The P2P Certification Program

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The P2P Certification Program Developed by: Institute of Finance & Management 121 Free St Portland ME, 04101 www.app2p.com

P2P Certification Program Overview For professionals in both accounts payable and purchasing, business has never been more dynamic or more challenging. Today s world is one of continual change, where financial pressures are an overriding consideration. Doing more with less is a common theme in many organizations. Not only has change been a constant, but also the rate of change has been accelerating. While technology has been a significant driver of this change, even organizations that have not implemented advanced technology have been confronted with the need to change in response to changes in the way their business partners operate. Other factors are also responsible for significant changes in the way organizations do business. Globalization, rising labor costs, volatility in the pricing of commodities, and sustainability issues all are factors that, increasingly, even smaller organizations must take into consideration. And there is every reason to believe these trends will continue. Historically, accounts payable and purchasing have been structured as separate entities within the organization and have done little if any partnering with other departments or third parties. This business model no longer serves the needs of organizations that wish to succeed in today s climate. Today s business model requires flexibility and speed in addressing client demands. In addition, it must provide for integrated end-to-end solutions, responsive cost structures, and business processes that adapt to emerging technology. Whether referred to as Procure-to-Pay, Purchase-to-Pay, or simply P2P, alignment between procurement and payables is the state of things to come. P2P enables organizations to solve perennial problems that manifest in payables as a result of unaligned policies and processes. It enables purchasing and payables practitioners to speak with one voice, operate from one set of policies and procedures, reduce inefficiencies and costs through thoughtful application of automation, enhance vendor relations, analyze and manage spend, and provide additional value to their organizations. www.app2p.com 5

THE P2P CERTIFICATION PROGRAM The concept behind the AP & P2P Network s P2P Certification Program is to assist procurement and payables leaders and practitioners in understanding purchase-to-pay, thinking end-to-end, analyzing and redesigning their processes, and introducing and managing change. The mission of the program is to prepare procurement and payables professionals, through education and instruction, to benefit their organizations by redesigning and restructuring their organizations and to acknowledge, recognize, and certify those leaders who have already successfully established, and work within, an integrated procure-to-pay process. This study guide represents an important step in accomplishing this goal. 6 www.app2p.com

The P2P Certification Program TABLE OF CONTENTS P2P CERTIFICATION PROGRAM OVERVIEW...5 INTRODUCTION...17 SECTION 1. THE EXPENDITURE CYCLE, AKA PURCHASE TO PAY...19 Identifying a Successful Expenditure or P2P Cycle... 21 Automating P2P... 21 SECTION 2. ALIGNMENT OF PURCHASING AND ACCOUNTS PAYABLE...23 2.1 Common Issues That Alignment Resolves... 24 Silos vs. Collaboration... 24 Involving AP From the Get-Go... 25 Breakdowns in the Vendor Relationship... 25 Streamlining Processes and Sharing Data to Provide Value to the Organization... 26 Bottom-Line Advantages of an Aligned Process... 26 Opposition... 26 2.2 Orientation/Guiding Philosophy... 27 Communication... 27 Collaboration... 28 Customer Service... 29 Process Improvement... 29 SECTION 3. AGREEMENT ON SCOPE...31 3.1 Vision and Mission... 31 Vision... 31 Mission Statement... 32 3.2 What Is P2P and What Is it Not?... 33 How Do We Procure?... 33 When Is a PO Required?... 34 How Do We Receive?... 34 How Do We Pay?... 35 How Efficient Are We?... 35 3.3 Partnering With External Service Providers... 36 Processes That Are Candidates for Out-Sourcing Consideration... 36 SECTION 4. STRUCTURE...39 4.1 Where Does P2P Belong in the Organizational Structure?... 39 4.2 One Department vs. Two... 40 Changing Physical Space Assists in Changing Mental Space... 40 Upper Management Support... 41 4.3 CFO or CPO vs. CP2PO Does the Title Make a Difference?... 42 4.4 Shared Services... 42

