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Tag >> accounts payable
In a follow-up to my piece here on tax and accounting changes that are affecting small and medium sized businesses—in particular the potential repeal of the highly-onerous new 1099 filing requirement changes—I am happy to report another development on the 1099 front that will make the job of the A/P department a whole lot easier, and may spark further interest in the use of p-cards (purchasing cards, or procurement cards) for all size of businesses.
Changes under Section 6050W of the Internal Revenue Code now relieve company A/P departments of the requirement to report payments made with a p-card under the rules of 1099 reporting standards.
Trade body the International Accounts Payable Professionals (IAPP) recently released a study on invoicing management at global companies, and found that most companies still have at least some manual aspect to their invoicing process. However most companies do now recognize the value of electronifying and automating invoicing, according to the survey.
It found that 80 percent of companies’ accounts payable (A/P) departments saw the advantage of automating invoices, but they also cited many obstacles in the way of uptake.
Posted by dbedell in web portal, Technology, SAP, payroll, National Automated Clearing House Association, NACHA, IT2, IT, e-invoicing, Cash, Basware, Association for Financial Professionals, American Payroll Association, American Express, AFP, accounts receivable, accounts payable
Global subsea equipment manufacturing and service company DOF Subsea has selected IT2 to provide a centralized treasury management system for the enterprise. The company will make use of IT2’s solutions for cash forecasting; liquidity management; risk management and hedging programs for foreign exchange and interest rate exposures; debt management; and treasury accounting; among other things.
DOF Subsea will access the system through IT2 NET—the system provider’s web portal, and the solution will interface with the company’s counterparties and third-party solution providers—including Nordea Bank, Agresso—for accounting; the Shipnet solution for A/P and A/R management; and Reuters.
I'm down at the Hackett Group's best practices conference in Atlanta and just finished a video interview with Stewart Glendinning, CFO of Molson Coors, on the topic of outsourcing.
While the video won't be up for awhile, I can report that Glendinning wowed the crowd of 250 or so finance executives in attendance this morning with a frank keynote address on the subject.
When choosing a payment method for a transaction, corporate users must consider a number of factors, including ease of use, cost, available data flows from the transaction, and security.
While non-cheque payments account for less than 30 percent of the total payments market, according to research from Aite Group, the benefits of electronic payment methods–and in particular using procurement cards (p-cards)--are clear.
While there has been a lot of talk about end-to-end financial supply chain solutions, few systems really live up to the hype. Some companies have chosen to cobble together a number of systems, and some banks are partnering with third party providers to provide a complete end-to-end solution for receivables and payables management, payments and financing.
These banks are looking to technology partners to provide the electronification of payables and receivables documentation and information flow, and then the bank provides the payments and settlement piece, plus access to financing for both supply chain finance programs and trade finance needs.
Paper-based invoicing and payments have long been an albatross for the US corporate banking market. Even when companies wish to move to electronic management of A/P and payments processing, suppliers continue to want or require paper-based solutions.
But banks and other servicers offering best-of-breed systems to their clients – either built in-house or through white label offerings from other providers – are trying to make electronification of the corporate purchase-to-pay and supplier order-to-cash cycles more alluring.
Who wins the prize for slow payment of bills? Big companies or small fry?
These days, the answer is the former. According to data from credit bureau Experian, large firms are the ones that are more likely to be severely delinquent in paying their bills over the next year. That includes companies with more than 1,000 employees paying their suppliers more than 90 days late.
Back in the early days of shared services -- back in the primordial ooze of the late 1990s -- finance managers spoke glowingly about the cost-savings from placing scattered back-office functions under one roof.
A decade later, cost reduction remains a prime virtue of consolidated transaction processing. But a new survey reveals that some finance executives see a lot more than savings in shared-services.