AP-Now Blog

Accounts Payable Shortcuts

Mary_Schaeffer — Thu, 17 May 2012 20:28:22 +0000

Most folks working in or managing the accounts payable function have an overloaded plate when it comes to professional responsibilities. Any time they can find a short cut - one that doesn’t weaken internal controls or make more work for another department - they are happy.

So, we asked readers of our free weekly ezine for their best suggestions regarding shortcuts in their daily tasks. And, we were pleasantly surprised with the results. You can read the suggestions here and then if you’d like, vote before the end of May 2012 for the one you think the best.

The link to the voting is on the AP Shortcuts page.

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Hope to See You at the IFO’s Fusion

Mary_Schaeffer — Fri, 11 May 2012 12:58:21 +0000

I’m getting ready to go to the IFO’s (formerly the IAPP) big Fusion conference. As you may know, this is the big event for those who work in and manage the accounts payable function.

I hope to have the opportunity to meet many attendees and have a chance to talk with them.

I’m giving several talks and will be milling around as follows:

On Monday at 10 AM I’ll be in the Jackson F room to talk about Payment Fraud: What Every Company Needs to Protect Itself. After that, I’ll be in room Lincoln C as follows:

Tuesday @ 11 AM discussing Master Vendor File Best Practices: The Sleeper Issue
Tuesday @ 3 PM discussing How to Deal with the Five Biggest Emerging Concerns for Accounts Payable in 2012
Wednesday @ 2:15 PM discussing T&E Best Practices to Ensure Compliance with IRS Regulations and Prevent Fraud

That’s not all. I’ll also be in room Lincoln C moderating a panel discussion on Monday @ 2:45 PM on the Case of the Disappearing Credits: Why Recoveries Need to Start Now. If you’ve got any questions for me, relating to these or any other issues, I’ll be at the Lavante Booth for half an hour on both Tuesday and Wednesday morning @ 9:45 AM to answer whatever questions you may have.

I am really looking forward to meeting and listening to the accounts payable community. I always learn so much from talking with them.

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AP Policy and Procedures Manual

Mary_Schaeffer — Tue, 24 Apr 2012 17:20:50 +0000

Every organization, no matter how big or small, should have a policy and procedures manual for its accounts payable operations. While this sounds simple enough, as those involved with accounts payable are painfully aware, that is not the case. The manual should also be updated on a very regular basis. Most reading this probably have heard this instruction before. But like warnings to eat less and exercise more, following that advice is not as easy as it sounds.

While we can’t write or update your manual for you, we can give you information on how to create an effective manual. We’ve found a way to share that intelligence in a quick-read publication. AP Now’s A Short Guide to Creating an Efficient User-Friendly Accounts Payable Policy & Procedures Manual is a 20-page electronic periodical that provides readers with advice on creating and updating their manual.

For additional information or to order AP Now’s A Short Guide to Creating an Efficient User-Friendly Accounts Payable

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Travel & Entertainment Expense Reimbursement Schemes, Scams and Shenanigans

Mary_Schaeffer — Sat, 10 Mar 2012 18:18:55 +0000

In accounts payable, life is more than occasionally stranger than fiction. We recently asked our readers to share with us their more harrowing (or entertaining - depending on your outlook) stories. I couldn’t make this stuff up if I tried.

You can read the best of the stories submitted on our T&E Schemes, Scams and Shenanigans page. If you’ve got something to share, please send it publisher@ap-now.com You’ll notice that we don’t share the names of those reporting the stories or the guilty party.

Most of the time we’re serious - but in this case, we thought we’d have a little fun.

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Another Fine 1099 Mess

Mary_Schaeffer — Tue, 31 Jan 2012 13:15:12 +0000

Most accounts payable, accounting, finance and tax professionals are aware that in 2002 the IRS issued its declarative ruling regarding whether frequent flyer miles were taxable - or so we thought.

The IRS said that because of all the technical and administrative issues it “has not pursued a tax enforcement program with respect to promotional benefits such as frequent-flier miles.” And the IRS still stands by that statement despite what has happened.

What happened? Citbank has sent 1099s to people who received thousands of miles as a reward for opening a checking or savings account. You can imagine how happy they were. To be fair to Citibank, buried in the fine print associated with this offering was a statement saying the recipient was responsible for all applicable taxes.

