:46
  • Why Are Best Practices Changing So Much 00:04:51
  • When Best Practices are Ignored 00:08:19
  • Best Practices - NOT! 00:09:31
  • Invoice Handling 00:12:20
  • Invoice Handling” Problems 00:12:28
  • Receiving Invoices 00:14:13
  • Today’s Invoice Reality 00:16:03
  • Too Much Manual Data Entry: Automation Issues 00:17:07
  • Invoices with Early Payment Discounts 00:17:58
  • Invoice Handling: Problems 00:19:16
  • Invoice Handling: Process Solutions 00:20:01
  • Duplicate Invoice Identification Best Practices 00:26:39
  • Invoice Handling: Best Practice 00:26:39
  • Reality Check 00:27:30
  • Invoice Processing: Staff 00:27:46
  • Invoice Handling: Technology Solutions 00:28:15
  • Invoice Automation Today 00:29:11
  • Invoice Handling in the Future 00:29:52
  • Payment Processes 00:30:19
  • Check Processing Problems 00:30:25
  • Paper Checks: Best Practices 00:31:51
  • Paper Checks: Almost Best Practices Cont’d 00:32:13
  • Check Processing Best Practices 00:33:12
  • What about Voided Checks? 00:34:01
  • Check Processing Best Practices 00:35:09
  • Paper Checks: Worst Practices - 1 00:38:44
  • Paper Checks: Worst Practices - 2 00:39:33
  • Paper Checks: Worst Practices - 3 00:39:48
  • Electronic Payment Best Practices 00:40:18
  • Electronic Payments outside AP 00:41:23
  • ACH 00:42:40
  • Lots of Change Coming 00:43:29
  • Best Fraud Prevention Practices 00:44:59
  • Online Banking Best Practice 00:47:21
  • P-Card Best Practice 00:47:30
  • Methods to Increase P-Card Usage 00:49:09
  • Wire Transfer Best Practice 00:49:43
  • Regulatory Issues 00:53:20
  • Cliff Notes: Speed Dating Version 00:53:25
  • Information Reporting Best Practices 00:54:35
  • What Is IRS TIN Matching 00:56:18
  • Why TIN Matching Matters 00:56:58
  • Reality Check: Use of TIN Matching 00:47:41
  • Unclaimed Property - Widows, Orphans, and Uncashed Checks 00:57:59
  • Unclaimed Property - Due Due Diligence 00:59:18
  • Avoiding Unclaimed Property 01:00:02
  • Unclaimed Property Best Practices 01:01:28
  • Sales Tax 01:02:18
  • Sales Tax Complication 01:03:28
  • When Invoices Don’t Show Sales Tax 01:03:56
  • Use Tax 01:04:16
  • Other Issues: Don’t Ignore 01:05:52
  • Regulatory Best Practices 01:08:10
  • Travel and Entertainment 01:10:13
  • Best Practice T&E Policy 01:10:17
  • State of Policy 01:10:58
  • IRS Guidelines 01:11:18
  • Substantiating Travel 01:12:36
  • Substantiating Entertainment (Cont’d) 01:13:48
  • Per Diems 01:14:33
  • Use of Per Diems 01:15:30
  • Receipts 01:15:58
  • In Real Life: A Changing Palate 01:16:27
  • Receipt Checking Best Practices 01:16:38
  • Cash Advances Best Practices 01:17:01
  • Minimize Cash 01:17:26
  • Expense Reporting Fraud 01:17:40
  • AP Now Perpetrators 01:18:00
  • How They Did It: Chrome River Survey 01:18:21
  • Best Expense Reimbursement Fraud Prevention/Detection Practices 01:9:07
  • The Heartbreaking Reality 01:19:32
  • Staffing 01:21:29
  • Staffing Cont’d 01:21:30
  • Invoice Processing Best Practices: Staff 01:22:51
  • Internal Fraud Prevention 01:24:24
  • Preparing the Staff for Tomorrow 01:24:48
  • Addressing the Issue 01:25:14
  • Bottom Line 01:25:26
  • Invoice Receipt in the Future 01:25:38
  • Bots 01:25:50
  • Don’t Forget: Regular Staff Training 01:26:20
  • Vendors And Vendor File Issues 01:28:32
  • What is the Master Vendor File? 01:28:43
  • What Should Be Included 01:29:12
  • Best Practices: Why We Use Them 01:29:41
  • Best Practices: Data 01:30:24
  • Issues to Consider when Creating Your Standard 01:30:48
  • Best Practices: Other 01:31:43
  • Master Vendor File: Problems 01:32:32
  • Master Vendor File: Solutions 01:33:13
  • Reality Check 01:33:56
  • Master Vendor File: Newest Problem 01:34:14
  • How to Verify 01:34:39
  • Best TIN Solicitation Practices 01:34:51
  • Concluding Thoughts 01:35:20
  • Overview: AP Practices Survey 01:
  • Reality Check 01:36:11
  • Best Practice Philosophy 01:36:41
  • Thank You/Questions/Comments 01:39:05
  • Presentation Closing 01:47:02

