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| • Special Feature •
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Fraud Prevention Tips
Fraud is a serious problem for AP departments. The following are some important steps AP can take to reduce their risk of check and electronic payment fraud:
• Use positive pay and respond to positive pay exception items by the daily deadline.
• Keep blank check stock and facsimile signature plates under lock and key.
• Convert payments to ACH and other electronic methods, while implementing ACH blocks and filters.
Be sure to attend tomorrow's TAPN audioconference, Successful AP Fraud-Busting Strategies, featuring David Sawyer, CPA, CIA, CFE, Managing Director of Sawyer & Company. Earns 1 CEU
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TAPN Audioconference Recording
Using Metrics to Show How AP Delivers Bottom-Line Benefits
Featuring Judy Bicking, APM, formerly with Johnson & Johnson
Order • Earn 1 CEU
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Looking to Others for AP Improvement
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The first step in making improvements to your accounts payable operation is to understand where its shortcomings are. One of the best ways to determine the weaknesses (and strengths) of your processes is to compare them to your peers.
This issue features information about the newest benchmarking survey from The Accounts Payable Network (TAPN), which focuses on exception handling and DPO. Also, there is valuable information about fraud prevention and purchasing cards. If all that isn't enough, we've also got LEGOs. |
| Patrick Harbin – Editor
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New Benchmarking Survey |
Many invoices that arrive in AP can be easily matched to supporting documentation and approved for payment. For others, however, the process can be much more difficult.
Not all of a business's invoices match the first pass. Many invoices are temporarily put on hold or blocked for a variety of reasons. Just what percentage of invoices are blocked? That's what TAPN wants you to tell them.
TAPN's most recent benchmark survey, Hold and Blocked Invoice Practices and Days Payable Outstanding Survey, asks you to describe your practices for handling invoices that must be touched more than once before being approved for payment. In addition, the survey asks you to calculate your days payable outstanding (DPO).
The survey takes about ten minutes to finish for someone familiar with their company's accounts payable operations. Participation is open to TAPN members and non-members. All participants will receive a free copy of the results once they have been posted on TAPN.
Note: Participants who hold APM and APS certification earn 1 CEU for completing this survey.
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| P-cards for Mid-Size Companies |
Although small and mid-size businesses have different challenges and limited resources compared to their large counterparts, they tend to want the same things from their purchasing card programs: streamlined payment and improved vendor relations.
A recent article published in Purchasing Magazine outlines many of the unique challenges smaller companies face when implementing a p-card program and lists how particular p-card providers are addressing them. Read P-cards for Mid-size Companies.
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Just for Fun! |
This year marks the 50th anniversary of the introduction of LEGO toy building blocks. For half a century, these plastic blocks have become a favorite toy of both the young and the young-at-heart.
In honor of this milestone, technology blog Boingboing has posted a time lapsed video of someone building the largest single LEGO set available, the famous Millennium Falcon from Star Wars. A must-watch for LEGO and Star Wars fans.
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