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Recognizing Fraud Perpetrators
According to the American Certified Fraud Examiners, while there is no definitive profile of a fraud perpetrator, there are many trends among fraudsters. According to the ACFE:
1) Only 8 percent of perpetrators have prior fraud convictions.
2) The median loss to executive-level fraud is $1 million.
3) Less than half of all fraud cases are committed by college graduates.
Be sure to check out the upcoming TAPN audioconference, Successful AP Fraud-Busting Strategies, featuring David Sawyer, CPA, CIA, CFE, Managing Director of Sawyer & Company. Earn 1 CEU
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TAPN Video Learning:
The Basics of
Form 1099 Reporting Video
Featuring Denise Johnson, Esq., with Balance Consulting
Order • Earn 1 CEU
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Never Settle for Adequate AP
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Process improvements are the hallmark of an efficient AP department. If a new payables "best practice" emerges, best-in-class departments will explore whether it works for their organization.
Improvements such as automated workflow lead to reduced paper volume and streamlined processes, while implementing the Balanced Scorecard results in a more accurate method of gauging employee performance. In AP, improvement is essential. |
| Patrick Harbin – Editor
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Benefits of Automated Workflow |
Automated workflow systems are an essential component for AP departments going paperless. By replacing manual paper routing with electronic routing, the invoice approval process is made more efficient and less costly.
The following are some of the key benefits to implementing an automated workflow system:
- Increased visibility and Control: AP can track invoices from the moment they enter the workflow until after they are paid.
- Improved Vendor Relations: Workflow systems often include portals that allow vendors to check the status of their invoices
- Improved Reporting: Using historical data, many workflow systems can provide detailed reports and metrics
Automated workflow means better payables, which enhances a business's cash management. Be sure to check out this afternoon's free audioconference, Workflow for Cash Flow for CFOs and Controllers, sponsored by BasWare and featuring David Hay, former director of Shared Services for Hewlett-Packard. Learn how improved invoice management leads to improved cash management.
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| What's New with Nichols? |
Conventional wisdom states that the key indicator of a business's health is its financial results. However, financials are best at describing past events (last quarter or fiscal year) and are not ideal indicators of a business's current status.
Many businesses employ a Balanced Scorecard to get a more robust picture of their organization's health, including how well they promote process improvements and work-life balances. In his latest post, Tom describes the benefits of the balanced scorecard in AP. Go to Tom's Blog
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Just for Fun! |
How good are you at reading faces? If someone was smiling right in front of you, do you think you could tell a real smile from a fake one?
Psychologists believe people are bad at identifying real and fake smiles. To test that hypothesis, the BBC has posted on online challenge asking you to look at 20 smiling faces and determine the real from the fake. Take the Test
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