By Mary S. Schaeffer
Choked with priceless guidance, thoughts, illustrative real-world examples, indicates, and top practices, this useful and concise paperback can help you not sleep so far at the latest considering, thoughts, advancements, and applied sciences in bills payable.
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Extra resources for Essentials of Accounts Payable
Sample text
We asked its president, Gary McNamee, to comment on how far check-printing technology has come in the last 10 years and to list advances, if any, he expects in the next 5 years. Here’s what he had to say about the past and the future of laser check printing. Ten years ago the concept of laser check printing was very misunderstood. ” Today, laser check printing is not only an accepted means but also an expected means of disbursements in both large and small organizations alike. The technology was adopted initially in A/P departments followed by Payroll when the improved security, efficiency, and cost savings became apparent.
Many companies hold onto cancelled checks for seven years, which takes up a lot of storage space. However, with the advent of imaging, many 38 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 IN THE REAL WORLD A Horror Story One conscientious executive didn’t want to waste time in the office so he would take the checks home with him at night in his briefcase and review them and sign them while watching television. Needless to say, all the backup for the checks went with him.
When a photocopy of an invoice, or a copy marked second or duplicate invoice, appears in the accounts payable department for processing, follow the procedures in Chapter 6. When paying many small-dollar invoices to the same vendor, ask for a summary invoice. Consider p-cards for all small-dollar payments (see Chapter 15). 25 ESSENTIALS of Accounts Payable them typically work for large companies where there is a policy of not addressing any vendor issues until an invoice is 30 or more days past due.