By Mary S. Schaeffer, Institute of Management and Administration (IOMA)
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Additional info for Accounts Payable: A Guide to Running an Efficient Department
14 ENCOURAGING OTHERS TO FOLLOW ACCOUNTS PAYABLE’S GUIDELINES Many accounts payable departments have trouble getting the rest of the company to follow their payment procedures. To help with this, draft an easy reference guide for all standard procedures, to make them not only more user-friendly, but easier to locate. Such a guide can help reduce the enormous amount of time spent educating other professionals in the organization in the proper procedures for disbursements. 15 INVOICES WITHOUT INVOICE NUMBERS An invoice missing an invoice number often leads to duplicate payments.
Reconciling vendor statements has always been a useful tool. • Review statements for any items older than 30 days. Assume anything fewer than 30 days crossed in the mail. Call for copies of invoices older than 30 days. • Use the evaluated receipt settlement, also known as pay-on-receipt. The staff does not look at any invoices. Instead, target 100 of your largest and/or most strategic suppliers and reconcile these statements on a rotating schedule of 50 per quarter. Also reconcile other suppliers as the need arises.
This drastically reduces rekeying errors. The document can then be passed around the organization as needed, and can be accessed by different individuals and departments. Copying costs are eliminated and storage costs greatly reduced. The conversion to an imaging system can, however, be time-consuming. But it can also prove a valuable expenditure of time, as many take this opportunity to review their current workflow processes and eliminate unnecessary steps. Employees will have to be retrained to use the new machines, and some may be resistant to the changes.