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Is Your Department Ready for a Change?
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Effective accounts payable managers are always looking for ways to streamline their processes and reduce costs. And anyone still working in a manual AP department knows the key focus when streamlining AP is to target the paper.
This issue features information to help your department reduce paper and automate your AP process. Pay special attention TAPC's upcoming free audioconference on AP automation.
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| Patrick Harbin – Editor
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Automating AP |
Going from a decentralized, manual AP department to a centralized, automated one is not an easy transformation. David Hay, The Accounts Payable Network consultant and former director of shared services for Hewlett-Packard, says the transition can seem overwhelming.
The key to successful AP transformation is to do it in stages. Hay says the proper approach should include:
- Centralize – Move your organizations AP functions into a single location.
- P-cards – Using p-cards can eliminate small dollar invoices, which typically make up 80 percent of your invoice volume.
- Imaging and Workflow – Imaging and workflow addresses the other 20 percent of invoices and improves processing time.
Other important factors when transforming AP include strategic sourcing, electronic invoicing, automated workflow and electronic payments. Sign up for TAPC's upcoming free audioconference, AP Automation: Your Roadmap for Success, featuring David Hay, with Tommy Benston of Verian Technologies. The event earns 1 CEU.
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'India's Enron' Rocks Financial World |
The head of the fourth largest BPO firm in India resigned last week after confessing to inflating profits by as much as $1 billion. What does this say about the effectiveness of financial regulators? See Patrick's Blog.
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Just for Fun |
Do you know those old stories about Napoleon being short, pigeons exploding if they eat rice, and hair growing back faster once it's been shaved? It turns out none of those things is true.
Check out Top Ten Widely Believed Myths to find out if something you've always taken for granted simply isn't true.
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