Automation was supposed to eliminate many of the headaches associated with invoice processing.
Unfortunately, automation continues to allow duplicate and erroneous payments to slip through the cracks, leading to decreased efficiency in accounts payable and an increase in the potential for fraud and regulatory noncompliance.
This webinar will provide you with practical, advice on how to create an efficient and compliance invoice handling process.
Learning Objectives:
- Formulate best practices to reduce the impact of common invoice handling problems, including:
- Slow internal invoice approvals
- Invoices without a purchase order number or name of requisitioner
- Invoices sent to the wrong person or place
- Duplicate submission or invoices
- Invoices missing information
- Early payment discounts lost
- Second invoices with a different invoice number
- Checks sent back to the person requesting payment
- Rush checks
- Slow internal invoice approvals
- Improve the invoice approval response time
- Reduce the number of repeat invoice submissions
- Earn more early payment discounts
- Minimize the number of requests for rush payments and checks returned to requisitioners
Why Should You Attend:
In AP Now's recent Invoice survey, respondents identified their most pressing problems regarding the invoice handling process. What is readily apparent is that, despite the promise that automation would eliminate a lot of the headaches experienced with invoice processing that has just not happened.
If these issues are not addressed, the accounts payable function runs less efficiently than it could. But more importantly, duplicate and erroneous payments are more likely to slip in, fraud is facilitated and sometimes regulatory compliance is compromised. That's why we created this session.
Instructor
Mary S. Schaeffer is the author of 18 business books, a monthly newsletter, and a free bi-weekly e-zine, as well as several CPE courses for CPAs. She runs AP Now, a boutique publishing and consulting firm focused on accounts payable issues. She also serves as the Education Director for the Institute of Financial Operations.
Before turning to writing and consulting she worked in the corporate world as an Assistant Treasurer for the Equitable Life Assurance Society, a Financial Risk Manager for O&Y and a Corporate Cash Manager for Continental Grain. A frequent and popular speaker at both live and online events, she has an MBA in Finance and a BS in Mathematics.