Have you purchased/read an Accounts Payable Book in the last 3 years?

If you’ve purchased an accounts payable book in the last three years, we’d greatly appreciate it if you would respond to a few of our questions. It should take less than two minutes – and you don’t have to leave your contact info unless you want. Your insights are appreciated as they will help me plan for the future. Go here for my two-minute survey.  Thank you. Mary Schaeffer.

If you had a ring worth $75,000 would you forget it in a safe deposit box? I can tell you I wouldn’t. This tale actually came from a short on an episode of the PBS television show Antique Roadshow shown this week. They did a feature called The Great Colorado Payback focusing on the return of unclaimed property. While the unclaimed property handled by our readers is rarely as glamorous as the stuff shown on the television show, it is just as important and often worth more.

Many who have never filed are under the impression that there is a seven year statute of limitations for unreported unclaimed property. This is not the case. And, if you don’t have records going back further than that, not to worry: the state auditors will estimate your obligations.

Many organizations overlook their unclaimed property obligations (both reporting and remitting) until that harsh day when a note from a state auditor shows up announcing an audit. Then, panic sets in. But, it doesn’t have to be that way. Cooler heads should prevail. The first thing than any company caught in this predicament should do is get expert help. This is not the time to try and duke it out with the state. Time is really of the essence. Don’t wait. Get the professional involved immediately.

They will help you figure out what your expose is, try and mediate a settlement with the state and assist you with your reporting. Frequently (depending on the state) they are able to get fines and penalties for non-reporting waived. This is not the end of the world but it will be painful. Limit the pain by letting a professional guide you through the choppy waters.

Whether there’s an auditor on your steps or you just want to get a handle on how the professionals would get you in compliance, AP Now’s CD, How to Get in Compliance if You’ve Never Filed Before, featuring expert Tracey Reid, will get you started.

(2) 2010 Accounts Payable Now & Tomorrow, a CRYSTALLUS, Inc. publication

Do you have a process for tracking discrepant invoices? You should because if you don’t the chances of late fees, duplicate payments, and disgruntled vendors are likely to skyrocket. If you assume that your processors are following up closely, you are apt to be disappointed a good deal of the time. With a mountain of work facing most of them, problematic invoices have a way of disappearing or getting forgotten—hence the moniker, the Accounts Payable Black Hole.

The proper way to handle discrepant invoices is just one of the many issues we’ll explore in our “Laying a Strong Foundation” webinar next week. If you want to make sure your company doesn’t have a black hole in accounts payable or want your staff and management to have a true understanding of the basics of a good accounts payable function, please join us on March 25, 2010. I’ve put together an information-packed 60-minute discussion of the elements that lay the foundation for a robust accounts payable function. CDs of this session will be available shortly after the event.

(c) 2010 Accounts Payable Now & Tomorrow, a CRYSTALLUS, Inc. publication

Does your heart drop when you hear someone ask one of your staffers why they are doing something a certain way only to hear, “I don’t know, we’ve always done it that way”—or worse—“Because the manager said to do it that way.” If your experiences are anything like mine, the staffer is sure to be offering up this explanation to the CFO or VP of Finance.

There are a number of reasons this happens. First, it could be exactly as the staffer replied. No one ever explained why they were doing certain things a certain way. Or, when they were new and the explanation was offered, it got lost in the haze of trying to learn the basic processes.

That’s part of the reason I wanted to develop the Laying a Strong Foundations for AP Basics course. Not only will we review the processes, we’ll explain why things are done the way they are. By the way, several organizations that have signed up also bought an Add-a-Buddy slot for their controller so he or she can listen to the information as well from the comfort of their office. We’re hoping that listening to this session will provide a clearer understanding of the challenges faced each day in accounts payable.

Additional information about the event and the CD that will be available after the session can be found at http://www.ap-now.com/accountspayablebasicswebinar.html 

If not you should. An accounts payable professional recently wrote asking about a feature that causes some confusion. It was the request for what looked like personal information. Here’s my response.

Although not nearly as lyrical as the original, we offer you AP Now’s 12 Holiday Wishes for 2009 year end

1. May AP get year end closed well before midnight!

2. Let fraud of all types not slip through your safeguards,

3. And duplicate payments become but a fading memory.

4. May your staff be satisfied with their work and their pay,

5. Let your boss be pleased enough with your work to fight for that promotion you so richly deserve.

6. And let employment be found elsewhere for those disgruntled co-workers who make life so difficult for you and your staff.

7. May there be adequate budget so you do not have to layoff anyone.

8. May your 1099s fly out the door in January without a hitch.

9. Let B-Notices clutter your mailbox nevermore.

10. May the auditors, be they escheat, sales and use tax, or worse, never darken your doorstep again.

11. Let you find both the humor and the patience to deal with the absurd -especially on those occasions when ridiculous seems to rule the day.

12. And most importantly, may you unearth a little spare time to sit down, plan, and enjoy yourself.

… and of course, may there be a few dollars left in the budget so you can a subscription to Accounts Payable Now & Tomorrow, AP Now’s Quarterly Diagnostic or The CFO & Controller’s Accounts Payable Management Journal.  

(c) 2009 Mary Schaeffer, CRYSTALLUS, Inc. and Accounts Payable Now & Tomorrow

Finally, the IRS has published its standard mileage reimbursement rate for 2010. Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be 50 cents per mile for business miles driven.

Readers of AP Now’s free weekly ezine were notified of this as soon as the publisher became aware of the new rate. Sign up for the AP Now weekly ezine and we’ll send you a copy of AP Now’s Flimsy Report - a humorous look at the excuses given to AP for not observing published policies and procedures when it comes to T&E and Rush checks.

Like any other profession, accounts payable has its own jargon. Most of the time, when we talk about POs or T&E we don’t even realize we’re doing it—until someone interrupts us and asks what the term means. Sometimes, if you’re like me, you feel a little foolish asking what someone meant by a certain buzzword. Now, we’ve created a resource where you can go and look up the meaning. I call it an AP cheat sheet. So, take a look at it and if you think we should add anything, send a note to publisher@ap-now.com with your suggestions.

(c) 2009 CRYSTALLUS, Inc. and Accounts Payable Now & Tomorrow

 Did you know that the IRS has guidelines on when employees have to account for their business expenses and how quickly cash advances must be returned? What I like about these rules is they allow the manager responsible for travel and entertainment reimbursements to use the IRS to get people to hand in their expense reports on a timelier basis. How often do you get the IRS to do your dirty work for you?

We’ll talk about the IRS rules along with other best practices techniques you can use in your T&E operation to run a tighter ship and conform to IRS guidelines. We’ll also have some T&E fraud stories, with advice on how you can prevent T&E fraud in your shop.

T&E Best Practices to Ensure Compliance with IRS Regs and Prevent Fraud webinar

Here’s a tip from the Accounts Payable Now & Tomorrow newsletter. As we approach unclaimed property reporting time, one of the oft overlooked benefits of making ACH payments becomes more obvious. If you’ve been pushing for an electronic payment program don’t overlook this benefit: when payments are made electronically, there are never any uncashed checks to be chased and then reported and remitted to the states. One big headache goes away—and bank reconciliations sure get a lot easier with no outstanding checks.

(c) 2009 Accounts Payable Now & Tomorrow