Skip to main content

Invoice Handling Problems: How Best Practice Organizations Address them

Automation was thought of as being a panacea for the ills that plague the system of invoice processing. However, the system comes with inherent issues, such as duplication, an undesirable byproduct of technological glitches. Automation, unless done rightly, does not prevent erroneous payments from seeping through the system, leading to double payments whenever there is invoice duplication.
So, how do organizations ensure that this fallacy is addressed and eliminate inefficiency in their Accounts Payable? How do they ensure compliance with the regulations and prevent fraud? This is the learning a webinar from Traininng.com, a leading provider of professional training for all the areas of regulatory compliance, is going to impart.
Mary S. Schaeffer, Founder of AP Now, will be the expert at this valuable webinar, which is being organized on October 29. Please enroll for this learning by visiting https://www.traininng.com/webinar/invoice-handling-problems:-how-best-practice-organizations-address-them-201085live
--------------------------------------------------------------------------------------------------------------
The objective of this webinar is to offer participants practical advice on how to create an efficient and compliance invoice handling process.
hub-chasinginvoices
A recent invoice survey conducted by AP Now, the firm owned by the expert at this webinar, showed that respondents felt that the failure of automation to deliver what it promised is their most pressing problems regarding the invoice handling process.
Unless automation raises itself and reaches a level where it can address these issues, there would be total lack of efficiency in the Accounts Payable function of organizations. Double and flawed payments will continue to happen, and compliance will be compromised on.
This session will show to overcome these problems by suggesting what could be put in place. Aimed at the benefit of Accounts Payable professionals, finance personnel, accounting professionals and small business owners, this session will cover the following areas:
  • Formulate best practices to reduce the impact of common invoice handling problems, including:
    • Slow internal invoice approvals
    • Invoices without a purchase order number or name of the requisitioner
    • Invoices sent to the wrong person or place
    • Duplicate submission or invoices
    • Invoices missing information
    • Early payment discounts lost
    • Second invoices with a different invoice number
    • Checks sent back to the person requesting payment
    • Rush checks
  • Improve the invoice approval response time
  • Reduce the number of repeat invoice submissions
  • Earn more early payment discounts
  • Minimize the number of requests for rush payments and checks returned to requisitioners.
---------------------------------------------------------------------------------------------------------------
About the expert: Mary S. Schaeffer is a nationally recognized accounts payable expert. Her firm is a membership organization focused on creating business intelligence around the accounts payable and payment function.
In addition to having written 18 business books, Mary has created a number of CPE self-study courses, customized training and online training events. She is a frequent and popular speaker at both online and live events.
Labels:

Comments

Post a Comment

Popular posts from this blog

Introducing The Simple Way To IDENTITY ISSUES In BANKING

Identity theft is one of the foremost issues for the banking industry. It goes without saying, from an observation of any of the patterns that the fraudsters use for theft, that they are smart. They devise innovative ways to circumvent the system. For example, they don’t use their real name, address or social security numbers when logging in. They could also use stolen or vicarious identities, making investigation a lot harder to carry out. The ways of understanding these complexities will be the topic of a 60-minute webinar from Traininng.com, a leading provider of professional training for all the areas of regulatory compliance. At this valuable session, the expert, Jim George, an independent consultant to banks who focuses on issues of fraud, will be introducing the simple way to identity issues in banking. Please register for this session by visiting ---------------------------------------------------------------------------------------------------------------- Identifying th...
Post a Comment
Read more

Fashion industry ‘waking up’ to benefits of blockchain technology, robotics

Blockchain and robotics are becoming increasingly popular in the global fashion industry as brands look to increase transparency and improve efficiencies, according to GlobalData. While it is still in its infancy, blockchain technology has the potential to transform the global supply chain, says Michelle Russell, apparel correspondent at GlobalData. She says that during the last few years, the adoption of blockchain technology amongst apparel and textile companies has grown substantially as the pressure to have more visibility in the supply chain ramps up. “Its uses are varied as companies use the ledger to address problems in unethical behaviour, excess waste, the origin of goods, and counterfeiting.” German start-up Retraced recently launched a blockchain-based transparency solution that it is trialling with a number of fashion brands. Other examples include OpenSC which received US$4 million in seed funding for its platform that aims to build transparency around commodities know...
Post a Comment
Read more

Rewards and Recognitions that Get You What You Want to Achieve

The information that follows applies to human resources personnel and management at all levels.Rewards and recognitions are the responsibility of all involved in the management and development of employees. My belief is that one size does not fit all and in order to achieve the desired outcomes, both task responsibilities and individual differences must be taken into account. Why You have to Know There are numerous elements that decide an association's arrangement around remuneration, advantages, prizes and acknowledgments. Maybe the absolute first choice that should be made is one of the essential estimations of the organization. Is it going to be an organization dependent on rank and security or one dependent on legitimacy - or a blend of the two? Government offices and association controlled associations as a rule settle on the real choices of remuneration around arrangement, rank and security. So too do numerous associations in the corporate world.Smaller organizations ...
Post a Comment
Read more