Citibank says it is aware of the IRS stance on not taxing frequent flyer miles but the 2012 instructions for Form 1099-MISC say that income tax must be paid if at least $600 in “prizes and awards” is received. In Citibank’s mind, the points were a prize or an award for opening the account.

To make matters even worse, many complain that Citibank has overstated the value of the points, valuing each mile at 2.5 cents. Most experts believe the points are worth between one and two cents.WE can see how Citibank arrived at its conclusion, but really???

The chair of the Senate Banking Subcommittee on Financial Institutions and Consumer Protection, Sherrod Brown, has already written Citibank telling them to stop.

It will be interesting to hear how the IRS weighs in on this. We will continue to follow this issue for our readers.

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Because we occasionally like to have fun

Mary_Schaeffer — Wed, 25 Jan 2012 16:16:25 +0000

From time to time, Accounts Payable Now & Tomorrow runs contests for its readers. About once a quarter they are a little less than serious. This time, we asked our readers to come up with a definition for the term “Inter-departmental Liaison Facilitation.”

We think their creative definitions will make you chuckle and perhaps think a bit. Since we got a few funny responses and many serious ones, we divided the contest into two parts. We invite you to take a look at the most creative responses from our readers and if you like, vote for your favorite.

To see the entries and/or vote please go to

http://ap-now.com/Inter-departmentalLiaisonFacilitationContest.surveyconsole.com.html

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Your Career Advancement Resolutions

Mary_Schaeffer — Wed, 04 Jan 2012 15:43:37 +0000

Whether you are an accounts payable professionals, an accounting or finance executive or some other professional concerned about career advancement, the following resolutions will work for you.

1. Take greater care when writing emails – both in checking spelling and grammar and not responding quickly to an infuriating message.

2. Give at least one talk this year, if you have never given one before; give three or four if you have.

3. Improve your PowerPoint skills and include PowerPoint presentations not only when you are giving a talk but also when making a presentation to management.

4. Make better use of pivot tables when analyzing data and making management presentations.

5. Increase networking using Linkedin.

6. Join at least two groups on LinkedIn and contribute to those forums asking and/or answering queries posted by other participants.

7. Attend at least three vendor webinars during the year.

8. When attending an industry or vendor meeting, don’t stay with the folks you know from your current company.

9. Read one book per quarter to help increase your knowledge and advance your career.

10. Take a long hard look at your work wardrobe and honestly evaluate whether it says “I’m management material” or not.

An upcoming issue of our Accounts Payable Now & Tomorrow newsletter will explain why and how these resolutions are important to all professionals.

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AP Now’s Holiday Wish for Our Readers

Mary_Schaeffer — Mon, 19 Dec 2011 14:52:03 +0000

Although not nearly as lyrical as the original, we offer you Accounts Payable Now & Tomorrow’s Holiday Wishes for 2012.

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

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

3. May duplicate payments become but a fading memory.

4. May your staff be satisfied with both their work and their compensation.

5. Let management be pleased enough with your work to give you 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 everyone gets a raise.

8. May your 1099s fly out the door in January without a hitch so B-Notices clutter your mailbox nevermore.

9. Let 2012 be the year where training becomes a priority again.

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 your family and friends .

… and of course, may there be a few dollars left in the budget so you can a subscription, or perhaps attend a seminar or conference.

I hope to have an opportunity to meet many of you in 2012. We’d like to take this opportunity to thank all our loyal readers not only of our paid subscriptions but also of our free weekly e-zine. We know your time is valuable and we appreciate the time you spend each week with us reading our latest updates.

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2012 Mileage Reimbursement Rate

Mary_Schaeffer — Mon, 12 Dec 2011 16:45:22 +0000

A quick note about the prior post. These are optional standard rates. The IRS does not mandate that they be used by businesses. However, over 80% do use them. Of course, this means that about 20% don’t. In our research at Accounts Payable Now & Tomorrow, we have discovered that virtually everyone who doesn’t use the IRS rate, uses a lower rate.

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2012 Standard Optional Mileage Reimbursement Rate

Mary_Schaeffer — Mon, 12 Dec 2011 16:42:36 +0000

The Internal Revenue Service issued the 2012 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

Beginning on Jan. 1, 2012, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

55.5 cents per mile for business miles driven
23 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations

The rate for business miles driven is unchanged from the mid-year adjustment that became effective on July 1, 2011. The medical and moving rate has been reduced by 0.5 cents per mile.

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