Mary S Schaeffer's Accounts payable : a guide to running an efficient PDF

By Mary S Schaeffer

ISBN-10: 047168404X

ISBN-13: 9780471684046

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Extra info for Accounts payable : a guide to running an efficient department

Sample text

This is something that most accounts payable professionals do as a matter of course when paying their personal bills. However, it can be a major time-waster when paying such bills for a company. Many companies have found solutions to this annoying problem, some of which may work in your organization. They include: • Eliminate the process of sending payment stubs with your utility and telephone bills. Reference the account number and the invoice number with the invoice date. • Contact the utility company and ask for a consolidated statement of all accounts.

11 STRATEGIES TO USE WHEN SHORT-PAYING INVOICES Accounts payable managers often pay an invoice for less than the amount on the original invoice. They take a discount if the invoice is paid early and make deductions for short shipments, defective goods, promotional programs, or for a variety of other reasons. The result of these actions is another phone call into the accounts payable department, requiring research time to determine the reason for the short-pay. Add these phone calls to the already overworked accounts payable staff, and the workload threatens to defeat even the most dedicated members.

Given the controversy and interest that surrounds their use in the accounts payable field, a review of best vendor statement practices, as well as commentary from accounts payable professionals who use vendor statements on a regular basis, is in order. “Never pay from statements” is the mantra in many accounts payable departments, the reason being that statements often contain invoices that have been paid or that have been issued and possibly mailed but not cashed. 19 Using Statements: Reality 17 company.

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Accounts payable : a guide to running an efficient department by Mary S Schaeffer

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