Many firms find themselves struggling today to stay afloat as restrictive bank lending, rising problems collecting receivables, and reduced consumer and business demand have combined to make running a profitable business very difficult.Companies surviving and thriving in this environment are going back to the basics and analyzing every aspect of their operations and supply chain – and one of the first areas that should be analyzed is Accounts Payable.

1. How to Avoid Overpaying On
Improper Shipping Invoices

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5. Many firms find themselves
struggling today to stay afloat
as restrictive bank lending,
rising problems collecting
receivables, and reduced
consumer and business
demand have combined to
make running a profitable
business very difficult.

6. • ENS is an acronym for ENtry Summary
Declaration.
• ENS is required by EU customs to do a
security assessment of all cargo entering
EU ports
• Carriers can use their discretion as to the
quantum of the ENS charge
Companies surviving and
thriving in this environment
are going back to the basics
and analyzing every aspect of
their operations and supply
chain – and one of the first
areas that should be
analyzed is Accounts
Payable.

7. Over Payments: Sloppy
Accounts Payable or
Fraud?

8. Regardless of the size of the business, payments to vendors
represent the single largest category of spending in most
companies.
While email and e-commerce makes business communications
faster and easier, a huge amount of paperwork is still generated,
and must be linked up to the relevant contract.
the issue is when the vendor –either deliberately or by accident –
overcharges your business by invoicing incorrectly or by adding
fees outside of the contract – with freight bills being the largest
source of incorrect payments.

9. Do you know what the codes in the freight rate sheet mean?

10. Even the most sophisticated logistics and
supply chain operations can be plagued by
vendor errors that directly affect profits.
Industry experts estimate that inaccurate
freight bills and a failure to comply with
established routing guidelines can add an
estimated 6% to annual shipping costs.
Invoices & Routing:

11. Auditors help you find and recoup duplicate payments,
use credit memos issued, capture missed discounts
and a host of other errors that can impact your bottom
line. To ensure a more comprehensive audit, the more
sophisticated auditors or accountants use software
tools to scan procure-to-pay data and link invoices to
contracts; this is the best way to catch those
erroneous payments before they affect both cash-flow
and bottom-line performance.
Audit-Audit-Audit!

12. Negotiating contracts with suppliers can be a
long and demanding process, but when
negotiations are complete and the goods begin
to flow, it’s essential the vendors comply with
the new contract terms and prices – and it’s
essential the buyers check the invoices for
accuracy.
Contract Compliance:

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14. Preserve & Protect
Your Bottom Line

15. It’s a balancing act:
does one put
production at risk if
signing a
sole-source supply
contract that
minimizes
paperwork, or does
the risk of
erroneous
payments rise
exponentially if
multiple vendors
are used?

16. Effective supply
chain management
today needs both
an effective
strategy for
managing sourcing
and shipping
decisions as well
as verifying the
accuracy of the
vendor’s
paperwork.

17. Pro-actively managed companies are moving beyond A/P’s
traditional audit-and-recover to focus on prevention. Instead of
relying on traditional manual auditing, firms are utilizing
specialized software that monitors their payment process.
Such systems enable the company to correct any errors before
the Euros or dollars are paid-out, making it unnecessary to chase
credit memos or cash.
Proactive prevention allows you to detect duplicate payments,
take advantage of prompt discounts, and be alerted to careless or
fraudulent vendors.

18. Look for Savings in All
Stages of the Supply
Chain

19. • ENS is an acronym for ENtry Summary
Declaration.
• ENS is required by EU customs to do a
security assessment of all cargo entering
EU ports
• Carriers can use their discretion as to the
quantum of the ENS charge
For sure, eyes should be pealed for
mishaps in invoices to make sure
freight rate costs are accurate.
However, always remember that if
full visibility into freight costs is
applied at all levels of the supply
chain, savings can come in
truckloads.