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Vacation for AP? Not a Chance
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The long Memorial Day weekend is almost here. As you prepare for the unofficial start of the summer vacation season, remember that accounts payable is never on vacation. Any time is the right time for process improvements.
This issue features information on a key process improvement for many departments - switching to electronic recordkeeping. In addition, you have one more chance to take our new benchmark survey. |
| Patrick Harbin – Editor
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Electronic Recordkeeping |
An AP department depends on documents to function. Ready access to invoices, purchase orders, travel expense reports and other forms is a necessity.
Managing all these documents on paper can be difficult and time consuming. Switching to an electronic records management program greatly reduces the complexity. The following are benefits of electronic records management:
- Reduced Storage Space: Documents no longer need to fill up storage closets and filing cabinets.
- Data Security: Managers can restrict who can view and edit any electronic document.
- Legal Compliance: Ready access to transaction documents lowers risk of unexpected discovery in a lawsuit.
Be sure to register for The Accounts Payable Network's upcoming audio conference, IRS Rules for Electronic Storage and Record Retention, featuring Denise Johnson, General Counsel and Tax Compliance Manager, Balance Consulting. Make sure your electronic records system doesn't run afoul of the IRS.
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Appeals Court Okays New
California Unclaimed Property Rules |
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After nearly a year of legal wrangling, an appeals court ruling may put an end to California's unclaimed property saga. The court approved new rules for locating the owners of unclaimed property. Go to TAPC.
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Just for Fun! |
Take a look around your workspace. Are there any potted plants around your office or can you see foliage outside your window?
Researchers at Texas State University recently conducted a study demonstrating that plants make workers happier and more satisfied. The real surprise, however, is that men are more positively affected by plants than women.
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