CHAPTER 6.ACCOUNTS PAYABLE
In Chapter 6, we discuss the accounts payable (AP) function, emphasizing best practices, emerging issues, and standards. This chapter includes the following information:
| Chapter 6. Accounts Payable |
| Accounts Payable’s Role in the Organization |
| AP and P2P |
| Building a Sustainable AP Operation |
| Key Players in AP Processing |
| AP Process Review |
| Areas to Consider for an AP Process Review |
| Top-Performing AP Operations |
| Improving AP Productivity |
| Internal Controls and System Access |
| Open Computers = Open Season |
| Roles, Profiles, and Permissions for System Access |
| The ‘Unattended Application’ Syndrome |
| Invoice Processing and Matching |
| The Value of the Purchase Order |
| Two-Way Matches (Evaluated Receipt Settlement or ERS) |
| Payments |
| When a Payment Goes Out With a Mistake |
| Transitioning From Paper the ACH |
| Security Around ACH Information |
| Opportunity for Fraud |
| Rebates for ACH Payments |
| P-Card and Commercial Card Usage |
| P-Card Rebates |
| Tips for P-Card Success |
| P-Card Risk Remediation |
| Checklist of Best Practices for Establishing Strong Internal Controls |
| Ghost Cards |
| Commercial Credit Cards for Invoice Payments |
| Two Primary Commercial Card Modalities: BIP and SIP |
| Benefits of Paying Invoices Via a Virtual Commercial Card |
| The Difference Between a P-Card and a Virtual Card |
| The Master Vendor File |
| Eight Critical Supplier Master Practices |
| Objectives of Master Vendor File Management |
| Vendor File Best Practices |
| Verifying Vendors ... |
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