List of Sketches
Acknowledgements
Introduction

Chapter 1: Managing the AP Function

• Best Practice Policy
• Remote Working in Accounts Payable
• Policy and Procedures Manual
• Staff Training
• Dealing with Change and the Adoption of New Technology
• Soliciting Process Improvement Recommendations
• Payment Audits

Chapter 2: Master Vendor File

• Who Has Access
• Master Vendor File Set-up
• Improve Upfront Vendor Validations for Twenty-first Century Issues
• Using Naming Conventions
• Contact Information in the Master Vendor File
• Making Changes to the Master Vendor File
• Master Vendor File Cleanup
• Self-service Master Vendor Files
• Checking for Employees as a Phony Vendors

Chapter 3: Invoice Processing

• Receipt of Invoices
• Format for Receipt of Invoices
• Invoice Handling: Approvals
• Invoice Data Requirements
• Verifying Invoice Data
• Invoice-Coding Standards

Chapter 4: Invoice Problems

• Short-Paying Invoices
• Handling Unidentified Invoices
• Handling Invoices without Invoice Numbers
• Discrepant Invoices
• Receiving Emailed Invoices
• Reducing the Number of Multiple Invoice Copies

Chapter 5: Checks

• Approach to Paying by Check
• Check Printing
• Check Signing
• Check Stock Storage
• Distribution of Checks
• Check Fraud
• Use of Payee Name Positive Pay

Chapter 6: ACH (Electronic Payments)

• Approach to Paying Electronically
• Converting Vendors to ACH Payments
• Handling Change of Bank Account Requests
• Convincing Vendors to Convert
• Handling Remittance Information

Chapter 7: P-cards

• Designing a Best Practice P-Card Program
• Setting Strong Internal Controls in Your P-card Program
• Increasing Usage of the P-card in Your Organization
• Setting Attractive Payment Terms
• Personal Purchases on Company Credit Cards

Chapter 8: Payment Strategy

• Establishing an Overall Payment Strategy
• Paying Small-Dollar Invoices
• A Rush or Emergency Payment Policy
• Payments Made Outside Accounts Payable
• Basic Fraud Protection against ACH Fraud
• The ACH Alternative to Wire Transfers

Chapter 9: Policy and Procedures Manual

• Use of the Manual
• Creating an Accounts Payable Policy and Procedures Manual
• Updating an Accounts Payable Policy and Procedures Manual
• Providing Access to the Accounts Payable Policy and Procedures Manual

Chapter 10: Operational Aspects

• Paying When the Original Invoice Is Missing
• Limiting Calls to Accounts Payable
• Petty Cash
• Reviewing Supplier Statements
• Adopting a Policy of Never Returning Checks to Requisitioners
• Printing Emailed Invoices

Chapter 11: Duplicate Payment Issues

• Using Processing Standards
• Duplicate Payment Avoidance
• Mandating a Rigid Work Process or Eliminating Creativity when Processing Invoices
• Some Quick Checks
• Backup for Rush Checks/Payments

Chapter 12: Internal Controls

• Appropriate Segregation of Duties
• Appropriate System access
• Policy when Employees Leave
• Eliminating Weak Control Practices
• Staff Training
• ERP Access when There is a Change
• Who Should Receive Bank Statements

Chapter 13: Fraud Prevention: General

• Separate Computer for Online Banking
• Wire Transfer Information Requests
• Information on Internet for Vendors
• Mandatory Vacation Policy
• Job Rotation Policy
• Handling of Change of Bank Account Requests
• Rush Wire Transfer Requests from High Level Executives
• Requests for Sensitive Employee Information from High-Level Executives
• Educating Everyone in the Organization about New Frauds
• Quick Analysis: The 30-Second Smell Test
• Sharing Information on the Company Website

Chapter 14: Fraud Prevention: Checks

• Use of Positive Pay
• Pre-printed Check Stock Controls
• Check Stock Storage
• Other Check Fraud Prevention Practices

Chapter 15: Travel and Entertainment Policy

• Formal Policy
• Expense Report Form
• Verifying Data
• Handling Receipts
• Detailed Meal Receipts
• Use of a Personal Card
• Recovering Refunds on Personal Cards
• Reimbursements for Working from Home Expenses

Chapter 16: Expense Reporting Issues

• Cash Advances
• Unused Tickets
• Departing Employees
• Making Travel Reservations
• Reimbursing Employees
• Reporting of Use of Disruptive Services

Chapter 17: Regulatory Issues: Information Reporting

• A Form W-9 Requirement Policy
• Collecting and Tracking W-9 and W-8 Policy
• Using IRS TIN Matching Properly
• Double Check 1099 Accuracy before Issuing or Reporting to IRS
• When to Request a New Form W-9
• The New Form 1099-NEC

Chapter 18: Regulatory Issues: Unclaimed Property

• Reporting and Remitting Unclaimed Property
• Performing Due Diligence for Unclaimed Property
• Using Social Media to Track Rightful Owners of Unclaimed Property

Chapter 19: Regulatory Issues: Other

• Proper Handling of Sales and Use Tax
• Regular OFAC Checking
• Foreign Corrupt Practices Act (FCPA) Monitoring

Chapter 20: Technology

• An Accounts Payable Technology Plan
• Handling E-mailed Invoices
• Invoice Automation
• Use of Mobil Devices in Accounts Payable
• Upgrade Employees Technology at Home

Chapter 21: Communications/Vendor Relations

• Communicating Relevant Information to Vendors
• Communicating with Internal Customers
• Working with Purchasing
• Customer Service in Accounts Payable

Chapter 22: Cash Management

• Taking Early Payment Discounts
• Payment Timing
• Payment Status Information for Vendors

Closing Thoughts

• Preparing for the Future

Glossary
Resources
About the Author
About AP Now
Index