|
|
|
|
Are Your AP Practices the Best?
|
|---|
Although all accounts payable departments share the goal of paying invoices efficiently and timely, that is often where the similarities end. Each department has unique challenges.
Nonetheless, there are universal best practices that can improve AP processes in most organizations. This issue discusses some of those best practices, as well as a new emerging payment method.
|
| Patrick Harbin – Editor
|
|
|
|
Mobile Payments |
Procurement card programs have long been a best practice for organizations looking to reduce transaction costs. Are you ready to trade in plastic for a Smartphone?
See Mobile Payments on a Smartphone on TAPC.
|
|
|
AP Best Practices |
While it is true that every AP department is different and that one organization's process improvement may be another's waste of resources, some proven practices can make life easier for nearly all AP departments. Examples include:
- Implementing positive pay: When checks are printed, an electronic file listing all pertinent data is sent to the bank, which compares all checks presented for payment to the list.
- Adopting electronic payments: The average cost of processing an ACH disbursement is $1.38, according to TAPN benchmark data. In contrast, the cost of processing a check is $5.14.
- Analyzing spend data: Identify opportunities for vendor consolidation and give purchasing an advantage in vendor negotiations.
For more universal AP best practices, be sure to check out the no-cost TAPC video learning session, Accounts Payable Best Practices, featuring Tom Nichols, consultant and president of Process Management Improvement, Inc. Viewing the on-demand presentation earns 1 CEU.
|
|
|
Just for Fun! |
Summertime is when many of us feel the urge to drop whatever we're doing and enjoy a little fun in the sun. However, sometimes pesky things like having a job get in the way. How can you have your cake and eat it too? See 10 Excuses for Missing Work.
|
|
