Friday is almost here! We know, you have had a busy week and may still have a lot more on your ToDo list. It will all get done.
In the meantime, give yourself permission to take a productive mental break!
Here is a short but helpful read, our #TBT (Throw Back Thursday) "Best of the Best" includes 2 of our most read, fan favorite blog posts.
AP Best Practices -- Vendor Management
1. A company should own its vendor database at the conclusion of its vendor enrollment program. These are individual relationships that are unique for each company. Keep control of the database!
2. Seek a vendor management service provider who can streamline communication and launch your E-Payment program in 90 - 120 days.
3. Work with a company that will help your company analyze its vendor database then set a goal of converting 30% of your overall vendors, but 60% of your most frequently paid vendors, to ACH.
4. Do not require a significant change to current A/P processes to make the move to ACH. Seek a program that allows you to issue electronic payments even when/if your accounting system can only issue a check file.
Click the "Learn More" button below for further insight on AP best practices in vendor managment.
How to Deter Fraud: The Best Practices for Fraud Prevention
A few of the mentioned Fraud Prevention tips in this popular blog post, are:
1. Positive Pay- Use this tool when issuing check payments to create a file that provides your bank with check numbers, dollar amounts and the payees for all check payments you are making.
2. Separation of Duties- Critical for larger departments, but can be effective in any business setting. Don't allow one person too much control over issuing payments...have one person input payments, another approve (see next) and a third actually issue payments to resolve many security concerns.
3. Multiple Levels of Approval- Don't depend on one person approve transactions. Better -- have approvals go through multiple levels especially if for a very large transaction. If necessary even demand a hand signature for very high dollar check payments.
Want to learn how to better protect your company agains fraud, click the "Learn More" button below for more tips.
Listed by CFO Tech as one of the Top 10 Accounts Payable Solution Providers 2018 and 2019 and by CIO Review as part of the 20 Most Promising Corporate Finance Tech companies for 2017, OnPay Solutions streamlines processes for accounts payable by automating invoice processing and payments.