“Pay the right amount, to the right vendor, at the right time”

January 29th, 2012 kicked off our 4-part webinar with AP Now & Tomorrow’s Editorial Director & Publisher Mary Schaeffer. If you were unable to attend the webinar from yesterday here is what you missed.

Brief Overview

  • If you focus only the big picture, problems will occur. The control lies within the detail of processing invoices.
  • When details are ignored:
    • Duplicate payments are processed,
    • Fraud is much easier to commit,
    • Inaccurate accruals &
    • Inaccurate financial/ accounting records.

How the invoicing process should work

  • The Ideal World: part 1- Invoices are sent to accounts payable. Receipts are centralized in one place and approved promptly.
  • The Ideal World: part 2- When the invoices have returned in AP. Three-way match is complete. Invoices are then scheduled for payment.

-OR-

If there are discrepancies, they are resolved before payment is due Invoices are then scheduled for payment.

  • The ideal World: part 3- Payment is made on due date. (Note: late payments create additional issues)

The reality: when the Invoices arrive

  • Problems with invoice receipts:
  • Ideally centralized- one location
  • Invoice processing
  • AP policies and procedures manual

What to do when these problems occur:

  • Invoices without invoice numbers
  • Invoices without a PO #
  • Disputed Invoices
  • When disputed invoices are ignored/ Reports
  • Invoices arriving at the last minute
  • No Backup?
  • Duplicate invoices

To view the presentation from yesterday: Click Here.