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7 ‘Do This, Not That’ Practices Every Organization Should Use

Many organizations incorporate poor practices into their accounts payable function without knowing it. Check out Mary Schaeffer's seven ‘Do This, Not That’ suggestions to eliminate these common problems.

  1. DO: Centralize the receipt of invoices.
    DON’T: Allow the vendor to decide where to send invoices.
  1. DO: Return unidentified invoices to the sender.
    DON’T: Try and determine who placed the order.
  1. DO: Establish and mandate the use of a rigid coding standard.
    DON’T: Allow each processor to enter data as they wish.
  1. DO: Review statements for open vendor credits on a regular basis.
    DON’T: Ignore the issue.
  1. DO: Mail all checks.
    DON’T: Return checks to the requisitioner.
  1. DO: Address the personal device issue.
    DON’T: Allow employees to do as they see fit.
  1. DO: Learn as much as possible about invoice automation.
    DON’T: Hope the issue will go away.

To learn more best practices and how you can avoid an internal control breakdown, download the full whitepaper here.

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Stay in the know and subscribe to the e-AP News e-zine. AP Now & Tomorrow’s free weekly newsletter by Mary Schaeffer includes tips, payment issues, products, job listings, and upcoming events. Read the excerpt below from the most recent article featured in the newsletter.

Best Practice Advice: Handling Change of Bank Account Requests
Most experts recommend that organizations pay as many vendors as possible using electronic payments, often referred to as ACH payments. And finally, the corporate world in the US is following. Of course, most companies in other parts of the world have been paying their vendors this way for a long time. But that's another story. With this change come a few new issues. One of those is a variant on an old fraud. In the check world, from time to time, companies had to deal with fraudulent requests for changes in the remit-to address. The electronic version, with its own unique twists, is fraudulent requests for changes to bank accounts used for payments. Let's take a look at the issue as well as best, almost best and worst practices for addressing it.

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