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Feature Story |
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How Much Are You Overpaying on Contracts?
APEX pioneers new 'electronic discovery' techniques to find hidden treasure
by Chris Siemasko, Vice President of Product Development and Strategy, APEX Analytix
email Chris; csiemasko@ApexAnalytix.com
An important strategic initiative in managing payables involves adhering to negotiated pricing. Broadly speaking, that means comparing your contract price data to what you are actually paying out, to prevent or recover overpayments. The savings that slip through the cracks are substantial, often reaching the millions, especially for larger organizations with a global footprint.
For example, while industry statistics reflect 0.1 percent as the error rate for duplicate payments, pricing compliance errors reach from 1 percent to 3 percent, according to Aberdeen studies.
Read more ...
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Editorial Corner |
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Contract harvesting ... Potential for fraud ... Telecommuting
It's a safe bet that while you are reading this, your company is overpaying for something. This occurs -- especially in retail settings -- because informal contract pricing changes don't get tracked and reported properly. In this month's feature story, you'll learn how "data mining" buyers' spreadsheets, emails and attachments can add millions to the bottom line, when you use the right technology. APEX Analytix expert Chris Siemasko shares the details and outlines the payoffs.
Join us for our contract harvesting webinar on June 29th at 11 EDT. Register now.
In our last issue, an A/P manager at a company that treats everyone "like family" worried that employees trust each other too much and verify too little. She's jittery about the potential for fraud. See how readers address this dilemma. Their real-world suggestions range from implementing tougher internal controls to conducting surprise audits.
In this issue, an A/P manager faces a tricky situation. Her staff often asks to work from home, and some top-notch workers want to telecommute. How do you manage flexible or work-from-home situations? And how do you avoid favoritism claims? Please share your thoughts. You could win a 256 MB MP3 player. Congratulations to Erich Heneke, supervisor of audit/controls - supply chain at the Mayo Clinic for being this quarter's winner!
If you would like to remove yourself from this newsletter, please click on link at bottom of page.
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 Complete our one-minute reader survey and you could win a 256 MB MP3 player.
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APEX Analytix Introduces New FirstStrike® Release with Expanded Supplier Management and Contract Compliance Features
Read more
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IAPP - International Accounts Payable Professionals
FMI - Food Marketing Institute
IQPC - International Quality and Productivity Center
VCF - Vendor Compliance Federation
IOMA - Institute of Management and Administration
ACFE - Association of Certified Fraud Examiners
FEI - Financial Executives International
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Survey |
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Payment Terms and Discounts Survey
Please take this five-minute survey, and we may write an article sharing the results
We'll also enter you in our drawing for a 256 MB MP3 player. Thanks for your help.
Take survey
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What's Your Best Advice? |
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Previous Issue's Dilemma:
What will stop a case of the jitters?
We have the kind of corporate culture where it's "one big happy family." Some people at all levels of the organization have been here for years and seem to trust everyone. I have no evidence that anything has gone wrong, or anyone has done anything unethical. But at the same time, I'm always reading about fraud and how you should "trust but verify." Am I just being overly paranoid, or are these fears justified? What can I do about them, and where do I start? What are other companies doing about segregation of duties, for example?
-- Sleepless in Seattle Read what others had to say.
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This Issue's Dilemma:
How do you manage telecommuting?
I get requests to work from home for various reasons, such as to be home for a delivery or to let a repair person in. And I have some really top-notch employees who want to telecommute. I know that today's technologies let people work from home, but how much time is reasonable? How do you manage flexible and work-from-home situations? And how do you avoid "favoritism" claims? Or do you not allow telecommuting? -- A/P Manager
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Your Personal Balance Sheet : Do more in less time |
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Create the Change : Effective processes for staff management |
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The Numbers Game : Accounting and people management |
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Archive |
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InternetVIZ works with us to create a high-impact and information-rich newsletter that is an invaluable tool in our readers' busy lives.
from Helen Tueffel, VP of Global Marketing, APEX Analytix
InternetVIZ can make newsletters work for you! For more information, click here.
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