Get Accounts payable best practices PDF

By Mary S Schaeffer

ISBN-10: 0471667587

ISBN-13: 9780471667582

One hundred and one top Practices for debts Payable by way of Mary S. Schaeffer

*101 practices tested and explained

* most sensible practices delineated for each

* nearly top practices pointed out for these circumstances the place most sensible practices can't be used

* dialogue of issues proper to the debts payable functionality for every factor

* Worst practices highlighted

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The Board of Directors should authorize check signers. Alternatively, a senior-level executive who has been delegated by the Board may give others signatory responsibilities. In either event, banks will require signature cards so that they can verify signatures on checks presented for payment. Do not assume from a bank’s request for signature cards that it is checking signatures. Banks do not verify signatures. Occasionally, they will spot check the signature on a check or pull a very-large-dollar check to verify the signature.

The definition of high-dollar invoice varies from company to company. The information in this section assumes that the company is not using the check-signing process as a checkpoint to catch duplicate and inappropriate/unauthorized payments. If this is the case—and it is a really poor idea—then the company would not want to institute the practices designated in the “Best Practices” section but perhaps some hybrid as defined in the “Almost Best Practices” section. The Board of Directors should authorize check signers.

Paying from statements (for those suppliers who have many small-dollar invoices). Once payments are to be made from statements, no invoices from the statement suppliers should be honored. Have the supplier send along an Excel spreadsheet (once a day, week, or month, as appropriate) and upload the information for processing. Have employees who submit small-dollar invoices, pay them themselves and include the items on their travel and entertainment (T&E) reports for reimbursement purposes. While not all the strategies suggested will work at all companies, several should help most get their small-dollar invoice problems under control.

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Accounts payable best practices by Mary S Schaeffer

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