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| • Special Feature •
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TAPN Audio Conference Recording
Managing Unclaimed Property Exposure
Featuring Karen Anderson, Senior Compliance Advisor, Abandoned Property Services, LLC
Order
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Travel budget cut? Check out
TAPN Video Conferences
AP Education Online
Design Your Own In-house AP Conference. Choose from 11 information-packed programs!
• Earn CEUs •
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The Technology of AP
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The purpose of technology is to make our lives easier. In AP, the same is true. Electronic recordkeeping, for example, eliminates the hassles of physically storing documents for years after a transaction.
This week's issue discusses the benefits of electronic records management technology. In addition, Tom provides help on how AP can improve relations with its internal and external customers. |
| Patrick Harbin – Editor
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Capturing Electronic Records |
As with most accounts payable processes, manual records management programs are very paper-intensive. With filing cabinets, storage rooms, and an untold number of document copies floating around, paper records are cumbersome to manage.
When implementing an electronic content management (ECM) solution, the organization must determine how the invoices, purchase orders, and other documents will enter the system. There are two methods available:
- Scanning: 80 percent of all invoices arrive on paper. The best ECM solutions typically include OCR technology tailored to read unstructured documents. One provider reports accuracy levels now exceed 97 percent.
- Electronic Capture: ECM systems can import documents electronically from e-invoicing, accounting, and ERP systems. In addition, ECM systems can capture from fax machines, word processors, and email messages.
Once records are captured electronically, then comes the challenge of storing them. Be sure to register for tomorrow's The Accounts Payable Network audio conference, IRS Rules for Electronic Storage and Record Retention, featuring Denise Johnson, General Counsel and Tax Compliance Manager, Balance Consulting.
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| Tom's Pain Points: Internal and External Customer Relations |
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While it's true that other departments are often guilty of not giving AP the respect it deserves, Tom says payables professionals are not entirely free from blame. Go to Tom's Blog.
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Just for Fun! |
Six years ago, 38 percent of people surveyed said they couldn't live without their cell phones. Today, 51 percent admit to being unable to part with their mobile phones.
As cellphone and smart phones (Blackberry, iPhone) become more common, how dependant are you on your gadgets? Check out the Forbes article Cellphone Addiction. Click on Are You a Connection Junkie? to determine your own cellphone dependence.
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