Read e-book online Controller and CFO's Guide to Accounts Payable PDF

By Mary S. Schaeffer

ISBN-10: 047178589X

ISBN-13: 9780471785897

Refreshingly candid and witty in tone, Controller and CFO's consultant to debts Payable is needed interpreting for any specialist desirous to comprehend extra approximately their organization's AP operations. It proclaims that AP is not any longer a back-office functionality and underscores the truth that right awareness has to be paid to this significant division which will run a number one area and aggressive corporation.

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One word of caution regarding those Internet policies, however: Most are written by universities. If you are in a manufacturing environment, you may have to add several sections. Still, having something to start with is a big help. Finally, once the manual is completed, especially if it includes your T&E procedures, all affected parties should be notified that they will be expected to conform to the policies. Expect a certain amount of complaining. , the controller or the CFO). Some companies put a short note from this executive on the front page of the policy so everyone understands that they will be expected to adhere to it.

By, the way, the other big area that has emerged as an issue for some organizations, is inadequate documentation. It appears that more than a few firms have not updated their policy and procedures manual in quite some time. If the segregation-of-duties issue becomes a problem within accounts payable because of staffing size, sometimes parties in other departments can be drafted to address some of the issues. For example, someone in treasury or accounting might get checks signed, handle the bank reconciliations, or be responsible for updates to the master vendor file.

And you know what occasionally happens when the invoice shows up at the company. The purchaser sometimes forgets that he or she paid for the item with a p-card and approves the invoice and sends it off to accounts payable for processing. Sometimes these invoices show in small print that the invoice has been paid for with the p-card and sometimes they don’t. Unfortunately, sometimes these invoices are paid a second time by check. The multiple payment possibilities provide a ripe area for the firms that specialize in finding duplicate payments.

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Controller and CFO's Guide to Accounts Payable by Mary S. Schaeffer

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