THE P2P CERTIFICATION PROGRAM SECTION 5. TRANSITION...45 5.1 Reengineering... 45 5.2 Mapping From Recognition of Need Through Settlement... 46 5.3 Creating New Business Partnerships... 48 Relationships Outside the New P2P Department... 49 5.4 Modifying Policies & Procedures to Reflect New Partnership & Processes... 49 5.5 Designing Systems and Forms for Ease of Use... 50 SECTION 6. ADAPTING TO CHANGE...51 6.1 Adapting to the New Structure... 51 6.2 Training... 51 System Training... 52 Inside P2P... 52 Internal Control/Internal Audit... 53 Requestors and Approvers in Business Units and/other Departments... 53 SECTION 7. PROCUREMENT HOW ORGANIZATIONS BUY GOODS AND SERVICES...55 Total Cost of Ownership (TCO)... 56 Organization of the Procurement Department... 57 7.1 Direct vs. Indirect Spend... 57 Areas of Potential Impact by the Purchasing Department... 59 Outside Purchasing s Area of Impact... 60 7.2 Buying Channels... 60 Implementing a Buying Channel or Commodity Strategy... 61 7.3 Vendor Selection/Sourcing... 62 Vendor Qualification... 63 Preferred Vendors... 63 7.4 Establishing the Vendor Relationship... 64 Contracts... 64 Oral Contracts and Oral Agreements... 64 Terms and Conditions... 65 Vendor Onboarding... 65 7.5 Purchasing Documents... 65 Requisition... 65 Purchase Order (PO)... 66 Blanket Purchase Order (Order-up-to PO)... 67 Order Acknowledgment/Receipt of Order... 67 7.6 Purchasing Policy... 67 Managing the PO Process... 68 Delegation of Authority Who Can Buy What?... 68 Approvals... 69 PO Policies and Procedures... 69 8 www.app2p.com

Table Of Contents Commodity Shopping... 70 Making Changes to a PO Before Receiving... 71 Making Changes to a PO After Receiving... 71 Segregation of Duties PO... 71 Maintaining up-to-date Costs... 72 Unit of Measure Issues... 72 Logistics... 73 Inbound Freight Spend/Management... 73 7.7 Purchasing Indirect Goods and Services... 73 Managing the non-po process... 73 Segregation of Duties Non-PO... 74 Maverick Spend... 75 One-Time Vendors... 75 SECTION 8. RECEIPT OF GOODS AND SERVICES...77 8.1 Receipt of Goods... 77 Four Steps in the Receiving Process... 77 Automation... 78 8.2 Receiving Documents... 78 Receiver... 78 Advanced Shipping Notice (ASN)... 79 Bill of Lading... 79 Packing Slip or Packing List... 79 8.3 PO-Based Goods Receipt Process... 79 Blind Receiving vs. Invoice Receiving... 80 Blanket POs or Standing Orders... 81 Returns... 81 8.4 ERS/Pay on Receipt (POR)... 81 8.5 Non-PO-Based Goods Receipt Process... 82 8.6 Receipt of Services... 82 SECTION 9. ACCOUNTS PAYABLE...85 9.1 AP Documents... 85 Invoice... 86 Check Request (aka In-House Invoice)... 86 POD (Proof of Delivery)... 87 Vendor Statements... 87 9.2 Invoice Receipt... 88 9.3 Invoice Processing... 88 Invoice Numbers... 88 Sales and Use Tax Issues... 89 VAT/GST... 90 www.app2p.com 9

THE P2P CERTIFICATION PROGRAM 9.4 Reconciliation... 90 PO vs. non-po... 90 Three-Way Match Requires a PO... 91 Purchase Order Revisions... 92 Two-Way Match May or May Not Require a PO... 92 Approval by Purchaser, Department Head, or Other Designee... 92 Negative Assurance/Assumed Receipt... 93 Tolerances... 93 The All-Important Remittance Advice... 94 Short Payments... 96 Coding Issues Who, When, How?... 97 Coding Complexity... 98 Delegation of Authority Approval Matrix Who and How Much?... 99 9.5 Non-Standard or Special Payment Types/Classes... 99 Utilities... 99 Telecomm...100 Freight Payments...101 Leases and Other Recurring Payments...101 Travel and Entertainment...102 9.6 Errors in Accounts Payable... 102 Duplicate Payments...102 Erroneous Payments...103 Minimizing Duplicate and Erroneous Payments...103 9.7 Recovery or Post Audits... 104 9.8 The AR of AP... 105 9.9 AP Automation... 106 SECTION 10. PAYMENT FOR GOODS AND SERVICES... 109 10.1 Payment Methodologies... 109 Advantages of Paying Electronically...110 Purchasing & AP Teaming up to Convert Vendors to EFT...110 Check...111 Positive Pay...112 Electronic Payment Methods...112 ACH (Automated Clearing House)...113 Wire...114 Credit Cards...114 Single Use Virtual Payments...114 Electronic Payment and Settlement Networks...114 10.2 Letters of Credit... 114 10.3 International Transactions... 115 Currency Exchange Considerations...115 Foreign Exchange Market...115 International Payment Methods...116 10 www.app2p.com

