|
|
|
|
Payables: More Than Meets the Eye
|
|---|
An accounts payable department is usually responsible for a number of jobs outside of paying vendor invoices. Many AP departments also process travel and entertainment reimbursements, manage the purchasing card program, and handle freight auditing and payment, just to name a few additional responsibilities.
AP is definitely a broad business unit. This issue features information and resources to help you make sense of some of the different things a payable department does. Plus, see 'Just for Fun!' to find out how the way you sleep reflects your personality. |
| Patrick Harbin – Editor
|
|
|
|
Outsourcing Freight Bills |
Freight auditing and payment is one of the most challenging aspects of payables. Maintaining contract compliance, paying accessorial and fuel surcharges, and handling documents unique to freight payment like bills of lading all add to the difficulty of AP's job. Unsurprisingly, many firms opt to outsource freight payment.
When outsourcing freight, businesses should be sure to consider the following:
- Hire a lawyer who specializes in outsourcing to craft a contract covering all potential risks.
- Watch what your outsourcing partner is doing. Their work should be transparent to you.
- Do not allow the vendor to mingle your freight payment funds with their general operating fund.
- Consider an outsourcing provider with ties to an FDIC-insured bank to minimize risk.
Next week's audioconference,
Keys to Successful Freight Audit and Payment Management, by The Accounts Payable Network, will include an in-depth discussion of the pros and cons of outsourcing freight audit and payment or keeping it in-house. The 60-minute conference will be hosted by Phil Binikow, CEO of Financial Operations Networks. Participants earn one CEU.
|
|
| What's New With Nichols? |
It's not unusual for an AP department to want to improve its processes. However, it's also not unusual for a department to become complacent once it has implemented a process improvement.
Should a department that is labeled "best-in-class" stop looking for ways to do things better? To find out what Tom has to say about that – and to find out about his recent adventure in South Africa – go to Tom's Blog.
|
|
|
Just for Fun! |
Everyone knows that how well you sleep at night has a direct impact on your mood during the day. However, what many don't know is how much the position in which you sleep may say about your personality.
A BBC study recently reviewed six common sleeping positions and attempted to find a link between nighttime posture and the personality of the sleeper. Click here to see the results and find out if you are a soldier or a yearner.
|
|
