[Webinar] AP Improvements that Repay: Planning for the New Year

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AP Now Webinar Series: Part 4
Presenter: Mary Schaeffer, AP Now & Tomorrow

Fine-tuning the accounts payable function is something every organization should do on a regular basis. While it would be nice if we could set up the procedures and then use them for the next ten years, that is not practical if you wish to run a best practice operation. On the other hand, we can’t continuously change. The trick is to identify those changes we can make that will provide the biggest payback. The payback can be in efficiency, cost reduction or better regulatory compliance.

Join us for an informative hour as Mary Schaeffer examines some of the changes that will provide your organization the biggest payback for the time and money it invests in them.

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[Webinar] AP Improvements that Repay: Planning for the New Year

  1. 1. Accounts Payable Improvements that Repay: Planning for the New Year Mary S. Schaeffer Accounts Payable Now & Tomorrow
  2. 2. Agenda O Introduction O The Baker’s Dozen of Improvements O Closing comments (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 2
  3. 3. Introduction (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 3
  4. 4. Philosophy O Fine tuning O Lower costs O Fewer errors O More efficient (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 4
  5. 5. Approaches O Big budgets O few in this position O Small allocations O A possibility O No budget O Where most of us reside (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 5
  6. 6. The Concept of Payback O Lose on ROI O how long until the organization recoups its investment (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 6
  7. 7. The Baker’s Dozen: Improvements that Repay (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 7
  8. 8. Improvement #1: Intelligently Reduce Paper Invoices O two phases O First push by vendors O Second push by suppliers not using e-invoicing O encourage e-mailed invoices O centralize receipt (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 8
  9. 9. Improvement #2: Reduce Unclaimed Property Obligations O Have to spend the money O Payee or O state O Electronic payments O Research on LinkedIn (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 9
  10. 10. Improvement #3: Collect All Open Vendor Credits O Track all vendor credits O Make sure vendors sending to correct address O Educate O Staffers O purchasing O Statement audits (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 10
  11. 11. Improvement #4: Reduce Human Error O Keying errors O Consistency O Standardized procedures O Coding standards O Training and re-training (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 11
  12. 12. Improvement #5: Reduce the Number of Second Invoices O Pay on time O Resolve discrepancies quickly O Centralize receipt of invoices O Identify vendors who both mail and e-mail O Call/write O ACT list O Ongoing process (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 12
  13. 13. Improvement #6: Eliminate Staff Created Problems O Be realistic O One complaint – an outlier O Call and pretend to be a vendor O Are you happy with the responses??? (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 13
  14. 14. Improvement #7: Reduce the Number of Discrepant Invoices O Track O Who, what, when, WHY O Analyze O Reengineer O Retrain (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 14
  15. 15. Improvement #8: Streamline Expense Reimbursement Process O Insist on ACH O With payroll or separate O Checks mailed home O A distant second (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 15
  16. 16. Improvement #9: Reduce T&E Spend O 100% policy compliance O Require second signature on all non- compliance O Report on all non-compliance (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 16
  17. 17. Improvement #10: Right-size Your Master Vendor File O Right number O No duplicates O Coding standards O Check for DBAs in a second time O Name changes O Check for multiple companies with same TIN O No inactive vendors (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 17
  18. 18. Improvement #11: Minimize Number of Paper Checks O Simple Ways O ACH O P-cards O What Else O Use the T&E process O Never pay from a statement O Pay from a statement in very limited controlled circumstances (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 18
  19. 19. Improvement #12: Get the Most out of Your Staff O Their ideas and recommendations O Don’t overlook the importance of institutional history O Regular training O Invest in their learning O Time O Money (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 19
  20. 20. What Else O Fine tuned all you can O Tweaked O Innovated O Re-engineered O Squeezed every last process improvement (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 20
  21. 21. Improvement #13: Take Your Invoice Processing to the Next Level O Automate O 3rd party services O Affordable O Can implement quickly O Don’t require huge IT allocations (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 21
  22. 22. Concluding Thoughts (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 22
  23. 23. Conclusion O Squeeze every last productivity improvement out of your operations O Periodic tweaks will help O Not just a one-shot approach O And don’t forget technology O It will play a huge role in the AP department of the future O For organizations of ALL sizes (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 23
  24. 24. Have you requested a product demo from Anybill yet? O What are you waiting for? O Call 877 426 9245 O E-mail info@anybill.com (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 24
  25. 25. Questions/Comments Share your thoughts and insights with Mary Schaeffer by writing her at marys@ap-now.com  Sign up for her free weekly ezine at www.ap-now.com/ezinesignup.html (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 25
  26. 26. About Mary Schaeffer Editorial Director & Publisher CRYSTALLUS, 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 (c) 2013 CRYSTALLUS, Inc. and Mary S. Schaeffer 26
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