Table Of Contents SECTION 11. PURCHASING CARDS... 117 11.1 Vendor Selection... 117 11.2 Types... 118 Travel or Corporate Card...118 Purchasing...119 Fleet...119 Relocation...119 Project...120 One Card...120 Ghost...120 Single Use Virtual Payments...121 11.3 Ownership... 122 11.4 Controls... 123 What Types of Purchases Are P-Card Eligible? What Are Cardholders Allowed to Buy? And From Whom?...123 What Types of Limits of Expenditures Are Optimal?...124 Who Should Have a Card?...124 11.5 Process... 125 Administration...125 Cardholder Agreement...125 Policies and Procedures...126 Training...126 Card Statements Data, Flow, and Coding...126 11.6 Payment... 127 11.7 Rebate Management... 127 SECTION 12. CASH MANAGEMENT... 129 12.1 Cost of Cash/Working Capital... 129 Days Payable Outstanding (DPO)...130 12.2 Assigning Different/Appropriate Payment Methodology to Appropriate Vendor(s)... 130 12.3 Terms and Discounts... 131 Ownership...131 Availability and Acquisition of Discounts...132 Negotiating Terms...133 Payment Timing...133 Dynamic Discounting...134 12.4 Supply Chain Finance (SCF)... 135 Reverse Factoring...135 SECTION 13. VENDOR MANAGEMENT... 137 13.1 Ownership... 137 13.2 Vendor Selection... 138 www.app2p.com 11

THE P2P CERTIFICATION PROGRAM 13.3 Managing the Vendor Relationship... 138 Partnering With Vendors...139 Service Level Agreement (SLA)...139 13.4 Monitoring Vendor Performance and Vendor Scorecards... 140 13.5 Customer Service... 141 Vendor Self-Service Portals...141 13.6 Master Vendor File... 142 Master Vendor File Ownership...142 Determining the Rules of the Game...142 Access and Segregation of Duties...143 Data Requirements and Data Gathering...144 New/Change Vendor Form...144 13.7 Vendor Verification... 145 Complying With Laws and Regulations...146 Minimizing the Likelihood of Fraud...147 Minimizing the Number of Duplicate Vendors and Duplicate Payments...148 Approvals...149 13.8 Vendor Welcome Letter and Information Packet... 149 13.9 File Maintenance... 151 Keeping the File Up to Date...151 File Clean-Up...152 Identifying Inactive and Obsolete Vendors...152 Reviewing Active Vendors...153 Duplicate Vendor Identification and Consolidation...153 13.10 Putting the Master Vendor File to Work... 153 13.11 Automation and the Master Vendor File... 154 SECTION 14. COMPLIANCE AND REGULATORY REPORTING... 155 12 www.app2p.com 14.1 Sanctioned Entities, Countries, and Individuals... 155 Office of Foreign Assets Control (OFAC)...156 Specially Designated Nationals (SDNs) and blocked persons list...157 Foreign Terrorist Organizations (FTOs)...157 System for Award Management (SAM)...158 14.2 The Sarbanes-Oxley Act (SOX)... 158 Section 302...159 Section 404...159 Section 802...160 14.3 Information Reporting 1099 and 1042-S... 160 Form 1099-MISC...160 Independent Contractor vs. Employee...161 Form 1042-S...162 Taxpayer Identification Numbers (TINs)...162 Foreign Account Tax Compliance Act (FATCA)...163 Obtaining Taxpayer Information The W-9...163

Table Of Contents TIN Matching the W-9...165 B-Notices...165 Notice 972-CG...165 Obtaining Taxpayer Information W-8...166 Withholding...167 14.4 U.S. Sales and Use Tax, VAT/GST... 167 Sales and Use Tax...168 Nexus...168 Sales Tax and the Internet...169 Sales Tax Exclusions...170 Sales Tax Exemptions...170 Externally Legislated Exemptions...171 Direct Pay Permit...171 Compliance...171 Audits...172 Record Retention...172 The Streamlined Sales and Use Tax Project (SSTP)...172 Value Added Tax (VAT)...174 VAT/GST Refund Opportunities for Organizations in Non-VAT Countries...176 VAT Reclaim Outsourcing...177 14.5 Minority & Women-Owned Reporting and Outreach... 177 14.6 Rules Regarding Doing Business With Board Members and/or Their Companies... 177 14.7 U.S. Foreign Corrupt Practices Act (FCPA) & Other Anti-Bribery Efforts... 178 Bribery and Corruption...178 The Foreign Corrupt Practices Act of 1977 (FCPA)...178 14.8 Privacy... 178 U.S. Privacy Act of 1974...179 The Health Insurance Portability and Accountability Act of 1996 (HIPAA)...179 The Gramm-Leach-Bliley Act of 1999 (GLBA)...179 Other Rules/Regulations Regarding Privacy...179 14.9 Escheatment... 180 A Combination of State and Federal Law Governs Escheatment...180 The Basics...181 Dormancy Period...182 Due Diligence...182 Reporting...182 Remittance...183 Penalties...183 Record Retention...183 Avoiding Unnecessary Escheatment...183 Unclaimed Property Audits...184 Benefits of Compliance...185 14.10 Records Management... 185 Electronic Data Retention Requirements...186 Record Destruction...187 Impact of Globalization...187 www.app2p.com 13

