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Dear Colleague
As I write this issue, I can't help thinking about the
refrain from the Bob Dylan song, "The times they are a-
changin." Never has that been truer in the accounts
payable arena. Faxed invoices, once considered to be
a terrible source for invoice documentation, are no
longer a no-no. Not too long ago finding unclaimed
property for your organization was always a great idea
and the duplicate payment problem looked like it was
on its way out -well, not so true anymore. So, let's get
started with some of the information you may need to
help you with the changing times in your accounts
payable organization.
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The Elusive Paper Invoice |
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First, I'd like to offer a big thanks to everyone who
responded to our query last week about vendors who
refused to send paper invoices. Your comments are
being compiled into what looks like a rather long
document with, it turns out, tons of good advice. This
will be shared with all respondents - probably in a few
weeks - when we finish putting it together. So, there's
still time to put your two cents in and get a copy of this
useful intelligence.
As you may recall, a reader wrote inquiring about a
vendor who refused to send a paper invoice, insisting
on either a fax or email. As it turns out, many vendors
are sending invoices this way and our readers, an
ever innovative bunch, have developed some
interesting ways of dealing with this lack of paper. To
be honest the majority like not getting the paper.
In an interesting turn of events, one of the readers who
wrote about this new phenomenon noted that one of
her vendors actually was charging if a customer
insisted on a paper invoice!
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Duplicate Payment Obliteration Month |
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You heard it here first. Accounts Payable Now &
Tomorrow is declaring war on duplicate payments.
While we recognize that it is impossible to completely
eliminate duplicate payments, we do believe it is
possible to seriously reduce the number of those
annoying payments - seriously!
As you probably already are aware, we are conducting
a Duplicate Payment survey with
an Executive Summary of the results going to all
participants. The preliminary results are pretty
interesting and lead us to conclude that the battle
against duplicate payments is far from over. In fact, it
is heating up on some fronts. That's why we are
making October Duplicate Payment Obliteration
month. Each weekly ezine that month will have at least
one tip you can use in your own war against
duplicates.
We are developing a Duplicate Payment Resource
Center section of our website which we hope to
launch on or before October 1. There will be some
opportunities for vendor participation in that
endeavor.
As you may already know, the October issue of our
print newsletter, Accounts Payable Now & Tomorrow
will be expanded to 24 pages so it can also serve as
our Fall Journal. All the articles will focus on helping
our readers get rid of duplicate payments and recover
those that have already been made. That's just the
start. Readers who are not subscribers to
Accounts Payable Now & Tomorrow can
preorder this $39.95 publication by sending a note to
publisher@ap-now.com with the words Fall Journal in
the subject line and weˇ¦ll send you the Order Form.
We've created a series of four Webinars all
addressing different aspects of the problem. They are:
By the way, if you want to register for all four events (or
get all four CDs) you'll only be charged for three! If
you'd like our brochure about these sessions that
includes an Order Form, please email publisher@ap-
now.com with the words Duplicate Payment
Obliteration Webinars in the subject line.
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Register for all Four Fabulous Friday Duplicate Payment webinars |
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Think Twice before Reclaiming Your Unclaimed Property |
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Does it make any sense to you that a state would
return unclaimed property to a company that wasn't
reporting and not bother to check if the company was
in compliance? This is an issue that has bothered me
for years. Every time I asked the experts about-
something I would do at least once a year-I was told
the two were not related and there was no cause for
concern. But, the issue continued to bother me and I
continue to ask about it.
And finally I got some validation that I am not
completely off in left field-at least on this issue
anyway. When I asked this question at our April
Unclaimed Property seminar this year, Tracey Reid,
one of the presenters started to laugh. It seems she
had a client in that very predicament. And, just for grins
I asked it of her again at our Webinar last week on Unclaimed Property:
How to Get in Compliance if You've Never Filed (CD
available). It appears her business is growing
thanks to unwitting employees trying to do a good
thing for their employers.
Our advice regarding claiming unclaimed property is
this. Only do it if you are in compliance with the
unclaimed property laws. Otherwise you are effectively
waving a red flag in front of the auditors and could
come to their attention when you might have stayed
under the radar for a little longer. But, keep in mind,
this is only a "sooner rather than later" situation. The
states have made it clear they intend to audit most, if
not all, companies who should be reporting within the
next few years.
That is why we keep making such a big deal about
compliance. We do not want our readers to be caught
uniformed or worse - end up confronted by an auditor
intent on a doing a 20-year audit of his or her
organization. And, yes, that can happen if you have
never reported. That's why we're holding two one-day
Unclaimed Property
seminars in Cincinnati and Los Angeles as well
as another
Unclaimed Property webinar on October 7.
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For information or to register for "Avoid the Ten Most Common Unclaimed Property 'Gotchas'" webinar |
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B-Notices and Independent Contractors |
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Did you know that the IRS thinks that a portion of the
tax gap is due to income being reported improperly?
This year they are focusing on independent
contractors who should have been classified as
employees. That's just one of the reasons we've
invited Greta Hicks to address the very important topic
of "Are Your Independent Contractors Really
Independent?" on October 16.
That's almost a month after Cyrus Daftary returns on
September 22 to share his considerable expertise in
a Best Practice Webinar
on dealing with B-Notices.
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For information or to register for the Independent Contractor webinar |
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Top Clicks from Last Week |
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To recommend this ezine to another accounts payable
or accounting professional, simply forward the entire
newsletter or use the tiny link at the bottom. He or she
will appreciate it.
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In Closing |
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I'm starting a Accounts Payable: Times Are a-Changin
List. If you've got any examples of bad practices that
used to be best practices or best practices that no
longer work, I'd love to hear from you. Similarly, if you
have thoughts on this subject, I'm all ears - well,
maybe eyes, would be more accurate. I'm not sure
what I'll do with the information, but I am curious to
see how big the list turns out to be. Send your
thoughts to marys@ap-now.com - I love hearing from
you.
Until next week, thanks for listening.
Mary Schaeffer
Accounts Payable Now & Tomorrow, a CRYSTALLUS,
Inc. publication
CRYSTALLUS, Inc, publisher of Accounts Payable
Now & Tomorrow, is a woman-owned business and
is registered as a Federal Government CCR vendor.
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