Essentials of Accounts Payable (Essentials Series) by Mary S. Schaeffer

By Mary S. Schaeffer

Necessities OF debts PAYABLE

choked with worthy assistance, strategies, illustrative real-world examples, shows, and top practices, this convenient and concise paperback can help you not sleep so far at the most up-to-date pondering, suggestions, advancements, and applied sciences in bills payable.

"A real-world strategy, with nice insights and functional knowledge on all features of the money owed payable method. necessities of bills Payable presents money owed payable pros with a framework for motion in a quickly altering environment."
-Tom Nichols, department supervisor, money owed Payable Operations, AT&T

"Mary Schaeffer has mixed her huge wisdom of the money owed payable procedure with the educational and benchmark data from most sensible businesses to provide a world-class consultant to the AP technique. with out Mary Schaeffer, and IOMA, AP may nonetheless be a ignored monetary method with none formal analyzing to provide an explanation for the complexities of a strategy that the majority businesses imagine is just paying the accounts. This ebook is a must-read for someone operating in, directing, or handling AP operations, either pro execs and people new to the process."
-Linda Sawyer Sisko, courses supervisor, Cisco structures, Inc.

"This e-book does a very good activity of explaining the usually advanced fundamentals of the debts payable capabilities. It offers a brief photograph for busy executives who want to know how an bills payable division may still run. it's a great replace for these executives who have to sustain to this point on quite a few concerns that have an effect on this speedily evolving profession."
-Adrienne Glasgow, leader monetary Officer, American pink pass in higher New York

The Wiley necessities Series-because the company global is often changing...and so if you happen to.

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Example text

However, even if there are no board authorizations, accounts payable should have a list of who can approve what purchases. A highlevel executive at the company should sign off on this list. Otherwise, it is exceedingly easy to have fraud, and accounts payable could end up taking on a responsibility it should not. Copies of the list should be given only to those who need it, and in all cases should be filed away carefully. The list should not be hung on the wall for easy reference or 16 Invoice Handling: The Thr ee-Way Match and Mor e left lying on a desk where anyone walking by could see it and easily make a copy.

This can lead to sloppy practices if the facsimile signature plate is left in the printer and the printer is not kept in a secure location. One accounting professional we know observed a client with lax controls. To make his point, he printed a million-dollar check made out to himself and left it for the CFO of the company. The CFO got the message quickly, and the company immediately implemented better controls surrounding its check printer. 32 C h e c k s : T h e Tr a d i t i o n a l P a y m e n t M e c h a n i s m The beauty of laser printers is that they allow an accounts payable associate to print a check whenever desired.

If you want to be super careful, new copies of the list should only be exchanged for the old ones, and all the old ones can be destroyed together. Signatures Just because an invoice arrives in accounts payable with a senior executive’s signature on it does not mean that the senior executive actually approved the invoice. To protect the accounts payable staff, the department should have signature cards in accounts payable containing the actual signature of anyone authorized to approve invoices. And, it should be the executive’s real signature—the one he or she uses everyday and not the Sunday-school signature.

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