What Not to Spend Your Time On

Feature Story

Is Your Company Getting the Credits It Deserves?

Millions can slip through the cracks without a detailed statement audit

by E. Lee Clinton Jr., Director of Supplier Recovery and Statement Services

Industry benchmarks indicate that 5.2 percent of vendor invoices and nearly 2 percent of payments to vendors contain errors. That translates to millions of dollars that can slip through the cracks, instead of stopping at the bottom line, where they belong.

Editorial Corner

Statement audits ... Tighter T&E policies ... When the cat is away

Millions of dollars slip through the cracks every year for U.S. businesses in the form of unrecovered vendor credits -- for everything from overpayments to unrecorded returned merchandise. In this month's feature article, APEX Analytix expert E. Lee Clinton, Jr. outlines the potential payoffs from a vendor statement audit and how best to recover outstanding credits while maintaining solid vendor relationships.

In our last issue, an A/P director asked for help to put in place a tighter travel and entertainment (T&E) policy at the risk of a "palace revolt" by company road warriors. See how readers address this dilemma. Their suggestions run the gamut from mandating corporate credit cards to holding top managers accountable.

In this issue, a frustrated A/P manager needs advice on how to handle a "mouse who plays when the boss is away" because the behavior drains away morale and productivity. Please share your thoughts. You could win a 256 MB MP3 player.

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APEX Analytix Hires New VP to Head Fraud Protection Initiatives

Learn more about John Brocar.

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Archive

August 2010
Issue 4.3

May 2010
Issue 4.2

February 2010
Issue 4.1

July 2009
Issue 3.3

April 2009
Issue 3.2

[More...]

Complimentary White Paper

Solving the Vendor Master File Conundrum

Is your vendor master file out of date and riddled with duplicates? Does it fail to give you a clear view of which vendors are related to each other under the same corporate entity? In this white paper, you will learn the tips and techniques of how to successfully execute the process of cleaning up your vendor master. You’ll also read about best practices to implement to keep your vendor master clean, including the use of a Vendor Portal and Supplier Registration tool, and the extra benefits you will find from having a clean vendor master file.

What's Your Best Advice?

Previous Issue's Dilemma:

How can I prevent road warriors from exploiting our T&E policy?

Our company has set the threshold for travel & entertainment (T&E) receipts at $75, per IRS regulations. Maybe I am paranoid, but I worry that some of our travelers exploit this and pad their expense reports with bogus or inflated expenses to meet that amount. We have a lot of "road warriors" here, and over a year's time, the dollars can be significant. I want to return the travel policy to the old $25 threshold or switch to a per diem. But I don't want a "palace revolt" on my hands. What's the best way to handle this?

-- A/P Director, San Rafael, CA

Read what others had to say.

This Issue's Dilemma:

When the boss is away, one mouse plays

My employees have been complaining about a coworker who takes long lunches whenever I am out of the office for a meeting or vacation. The employee doesn't report the time in our time tracking system. I've talked to her about the situation, and she says she doesn't do that.

Last time I was out of the office, it happened again. Several employees complained, and they're frustrated. Obviously, this isn't good for team morale. I'd love to stay in my office at all times, but I need to do business offsite. What is the best way to address this when I'm not there to see it happen? When it's her word against her coworkers', how can I ensure she is productive?

-- A/P Manager, Pittsburgh, PA

Can you help? Share your experience. You could win a 256 MB MP3 player.

Your Personal Balance Sheet : Do more in less time

Five Ways to Jumpstart Your Productivity
How to overcome roadblocks we all face
by Jessica Stillman - Business Network

What Not to Spend Your Time On
Too many leaders make one critical mistake
by Robert C. Pozen and Justin Fox - Harvard Business Review

Create the Change : Effective processes for staff management

Help Your Employees Do More in Less Time
Overworked employees make mistakes, lose productivity
by Karla Brandau - Changing Minds

Are You Holding People Back without Knowing It?
The best leaders make everyone smarter
by Jill Rose - The American Executive

The Numbers Game : Accounting and people management

Travel & Entertainment Expenses Ripe for Scrutiny
Typical expenses run as high as 2 percent of revenue
by David McCann - CFO Magazine

Ethics Hotlines Dial Up the Heat on Corruption
800-numbers for employees and vendors pay dividends
by Dave Lindorff - Treasury & Risk

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