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AP Improvements can Help AR Too
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While accounts payable plays a key role in managing your organization's cash, it's important not to forget that AP is just one part of a larger procure-to-pay process. Successful cash management involves understanding the role of other departments, including accounts receivable.
This issue features information to help AP gain a better understanding of AR and how automation can improve that process. In addition, Canadian readers should take note of new automobile deduction rates recently announced.
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| Patrick Harbin – Editor
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Automobile Deduction Rates |
The Canadian Revenue Agency just released the 2011 prescribed rates for reimbursing employees for business use of a personal car.
See Automobile Deduction Rates - Canada 2011 on TAPC.
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e-Invoicing in AR |
Like AP, AR departments can also see significant cost savings and efficiency gains by adopting electronic invoicing. By replacing paper bills with electronic invoices, AR departments can:
- Reduce Costs: Gartner reports that it can cost 15 times as much to send a paper invoice than an electronic one
- Speed Up Dispute Resolution: The U.S. Treasury states that e-invoice discrepancies are typically resolved within a day, while it can take two weeks for paper invoices
- Improve audits: Audits with electronic documents are usually faster and can take place more frequently
To learn more how your department's current or future e-invoicing system can also benefit your AR department, sign up for the upcoming, no-cost TAPC webinar, Realize Your New Year's Resolution: Success Strategies for Automated AR Invoicing, featuring Greg Collins with Esker. Earns 1 CEU.
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Just for Fun! |
Technology today moves faster than ever. As a result, there are things that you and I used to take for granted that might someday only be found in a history book – if books are still printed in the future. See Things Babies Born in 2011 Will Never Know.
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