The IRS has raised the optional standard mileage rate for 2013 by 1 cent.

Although the data demonstrates that organizations benefit from moving their accounts payable software to the cloud, the same survey reveals that many chief financial officers are reluctant to pull the trigger.

According to a survey of 350 CFOs published by Bill.com, 16.5 percent are unaware that there are financial systems available to help manage accounts payable and accounts receivable processes over the cloud. In fact, 73 percent of CFOs use Excel spreadsheets to predict their cash flow.

Starting January 2014, accounts payable departments have to be ready to withhold 30 percent on certain payments to foreign banks. With the deadline still more than a year away, there is some confusion as to how much it will affect AP departments.

If you have unclaimed property to report in Texas, your 2013 reporting deadline will be sooner than you think.

Starting Jan. 1, 2013, holders must report and remit unclaimed property to the Texas Comptroller by July 1. The report should include any property presumed abandoned by the new March 1 cut-off date.

Month-end close is a stressful time for accounts payable. Getting all of the invoices and expense reports entered into the AP system before the cutoff date is difficult, especially when some travelers wait until the last minute to turn in their expense reports.

Unfortunately, apart from asking travelers to be timely with their expense report submissions, there is not much AP can do to get the documents sooner.

The $7 billion settlement reached between Visa, MasterCard and 19 plaintiffs - including large retailers like Kroger, Payless and Safeway - may not be as set in stone as everyone thought.

According to a recent NBC News article, six of the plaintiffs in the case have changed their minds regarding the settlement they originally agreed to. These six plaintiffs, which the article states are all trade associations, now think that the settlement does not do enough to protect retailers.

Although ditching paper invoices in exchange for electronic documents has long been considered a best practice, most accounts payable invoices arrive on paper, according to preliminary results from The Accounts Payable Network's latest benchmark survey.

TAPN recently surveyed 549 accounts payable departments to learn about their manual invoice processes. Early analysis reveals that accounts payable departments receive a median 80 percent of invoices on paper.

Accounts Payable Week is right around the corner (Oct. 15-19). Have you made plans to recognize your team yet?

Some AP managers may be reluctant to celebrate Accounts Payable Week because they might not have money in the budget for an expensive team outing or lavish party. However, the purpose of the week is not to break the bank, but simply to let your team know how important they are.

Q: We received a penalty notice because of incorrect TINs for 2010. It’s on 150+ vendors, and the penalty is for $100 each. The majority of the vendors are P-Card vendors. I want to write an abatement letter to the IRS and give a good reason why we shouldn’t be charged a penalty on the p-card vendors. Can you advise?