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Taking Control of Controls
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Strong controls are essential for every facet of the payables process. Internal controls prevent wasted time and money, limit losses, prevent fraud, and safeguard assets.
From developing tight p-card controls to preparing for a possible expansion of what constitutes escheatable property, this issue features information that may impact your current and future control environments. |
| Patrick Harbin – Editor
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Tightening P-card Controls |
A purchasing card is a powerful tool that can streamline payment processing, especially with low-dollar transactions. However, a p-card program with weak controls is an easy target for fraudsters.
Effective controls are necessary to prevent p-card fraud and misuse. The following questions can help you ensure your controls are adequate when laying the foundation for your p-card program:
- What is the purpose of the control environment?
- When is it developed and how often is it reviewed?
- Who creates and manages the p-card program?
- Can the controls keep pace with potential growth of the program?
Be sure to order The Accounts Payable Network's video training seminar, Purchasing Card Programs, featuring Loette King, Sr. Director, Procurement & Payment Services, Emory University. The seminar covers all aspects of a successful p-card program including training, implementation, and fraud controls.
Watch a free two-minute preview.
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| Escheatable Consumer Rebates? |
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Traditionally, uncashed consumer rebate checks are the property of the issuer and are not subject to unclaimed property laws. However, a lawsuit involving 22 states is seeking to change that. Read the Full Story.
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Just for Fun! |
While you were expecting to find a refreshing joke here, we thought we would shake things up a bit this week. With gasoline prices at all-time highs, we wanted to introduce you to someone who may become your next best friend.
Gasbuddy.com is a valuable resource for all the frugal motorists out there. Just enter your zip code and the site lists the gas stations in your area with the lowest prices. Hopefully it can help you save a few pennies on your ride to work.
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