October 2007 - Issue 1.2

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Feature Story

Contracts: Paying Too Much, Getting Too Little?

How to prevent millions from slipping through the cracks

by Jim Arnold, President of APEX Analytix

Contract overpayments are a little like a slow leak in your right rear tire. You don't usually notice until it's too late, and you find yourself fixing a flat by the side of the road. The good news: You can solve the problem and get back on the road to business as usual. Read more ...

Editorial Corner

Overpayments … Analyzing processes … Ending year-end madness

Welcome to the fall issue of The Balance Sheet, an interactive quarterly newsletter that presents the latest developments in A/P processes, audit recovery and technology. It's your guide to better manage your staff and get more done in less time.

Each issue of The Balance Sheet directly addresses the real-world concerns of A/P, shared services and audit recovery professionals. For example, this issue's feature story, Contracts: Paying Too Much, Getting Too Little?, tackles contract overpayments, and delivers practical advice on how to keep millions of dollars from slipping through the cracks.

Speaking of real-world problems, in our last issue, a reader faced with serious losses asked how to analyze procure-to-pay processes to improve them. Practical responses from readers range from organizing cross-functional teams to holding your manager's feet to the fire on approvals.

In this issue, a reader asks, "How can I put an end to the year-end madness?" Please share your thoughts on motivating staff and preparing for the onslaught of year-end work. You could win a 256 MB MP3 player.

To improve your odds of winning that 256 MB MP3 player, take a one-minute reader survey to let us know how successful we are at including articles that are relevant to you. Your input means a lot to us.

If you would like to unsubscribe from this newsletter, please click on link at bottom of page.

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 Publications

CFO

Internal Auditor

Accounting Technology

Information Week

eWeek

InfoWorld

Computerworld

Baseline

Associations

IAPP - International Accounts Payable Professionals

FMI - Food Marketing Institute

NAPP - National Association of Purchasing and Payables

IQPC - International Quality and Productivity Center

RCC - Retail Compliance Council

VCF - Vendor Compliance Federation

IOMA - Institute of Management and Administration

ACFE - Association of Certified Fraud Examiners

FEI - Financial Executives International

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Archive

July 2007
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Complimentary White Paper

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What's Your Best Advice?

Previous Issue's Dilemma:

How do I analyze procure-to-pay process for improvement?

After implementing an automated control last year, we identified between $600,000 and $1 million a month in over-payments. Needless to say, we're eager to implement other controls that will further improve our operating environment and potentially identify other areas of profit recovery.

The only thing is, I'm not sure how to proceed. What methods should I use to analyze procure-to-pay and AP processes?

-- Controller of AP, Global Shared Services Operation

Read what others had to say.


This Issue's Dilemma:

How do I put an end to the year-end madness?

Every year-end seems to be a little bit more of a disaster. No matter how much I try to prepare my staff for the onslaught of extra work, everyone ends up overly stressed and definitely not enthused about working together for another year.

I have tried many different tactics to motivate my own team. Nothing seems to alleviate the inevitable pain of this busy period.

How have other audit directors improved their team’s performance and morale during year-end? Does it help to hire additional staff, even temporary workers? Or is there a better way to manage my people?

-- Brian K., Audit Director

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

Congratulations to Pat Whoriskey, manager, Corporate Accounts Payable at Day & Zimmermann, for being this quarter's winner!

Your Personal Balance Sheet : Do more in less time

Are They Saying What You Think They Are?

Active listening skills can keep everyone on the same page

from MindTools


Are You Obsessed with Your Job?

Watch for these sobering signs of workaholism

by Mary Lorenz - Career Builder


Create the Change : Effective processes for staff management

You Can't Sell an Empty Glass

Motivating your staff to accept change

by Barry Maher - The CEO Refresher


How the Grief Cycle Affects Change Management

Surprising parallels include anger, denial, acceptance -- and more

from ChangingMinds


The Numbers Game : Accounting and people management

Stand by for Another Round of Accounting Rule Changes

Soon everything you learned in school will be outdated

by Michele Leder - CFO Magazine


Who's the Payee on that Check You Just Cut?

New identity authentication techniques reduce fraud risk

by Russ Banham - Treasury & Risk Management

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