By Mary S. Schaeffer
Refreshingly candid and witty in tone, Controller and CFO's consultant to bills Payable is needed examining for any expert eager to comprehend extra approximately their organization's AP operations. It announces that AP isn't any longer a back-office functionality and underscores the truth that right consciousness needs to be paid to this important division with a view to run a number one aspect and aggressive corporation.
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Additional info for Controller and CFO's Guide to Accounts Payable
Some companies start small and then increase it. We know of one organization that uses it for all invoices less than $5,000. An e-mail, sometimes along with a copy of the relevant invoice, is sent to the person who ordered the goods or services. The recipient then has 10 business days to respond to accounts payable to indicate that the invoice should not be paid or should be recoded. If there is no response, the system “assumes that the invoice is legitimate” and releases the invoice for payment against its payment terms.
You might send a quick note to the purchasing manager asking for a list of these special deals, if you suspect that they were not included on the POs. This might be your first step toward having accounts payable do contract compliance, but that’s a whole different story. Invoices Mailed Late This can be ugly. Occasionally, an accounts payable department will find that despite implementing best invoice processing practices, several vendors’ invoices are never processed in time to take advantage of the early-payment discounts offered.
Quantity, price) but also any special terms that the buyer may have negotiated. All too often, the purchasing department negotiates a great deal and then forgets to notify the accounts payable department. Then when the vendor “forgets” to use the negotiated price and sends a bill with the original price, accounts payable has no way of knowing and ends up paying the original price—so much for the great negotiation. In an ideal world, the purchasing department sends along a copy of all completed purchase orders to accounts payable.