AVIDXCHANGE TM USERS CONFERENCE
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1 AVIDXCHANGE TM USERS CONFERENCE
2 Meet Your Speaker Rhonda Greene Solutions Consultant + AP Guru AvidXchange 2
3 AVIDXCHANGE USERS CONFERENCE Best Practices for AP: Spring Cleaning + Best Practices in a Busy AP World
4 Agenda Vendor Master File Internal Controls Preventing B2B Fraud Recovery Audits Best Practices for AP Spring Cleaning Open Forum Discussion Bring your AP questions and suggestions and share with your peers! 4
5 Master Vendor File Cleanup 5
6 Master Vendor File Cleanup Perform a Thorough Review of Your Vendor File Did you know that almost 30% of all duplicate payments are the result of duplicate vendors? ABC Inc. ABC Incorporated ABC Create a Standardized Vendor Data Entry Process 6
7 Master Vendor File Cleanup Perform a Thorough Review of Your Vendor File Ensure You Have a W9 for Each Vendor Request a new W9 Verify the TIN and perform an OFAC search Obtain any missing data TIN Matching IRS.gov Match the payee name and TIN Decreases backup withholding and penalty notices 7
8 Master Vendor File Cleanup Perform a Thorough Review of Your Vendor File Archive Inactive Vendors No invoices or payments in 12 months Consult responsible department or individual Invoice and payment history remains 8
9 Internal Controls 9
10 Accounts Payable Internal Controls Review Current Processes Implement Best Practices Continuous Monitoring of Vendors The Accounting Manager or Controller should review vendor list every month for changes to existing vendors and new vendors added. Centralize Accounts Payable Processing Create a Shared Services environment. Invoices should be received and processed in one location. Reduces errors and greatly improves timeliness of payments. 10
11 Accounts Payable Internal Controls Review Current Processes Implement Best Practices Create a Standardized Invoice Entry Policy Implement the no dashes/no slashes/leading zero rule Invoice # versus # Invoice # AEG1/5678 versus # AEG5678 Invoice # versus #
12 Accounts Payable Internal Controls Review Current Processes Implement Best Practices Create a standardized invoice entry policy All manual invoices must be date stamped when received. All invoices should be processed (entered, coded, routed for approval) within hours of receipt. All check requests must use the same invoice # format. 12
13 Accounts Payable Internal Controls Segregation of Duties Review Current Processes - Implement Best Practices Limit who can add or access the master vendor file. Look outside of AP maybe a Staff Accountant? Make sure that who does create vendors cannot enter invoices and cut checks. Require a second signature or approval for payments that exceed a certain dollar threshold. 13
14 Preventing B2B Fraud A Quick Overview In a survey conducted by the Association of Certified Fraud Examiners (ACFE), it was revealed that nearly 70% of corporate respondents reported having been victims of check fraud. What are the most common types of check fraud? 1. Alteration of the payee name 68% 2. Alteration of the amount 35% 14
15 Preventing B2B Fraud A Quick Overview 15
16 Preventing B2B Fraud A Quick Overview Check Handling Best Practices: Keep your check stock in a locked area accessible only by authorized individuals Timely reconciliation of accounts Signature verification on cancelled checks Use of proper security features on check stock owatermark omicroprinting onon-negotiable stub backer 16
17 Preventing B2B Fraud A Quick Overview Check Handling Best Practices: Proper destruction of cancelled checks Limit the number of check signers Never sign blank check stock Sound too obvious? How many of you have known this to happen? Implement Positive Pay Know who you are hiring and conduct random audits 17
18 Recovery Audit A Final Thought What is a Recovery Audit? A review of your accounts payable historical data which will seek to identify: Duplicate Payments Payments Made In Error Open/Unapplied Supplier Credits Unrecorded Rebates and Allowances Pricing Errors And More 18
19 Recovery Audit A Final Thought Why Should I Have a Recovery Audit? No systems or individuals operating with the procure to pay space are 100% error free. Audits are typically contingency fee based. The audit will identify and recapture lost profits due to errors. 19
20 Questions? 20
21 #REVCLT 21
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