  • Accounts Payable (AP) 00:01:35, 00:53:53, 01:08:02
  • ACH Credit 00:42:47
  • ACH Debit 00:42:53
  • Audit 00:10:17, 00:57:12, 01:24:25
  • B-Notice 00:57:29
  • Expense Reimbursement 00:01:56
  • Expense Report 01:10:20, 01:17:40
  • FCPA 00:54:24, 01:07:43
  • Form W-9 00:54:46, 01:29:37, 01:33:22
  • Invoice 00:04:14, 00:12:32, 00:16:22, 00:19:16, 00:30:08, 01:25:42
  • OFAC 00:54:23, 01:05:59
  • P-Card 00:13:08, 00:47:34, 01:27:52
  • Per Diem 01:14:44
  • Purchase Order 00:21:08, 01:34:58
  • SDN - Specially Designated Nationals 01:06:09
  • SOX -Sarbanes Oxley Act 00:08:50, 01:29:41
  • Supplier 00:08:41, 00:54:55, 01:24:55
  • Tax Gap 00:06:07
  • TIN Match Program 00:56:11, 00:56:42, 01:35:05
  • Unclaimed Property 00:09:41, 00:31:11, 00:35:01, 00:54:17
  • Vendor 00:02:00, 00:15:53, 00:22:13, 00:27:20, 00:57:09, 01:33:24
  • Wire Transfer 00:13:06,  00:41:35, 00:49:43

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.

Accounts payable (AP): The amount of money a company owes creditors (suppliers, etc.) in return for goods and/or services they have delivered.

Audit: A formal examination of an organization's or individual's accounts or financial situation

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.

Expense Reimbursement: Expense reimbursement is a method for paying employees back when they spend their own money on business-related expenses. These expenses generally occur when an employee is traveling for business but can occur in other work-related situations. (www.thebalancecareers.com)

Expense Report: A report that tracks expenses incurred during the course of performing necessary job functions. Examples include charges for gas, meals, parking or lodging. If your employees spend a lot of money in cash, you need to make sure you have them list these expenditures on an expense report form.

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.

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/)

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.

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.

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

Per Diem: (Latin for "per day" or "for each day") or daily allowance is a specific amount of money an organization gives an individual, often an employee, per day to cover living expenses when traveling for work. - Wikipedia (https://en.wikipedia.org)

Purchase Order: A legal contract between a buyer and a vendor. It lists the materials or services to be purchased on specified terms and conditions (quantity, price / pricing conditions, delivery date).

SDN - Specially Designated Nationals: The Specially Designated Nationals and Blocked Persons List, also known as the SDN List, is a United States government sanctions/embargo measure targeting U.S.-designated terrorists, officials and beneficiaries of certain authoritarian regimes, and international criminals

SOX -Sarbanes Oxley Act: The Sarbanes-Oxley Act of 2002 is a federal law that established sweeping auditing and financial regulations for public companies. Lawmakers created the legislation to help protect shareholders, employees, and the public from accounting errors and fraudulent financial practices.

Supplier: A supplier is an entity that supplies goods and services to another organization. A supplier is usually a manufacturer or a distributor. A distributor buys goods from multiple manufacturers and sells them to its customers. Similar Terms. A supplier is also known as a vendor.

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.

Tax Gap: The gross tax gap is the difference between true tax liability for a given tax year and the amount that is paid on time. It is comprised of the nonfiling gap, the underreporting gap, and the underpayment (or remittance) gap.

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.

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.

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.

Guest Speaker

  • Mary Schaeffer

CPE Credit

Continuing Professional Education

Aurora Training Advantage is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

For more information regarding administrative policies such as complaint and refund, and cancellation please contact our offices at 407-542-4317 or training@auroratrainingadvantage.com.

You must answer all questions during the webinar, view the recording completely and pass the test at the end with 70% correct answers to receive CPE credit.

ATATX Credit

Aurora Training Advantage is offering continuing education points designed to recognize dedication to training and excellence in accounting.

HRCI Credit

Human Resource Certification Institute
This program has been approved for credit hours through the HR Certification Institute. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.

SHRM Credit

Society for Human Resource Management
Aurora Training Advantage is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.