Several months ago, one of the most sweeping financial reforms in U.S. history became law. While the law promised new protections and incentives to encourage whistleblowers to step forward, these provisions have failed to materialize.

The Dodd-Frank act was passed in response to the financial crisis of the late 2000s. Although the primary intent was to strengthen the banking system and increase transparency on Wall Street, the law also created a Whistleblower Office at the Securities and Exchange Commission.

New purchase card reporting rules are now in effect!

When I first learned that the IRS was taking the burden of reporting p-card payments on a 1099 away from the payers and into the hands of the payment processors, like many of you I figured it was too good to be true.

It is the holiday season again and shoppers are lining up outside retail stores intent on scratching every name off their Christmas lists. Actually, this image may not be entirely accurate, as more people than ever are doing their Christmas shopping online.

While this is great for businesses looking to increase their cash reserves, it’s terrible news for cash-strapped state governments. In many cases, shoppers pay no sales tax on holiday gifts purchased online.

Anyone involved in buying accounts payable technology today knows that all the available options can be overwhelming. These options aren’t just the increased number of providers out there, but also the increased number of ways providers can deliver those solutions.

Traditionally, if an organization wanted to implement a new financial system, it would mean installing software on their servers, paying hefty installation fees, and buying technology upgrades every couple of years.

2010 was a busy year for 1099 reporting. During the year, Congress passed new laws expanding who is reportable, which purchase payments are reportable, and how to report purchasing card payments.

The latest change to 1099 reporting comes in the form of increased penalties. The Small Business Jobs and Credit Act of 2010 was signed into law on Sept. 27, 2010 and increases 1099 reporting penalties across the board.

According to section 2102 of the approved bill, Congress made the following increases to 1099 penalties:

With major changes coming to 1099s during the next few years, organizations are clamoring to update their vendor master files and collect W-9s from hordes of vendors that will soon become reportable.

Amidst all the chaos, popular opinion is that these changes, which expand the definition of a reportable payment, will be a crippling burden. However, although organizations will spend more time filing 1099s than before, these changes could actually make the 1099 process easier.

Technology allows us to have real-time communication around the world, purchase anything we can think of without leaving our computer chairs, and store an essentially limitless amount of information without regard to physical space. Without a doubt, the future is now.

If we have all of these great technologies at our disposal, then why are most accounts payable organizations less than automated? Why is it that accounts payable departments often feel like analog visitors in a digital world?

In my last blog post, I stressed that AP document management technology is only as strong as the procure-to-pay (P2P) processes and best practices that underpin it. I also stated that getting value out of your AP technology investment meant taking a hard look at whether your organization's P2P process is an enabler or detractor of efficiency.

By Jim Mandt

Having implemented AP document management and workflow technology in midmarket organizations across the country for more than 20 years, I’ve seen the power of technology in affecting positive and productive change – not only for the organizations themselves, but for suppliers, partners and the entire ecosystem.

The days of paper invoices in Europe may be numbered. Proposed changes to European invoicing requirements could improve electronic invoice adoption while making it easier for U.S. companies to reclaim value-added tax payments.

A press release issued by the European Union announced that the Council of Economic Affairs has decided to simplify VAT invoice requirements, specifically with the goal to promote the adoption of e-invoicing.