Accounts Payable Improvements that Repay: Planning for the New Year Mary S. Schaeffer Accounts Payable Now & Tomorrow
Aug 20, 2015
Accounts Payable Improvements that Repay: Planning for the
New Year
Mary S. SchaefferAccounts Payable Now &
Tomorrow
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AgendaO Introduction
O The Baker’s Dozen of Improvements
O Closing comments
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Philosophy
OFine tuningOLower costsOFewer errorsOMore efficient
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ApproachesOBig budgets
O few in this positionOSmall allocations
OA possibility ONo budget
O Where most of us reside
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The Concept of Payback
O Lose on ROI
O how long until the organization recoups its investment
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Improvement #1: Intelligently Reduce Paper Invoices
O two phasesOFirst push by vendorsOSecond push by suppliers
not using e-invoicingOencourage e-mailed invoicesO centralize receipt
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Improvement #2: Reduce Unclaimed Property Obligations
OHave to spend the moneyOPayee orOstate
OElectronic paymentsOResearch on LinkedIn
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Improvement #3: Collect All Open Vendor Credits
O Track all vendor creditsO Make sure vendors sending to
correct addressO Educate
O StaffersO purchasing
O Statement audits
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Improvement #4: Reduce Human Error
O Keying errors
O ConsistencyO Standardized proceduresO Coding standards
O Training and re-training
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Improvement #5: Reduce the Number of Second Invoices
O Pay on timeO Resolve discrepancies quicklyO Centralize receipt of invoicesO Identify vendors who both mail and
e-mailO Call/writeO ACT listO Ongoing process
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Improvement #6: Eliminate Staff Created Problems
O Be realisticO One complaint – an outlier
O Call and pretend to be a vendorO Are you happy with the responses???
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Improvement #7: Reduce the Number of Discrepant Invoices
O TrackO Who, what, when, WHY
O AnalyzeO ReengineerO Retrain
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Improvement #8: Streamline Expense Reimbursement Process
O Insist on ACHO With payroll or separate
O Checks mailed homeO A distant second
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Improvement #9: Reduce T&E Spend
O 100% policy complianceO Require second signature on all non-
complianceO Report on all non-compliance
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Improvement #10: Right-size Your Master Vendor File
O Right numberO No duplicates
O Coding standardsO Check for DBAs in a second timeO Name changesO Check for multiple companies with
same TINO No inactive vendors
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Improvement #11: Minimize Number of Paper Checks
O Simple WaysO ACHO P-cards
O What ElseO Use the T&E processO Never pay from a statementO Pay from a statement in very limited
controlled circumstances
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Improvement #12: Get the Most out of Your Staff
O Their ideas and recommendationsO Don’t overlook the importance of
institutional historyO Regular trainingO Invest in their learning
O TimeO Money
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What ElseO Fine tuned all you canO TweakedO InnovatedO Re-engineeredO Squeezed every last process
improvement
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Improvement #13: Take Your Invoice Processing to the Next
Level
O AutomateO 3rd party services
O AffordableO Can implement quicklyO Don’t require huge IT allocations
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ConclusionO Squeeze every last productivity
improvement out of your operationsO Periodic tweaks will help
O Not just a one-shot approach
O And don’t forget technologyO It will play a huge role in the AP
department of the futureO For organizations of ALL sizes
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Have you requested a product demo from Anybill yet?
OWhat are you waiting for?
OCall 877 426 9245
OE-mail [email protected]
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Questions/Comments
Share your thoughts and insights with Mary Schaeffer by writing her at
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www.ap-now.com/ezinesignup.html
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About Mary SchaefferEditorial Director & PublisherCRYSTALLUS, Inc. publisher Accounts Payable Now & Tomorrow newsletter
• Creator of Institute of Financial Operations Accounts Payable Innovation Certificate program
• Editor-at-Large CFO Publishing’s Learning Pro: AP Edition• Nationally recognized accounts payable expert and consultant • Frequent speaker at seminars, conferences and online events • Regular contributor to the AICPA’s Corporate Finance Insider • Writes a free weekly e-zine, e-AP News • Author 17 business books including the just-published 101 Best
Practices for Accounts Payable • M.B.A. Finance, NYU • B.S. Math, York College