THE P2P CERTIFICATION PROGRAM 14.11 Transaction Type and Industry-Specific Regulations and Reporting... 188 Specialized Reporting...188 The Physician Payments Sunshine Act...188 Dodd-Frank Section 1502: Conflict Minerals...189 SECTION 15. CONTROLS, FRAUD & FRAUD PREVENTION, AND RISK MANAGEMENT... 191 15.1 What Are Internal Controls?... 191 Three Critical Controls...192 Types of Controls...192 Preventive Controls...192 Detective Controls...193 System Controls...193 Compensating or Compensatory Controls...194 15.2 Policies and Procedures... 194 Purchasing-Specific Policies and Procedures...195 Receiving-Specific Policies and Procedures...196 Accounts Payable-Specific Policies and Procedures...196 15.3 Fraud and Fraud Prevention... 197 Internal Fraud...197 Internal Fraud Payment Fraud...198 Internal Fraud Expense Report Fraud...198 Internal Fraud Vendor Fraud...198 Internal Fraud Identity Theft...199 Internal fraud Intellectual Property Theft...199 Preventing Internal Fraud...200 External Fraud Payment Fraud...200 External Fraud Vendor Fraud...201 The Internet...201 Cyber Security...201 Identity Theft...202 Phishing...202 Account Takeover Fraud...202 Intellectual Property Fraud...203 15.4 Risk Management... 203 Supply Chain Risk...203 Business Continuity/Disaster Recovery (BC/DR)...204 SECTION 16. AUTOMATION... 205 16.1 Evaluating Automation Solutions... 206 The P2P Automation Marketplace...206 Cloud Computing...206 Communicating Electronically...207 Extensible Markup Language (XML)...207 Universal Business Language (UBL)...208 Factors to Consider in Choosing a Software Solution...208 14 www.app2p.com

Table Of Contents 16.2 Security... 208 16.3 Enterprise Resource Planning (ERP) System... 210 16.4 e-procurement... 210 E-Catalogs...211 16.5 Electronic Document Exchange the Many-to-Many Problem... 212 Electronic Data Interchange (EDI)...212 E-Invoicing...213 A Question of Control...214 Proliferation of Vendors...215 Faux-e-invoicing...215 Direct Connect/File Transfer...216 16.6 Procure-to-Pay (P2P) Solutions... 216 16.7 Vendor Portals... 217 16.8 Automated Workflow... 217 16.9 Imaging... 218 Electronic Content Management (ECM)...220 16.10 Travel & Entertainment (T&E) Automation... 221 Moving to Mobile...221 Automated Receipt Handling...222 16.11 Contract Lifecycle Management (CLM)... 222 The Contract Management Challenge...222 Contract Lifecycle Management (CLM)...223 SECTION 17. EFFECTIVENESS... 225 Sharing Metrics...225 Measuring the Impact of Change...226 17.1 Defining Metrics... 226 Key Measurements for P2P...227 17.2 Gathering Data... 229 17.3 Analyzing Data... 229 17.4 Activity-Based Management (ABM)... 230 17.5 Benchmarking... 232 Impact of the Internet on Benchmarking...232 Benchmarking Approaches...232 The Benchmarking Process...233 17.6 Spend Analysis... 233 Challenges to Effective Spend Analysis...234 Effects of Automation on Spend Analysis...235 www.app2p.com 15

THE P2P CERTIFICATION PROGRAM SECTION 18. MANAGEMENT/LEADERSHIP... 237 18.1 What Makes a Good Leader?... 237 Leadership Defined...238 Leadership as a Product of the Individual Doing the Leading...238 Characteristics of Good Leaders According to Those Being Led...239 Trust and Respect...240 Giving Staff a Say...240 The Power of Empowerment...241 Delegation vs. Empowerment...241 18.2 Communication... 241 Within the Department...242 Meetings...242 Within the Rest of the Organization...243 Communicating Upward...243 External Communication...243 18.3 Customer Service... 244 18.4 Collaboration How to Establish and Ensure it Continues... 245 Building a Collaborative Culture...245 Decentralization Requires Collaboration...246 18.5 P2P Personnel... 246 Hiring...246 Interviewing...247 Job Descriptions...247 What Makes a Good Buyer or Purchasing Agent?...248 What Makes a Good AP Professional?...249 Training...250 Coaching...251 Assessment...251 Motivation and Recognition...252 Dissolving the Relationship...253 18.6 Building the Team... 254 Steps to Build an Effective Team...254 SECTION 19. CHANGE MANAGEMENT... 257 19.1 The Change Challenge... 257 19.2 Managing Change... 258 Communicate Early and Often...259 Modify Formal and Informal Agreements...259 10 Ways to Manage Change...259 Include Staffing Considerations From the Outset...260 19.3 Moving to P2P... 261 16 www.app2p.com

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