“We’ve got a funny one, one to help readers with their careers, one from our own vault, one contributed by the IAPP and a surprise one,” says Schaeffer.
Newark, DE (PRWEB) September 27, 2010
In its commitment to the education of the payment community, CRYSTALLUS will celebrate the IAPP’s Accounts Payable Recognition Week (October 18-22) in a special way. Any reader of its weekly ezine, e-AP News, can receive a different free resource each day. These will be emailed to all who request them. “We’ve got a funny one, one to help readers with their careers, one from our own vault, one contributed by the IAPP and a surprise one,” says Mary S. Schaeffer, president of CRYSTALLUS, Inc., a boutique payment consultancy. She notes that the organization will cap off the week by running a low-cost webinar focused on Emerging Payment Issues for 2011.
She also notes that best practices as they relate to the payment process are rapidly changing. Technology, new and sophisticated fraud schemes and increased regulatory pressures are all taking their toll. Clearly this relentless march is forcing savvy organizations to update their accounts payable operations. It also makes it mandatory that professionals keep up to date on the changes. Unfortunately, this need for the latest payment intelligence is coming just at the point in time when organizations have less money to spend on payment intelligence. That’s part of the reason CRYSTALLUS, Inc., publisher of the Accounts Payable Now & Tomorrow fee-based newsletter, produces its free weekly news alert, e-AP News.
Companies everywhere are under financial siege, says Schaeffer. The pressure to maintain the bottom line is relentless and unfortunately many are losing the battle. While most CFOs, controllers accounting and accounts payable professionals can’t do much about sales, they can impact the cash flow seepage that every organization not employing best payment practices experiences.
Schaeffer notes that “best practice organizations employ the “Five C’s of Payments” to ensure an efficient payment process, that no duplicate or erroneous payments are made and that fraud is stopped dead in its tracks.” They are
1. Centralization of the receipt of invoices
2. Consistent procedures for invoice handling and data entry routines
3. Controls should be adequate including all internal controls and segregation of duties
4. Checking and double checking for duplicate and erroneous payments. This includes hiring a contingency based audit firm after the fact, to review all payments for errors.
5. Compliance with all regulatory laws affecting your payment process, both at the national and local level.
About CRYSTALLUS, Inc.
CRYSTALLUS, Inc. (http://www.ap-now.com) a boutique training, publishing and consulting firm focused on accounts payable issues, is the publisher of the Accounts Payable Now & Tomorrow newsletter. The organization produces a free weekly ezine, numerous webinars, one-day seminars and other resources to help streamline the accounts payable function. The work of both organizations is directed by Mary Schaeffer, a nationally recognized accounts payable expert and author of over 15 business books published by John Wiley & Sons. Ms. Schaeffer is available for interviews.
Contact: Mary S. Schaeffer
Phone: 302 836 0540
Fax: 302 836 0541