By Mary S Schaeffer
One zero one most sensible Practices for debts Payable via Mary S. Schaeffer
*101 practices tested and explained
* top practices delineated for each
* nearly most sensible practices pointed out for these cases the place most sensible practices can't be used
* dialogue of issues appropriate to the bills payable functionality for every factor
* Worst practices highlighted
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Extra resources for 101 Best Practices for Accounts Payable
Thus, it might be a good idea to get management on board before instituting this policy Worst Practice: Having no policy on this issue. The Issue: Verifying Invoice Data In an ideal world a company would sell its customers products and would in due course be paid for those goods according to the pre-negotiated payment terms, once the purchaser had verified it had received what it had ordered. ) Unfortunately, there is a lot that can and often does go wrong with this simple scenario. Some of the things that go awry include: > Terms on the invoice not matching what was negotiated Partial shipments > Damaged goods > Prices on the invoice not matching the negotiated prices > Inclusion or exclusion of related charges such as freight, insurance etc.
If you don’t want them recovering funds from the state, tell them this is NOT to be part of the audit. ” Chapter 2: Master Vendor File The master vendor file is critical in the operation of an accounts payable function. When overlooked, poor practices lead to weakened internal controls, potential duplicate payments and the increased possibility of fraud, especially internal fraud. In this chapter we cover the following: * Who Has Access * Master Vendor File Set-up * Using Naming Conventions * Making Changes to the Master Vendor File * Master Vendor File Cleanup * Self-service Master Vendor Files Issue: Who Has Access to the Master Vendor File While it is definitely easier for the staff processing invoices for payment if they can add vendors to the master vendor file whenever they get an invoice from a new vendor that practice is an invitation to trouble.
But, savvy professionals have found ways to use both to run a more efficient accounts payable function. Today, most job listings for professionals are listed on LinkedIn, although that is not the only way LinkedIn can be used to run a more efficient accounts payable function. You’ll have to read the book to get the details on its use as well as that of Facebook in the accounts payable arena. The book analyzes 101 processes with the accounts payable function. Each of the issues is explained and a best practice identified.