Our Sponsors
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Dear Colleague
Greetings from the East Coast where it has finally
stopped raining. After I wrote this issue I realized it's
focused on things to avoid - the "gotchas" of the
accounts payable world. We've got information about
ACH, unclaimed property, p-card issues, and how to
avoid being caught in the gotcha trap.
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The Move-to-ACH Gotchas |
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I had an interesting note from a reader this week. His
organization was trying to move payments away from
checks to ACH - a move regular readers of this
publication will know Accounts Payable Now &
Tomorrow advocates. He was concerned about the
repercussions that will arise out of the change and
how to anticipate them. It's a very good
question.
One of the first issues that comes to my mind is
something that surprised me the first time I saw the
statistics on it. While most checks payments are
made through accounts payable, the same cannot be
said for ACH payments. In a good number of
organizations ACH payments are also initiated in
other departments. My concern when I saw this figure
was that the other departments might not extinguish
the POs and open receivers opening the organization
to another potential avenue for duplicate payments. So
I believe if others are to make ACH payments, it's
crucial that adequate training be provided to those
individuals.
This is just one of the problems that might arise. We'd
like to hear from readers about other problems they
encountered when moving to ACH payments and if
they have a solution, we'd love it if you would include
that too. I'll combine all the responses into an article
which will be shared with everyone who participates.
Send your commentary to [email protected]
and if you prefer to remain anonymous when we
publish the responses, please indicate that in your e-
mail. We try very hard to respect our readers' privacy -
although we love to give credit to anyone who provides
a great idea.
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Unclaimed Property: A Funny Gotcha Story - Not Really! |
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I was talking to Tracey Reid getting our unclaimed
property programs ready for the fall when she shared
a story that, unfortunately, has happened to more than
one company. It should serve as a warning to
everyone reading this whose company may not be in
compliance. To be honest, it is something I've
wondered about for some time.
Most readers probably know about
missingmoney.com - the website that helps rightful
owners regain possession of property that has been
turned over to the states. I've often wondered what
would happen to an organization that tried to claim
property if they weren't reporting. In most cases, the
states will promptly audit them. So, unless you have a
lot of money residing with the state, think twice before
claiming it if you are not currently reporting. If you got
away with it in the past, count your lucky stars and
don't tempt fate again.
We recognize that a growing number of companies
are getting into compliance and many are looking for
guidance. On July 22 we'll run a Webinar entitled Unclaimed Property:
How to Get in Compliance if You've Never Filed.
CDs will be available two weeks later.
If you are currently reporting but want to make sure you
get everything correct, please join us on September
24 when Tracey Reid will talk about how to Avoid the Ten Most
Common Unclaimed Property 'Gotchas.'
We'll have details about our two fall Unclaimed Property
seminars, in Cincinnati on September 19 and the
Los Angeles area on September 25 in the next week
or two.
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Information or to register for the Unclaimed Property Gotchas on September 24 |
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Book Excerpt: New Payment World |
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Most readers are aware that they can actually save
money by using a p-card. In case you weren't, here's
an excerpt from New Payment World explaining
that feature.
Rebates
Once a program has been set up correctly and volume
builds, organizations can earn rebates based on their
volume. This is not information that card issuers will
volunteer. In fact, just a few years ago, companies
receiving these rebates were required to sign a non-
disclosure agreement in which they agreed not to
divulge that they were getting a rebate or the amount.
That is no longer required. Rebates are often a
negotiating point so don't necessarily take the first
amount offered. When shopping for a new card
issuer, ask about this issue.
While a certain volume is generally required in order
to qualify for a rebate, the minimum level to meet the
requirement has dropped precipitously. Today,
monthly charge volume of $50,000 qualifies and in
some cases even less. Accounts payable
departments who generally get these rebates are
sometimes sharing them with other departments to
encourage card usage. In other cases, accounts
payable is retaining the rebates using them to fund
other enhancement programs or to buy technology for
which there is no budget allocation.
Editor's Note: Everyone with a p-card program, no
matter how small, should inquire about a rebate. After
all, if the CFO hears about them and asks why your
organization isn't receiving one, at least you will be
armed with a response.
This book, along with all books published by John
Wiley and Sons can be purchased at a 15% discount
by clicking on the Wiley link on the AP Now links page
shown below. Note: It is at the bottom of the page.
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Order any John Wiley & Sons book at a 15% discount |
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P-card Rebates and More |
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P-card rebates are a hot topic these days. It is one of
the issues that will be touched on during our p-card
Webinar on May 28. If you've got any questions on the
issue they'll be plenty of time at the end of the webinar
to bring them up.
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Information about or to register for the P-card webinar |
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European Conference |
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Toning Up Purchase to Pay to Attain Touchless
Processing
The Millennium Knightsbridge - 18th -20 June
2007
Contact [email protected] or call +44
207 359 5355
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For more information |
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In Closing |
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Due to a last-minute speaker emergency we've had to
reschedule our Cash Leakage
Webinar. It is now scheduled for May 30. We
apologize for any inconvenience this may cause.
As I write this, the labels for our Spring Journal are
being printed. So, if you ordered our Journal, which
contains five accounts payable book excerpts, five
newsletter articles and five short tips, watch your
mailbox. We've got an online
order form for those wishing to pay by
check.
Thanks for listening
Mary Schaeffer
Accounts Payable Now & Tomorrow
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In closing |
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In addition to the unclaimed property suite of products,
we've put together several packages for Controllers &
CFOs, and another for those interested in T&E issues.
Details are at http://www.ap-
now.com/links.html
And before I sign off, let me ask you again to
recommend our ezine to colleagues (both at your
company and elsewhere) who might be interested in
our issues. You can use the handy link below.
Thanks for listening.
Mary Schaeffer
Editorial Director
Accounts Payable Now &
Tomorrow
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