Accounts Payable Improvements that Repay: Planning for the

New Year

Mary S. SchaefferAccounts Payable Now &

Tomorrow

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AgendaO Introduction

O The Baker’s Dozen of Improvements

O Closing comments

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Introduction

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Philosophy

OFine tuningOLower costsOFewer errorsOMore efficient

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ApproachesOBig budgets

O few in this positionOSmall allocations

OA possibility ONo budget

O Where most of us reside

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The Concept of Payback

O Lose on ROI

O how long until the organization recoups its investment

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The Baker’s Dozen: Improvements that

Repay

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Improvement #1: Intelligently Reduce Paper Invoices

O two phasesOFirst push by vendorsOSecond push by suppliers

not using e-invoicingOencourage e-mailed invoicesO centralize receipt

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Improvement #2: Reduce Unclaimed Property Obligations

OHave to spend the moneyOPayee orOstate

OElectronic paymentsOResearch on LinkedIn

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Improvement #3: Collect All Open Vendor Credits

O Track all vendor creditsO Make sure vendors sending to

correct addressO Educate

O StaffersO purchasing

O Statement audits

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Improvement #4: Reduce Human Error

O Keying errors

O ConsistencyO Standardized proceduresO Coding standards

O Training and re-training

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Improvement #5: Reduce the Number of Second Invoices

O Pay on timeO Resolve discrepancies quicklyO Centralize receipt of invoicesO Identify vendors who both mail and

e-mailO Call/writeO ACT listO Ongoing process

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Improvement #6: Eliminate Staff Created Problems

O Be realisticO One complaint – an outlier

O Call and pretend to be a vendorO Are you happy with the responses???

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Improvement #7: Reduce the Number of Discrepant Invoices

O TrackO Who, what, when, WHY

O AnalyzeO ReengineerO Retrain

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Improvement #8: Streamline Expense Reimbursement Process

O Insist on ACHO With payroll or separate

O Checks mailed homeO A distant second

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Improvement #9: Reduce T&E Spend

O 100% policy complianceO Require second signature on all non-

complianceO Report on all non-compliance

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Improvement #10: Right-size Your Master Vendor File

O Right numberO No duplicates

O Coding standardsO Check for DBAs in a second timeO Name changesO Check for multiple companies with

same TINO No inactive vendors

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Improvement #11: Minimize Number of Paper Checks

O Simple WaysO ACHO P-cards

O What ElseO Use the T&E processO Never pay from a statementO Pay from a statement in very limited

controlled circumstances

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Improvement #12: Get the Most out of Your Staff

O Their ideas and recommendationsO Don’t overlook the importance of

institutional historyO Regular trainingO Invest in their learning

O TimeO Money

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What ElseO Fine tuned all you canO TweakedO InnovatedO Re-engineeredO Squeezed every last process

improvement

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Improvement #13: Take Your Invoice Processing to the Next

Level

O AutomateO 3rd party services

O AffordableO Can implement quicklyO Don’t require huge IT allocations

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Concluding Thoughts

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ConclusionO Squeeze every last productivity

improvement out of your operationsO Periodic tweaks will help

O Not just a one-shot approach

O And don’t forget technologyO It will play a huge role in the AP

department of the futureO For organizations of ALL sizes

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Have you requested a product demo from Anybill yet?

OWhat are you waiting for?

OCall 877 426 9245

OE-mail info@anybill.com

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Questions/Comments

Share your thoughts and insights with Mary Schaeffer by writing her at

marys@ap-now.com

Sign up for her free weekly ezine at

www.ap-now.com/ezinesignup.html

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About Mary SchaefferEditorial Director & PublisherCRYSTALLUS, Inc. publisher Accounts Payable Now & Tomorrow newsletter

• Creator of Institute of Financial Operations Accounts Payable Innovation Certificate program

• Editor-at-Large CFO Publishing’s Learning Pro: AP Edition• Nationally recognized accounts payable expert and consultant • Frequent speaker at seminars, conferences and online events • Regular contributor to the AICPA’s Corporate Finance Insider • Writes a free weekly e-zine, e-AP News • Author 17 business books including the just-published 101 Best

Practices for Accounts Payable • M.B.A. Finance, NYU • B.S. Math, York College

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