On Demand Webinar
Webinar Details $219
- Webinar Length: 100 Minutes
- Guest Speaker: Mary Schaeffer
- Topic: Taxation and Accounting, Accounts Payable
- Credit: HRCI 1.5, SHRM 1.5, ATATX 1.5
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In AP Now’s recent Invoice survey, respondents identified their most pressing problems regarding the invoice handling process. What is readily apparent is that, despite the promise that automation would eliminate a lot of the headaches experienced with invoice processing that has just not happened. If these issues are not addressed, the accounts payable function runs less efficiently than it could.
And this was before the added pressures created by working remotely when not fully prepared due to the coronavirus crisis. Equally importantly, duplicate and erroneous payments are more likely to slip in, fraud is facilitated and sometimes regulatory compliance is compromised.
That’s why we created this session. In it, we will provide practical, implementable advice on how to deal with:
• New issues raised by the current crisis
• Slow internal invoice approvals
• Invoices without a purchase order number or name of requisitioner
• Invoices sent to the wrong person or place
• Duplicate submission of invoices
• Invoices missing information
• Early payment discounts lost
• Second invoices with a different invoice number
• Checks sent back to the person requesting payment
• Rush checks and
• more.
After this session you will be able to:
• Craft processes that will allow the staff to handle invoices regardless of location
• Create best practices that reduce the impact of the above listed weak practices
• Improve the invoice approval response time
• Reduce the number of invoices submitted more than once
• Earn more early payment discounts
• Minimize the number of request for Rush payments and checks returned to requisitioners
- Introduction
- About Mary Schaeffer 00:00:35
- Agenda 00:01:21
- Introduction 00:02:09
- A Word about Invoices 00:02:14
- When Efficiency Is Lacking 00:07:07
- What Are The Problems 00:08:56
- COVID: The Huge Invoice Problem 00:09:56
- New Best Practice: Receipt of Invoices 00:11:39
- Just How Many Problems??? 00:12:47
- Commentary 00:13:29
- Invoice Handling Today 00:16:56
- Most Common Brands 00:18:47
- You’re Not Alone: Most Common 00:18:50
- Slow Internal Invoice Approvals 00:19:09
- Ongoing Practices 00:21:37
- Remember 00:23:53
- If You Are Willing to Get Ugly 00:24:18
- Invoice w/o PO# or Name of Requisitioner 00:25:58
- Invoices w/o PO# or Name: Simple Solutions 00:26:37
- Missing a PO#/Purchaser Name 00:27:25
- Return to Sender: Success Story 00:28:30
- Missing a PO#/Purchaser Name 00:29:53
- Invoices Require Manual Data Entry 00:31:52
- Too Much Manual Data Entry: Automation Issues 00:32:16
- Too Much Manual Data Entry: Automation Issues Cont’d 00:33:00
- Too Much Manual Data Entry 00:35:30
- Invoices Sent To The Wrong Person/Place 00:37:36
- More Aggressive Actions 00:39:55
- Early Payment Discounts Lost 00:41:46
- Early Payment Discounts Lost: Set the Stage 00:43:40
- More on Early Payment Discounts 00:44:19
- Analyze (For Lost Discounts) 00:45:11
- Checks Sent Back to The Requisitioner 00:47:32
- Returning Checks 00:48:14
- Calling in the Calvary: Returning Checks 00:49:12
- The Ugly: Returning Checks 00:50:36
- Rush Checks/Payments 00:53:37
- Delivery Mechanism 00:54:00
- Rush Payments 00:54:49
- Strategies for Minimizing 00:56:55
- When All Else Fails: Rush Payments 00:58:19
- Identify the Problem 00:59:04
- The Really Ugly: Rush Payments 01:00:10
- Less Common Problems 01:02:03
- The New Nightmare: Duplicate Submission of Invoices 01:02:06
- Let’s Talk Emailed Invoices 01:02:23
- Invoice Copies 01:03:50
- Stopping the Flood of Duplicate Invoices 01:05:18
- Duplicate Invoices: When They Won’t Stop 01:05:51
- Duplicate Copies of Invoices 01:06:39
- When Duplicate Invoices Lead to Duplicate Payment: Returned Payment 01:09:10
- When Duplicate Invoices Lead to Duplicate Payment: Vendor Credits 01:10:45
- Invoices Missing Information 01:13:34
- Resolution of Discrepant Invoices 01:14:31
- Second Invoices w/ a Different Invoice # 01:16:12
- Differing Invoice Numbers 01:18:08
- Invoices Sent to Purchaser First 01:19:20
- Questionable Vendor Practices that Create Invoice Problems 01:20:19
- Concluding Thoughts 01:24:59
- More Likely to Pay Late and Receive Duplicate Invoices 01:25:04
- Find the Duplicates: Self Audits 01:28:04
- Find the Duplicates that Slipped Through: Third Party Audits 01:31:28
- Invoice Handling in the Future 01:01:31:29
- Invoice Handling in the Future Cont’d 01:33:38
- Why This Matters 01:35:44
- What This Means 01:37:11
- Best Practice 01:38:30
- Thank You/Questions/Comments 01:40:26
- Accounts Payable (AP) 00:08:45, 00:38:58, 00:41:53, 00:48:17, 01:00:34, 01:12:08, 01:21:34
- Audit 00:50:18, 01:28:17
- Form W-9 00:39:41
- Invoice 00:01:42, 00:02:10, 00:02:31, 00:27:16, 00:38:03, 01:02:15
- P-Card 00:03:52
- Purchase Order 00:26:02, 00:26:11, 00:35:55, 01:13:49
- SOX -Sarbanes Oxley Act 00:48:46, 00:50:25
- Supplier 00:28:21, 00:38:43, 01:21:06
- Vendor 00:26:19, 00:30:06, 00:59:28, 01:05:25, 01:11:59, 01:17:34, 01:20:40
- Wire Transfer 00:54:13
Accounts Payable (AP): The amount of money a company owes creditors (suppliers, etc.) in return for goods and/or services they have delivered.
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.
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
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).
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.
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.
