A comprehensive guide to maximizing electronic payment practices without compromising compliance
Today's ever-expanding payment options have completely changed the landscape of accounts payable systems. Accounts Payable Systems: A Guide to E-Payments, Regulation, and Financial Transactions is both a how-to guide and a best practices handbook for the changing environment of AP payment methods. It gives businesses the knowledge they need to keep up with advancing technology, helps them evolve with changing AP practices, and better prepares them for the future.
Whether your organization already uses electronic payments or is looking to transition to this type of payment processing, Accounts Payable Systems is a complete guide to the different AP options available as well as how to maintain audit compliance for any system on the market. Readers will learn:
- How to implement best practices for electronic payment approval while actively preventing fraud
- How to properly populate GL and accounting codes for all types of payments (check, wire, ACH, Payments Today, Virtual Credit Card, Purchasing Card)
- How to ensure compliance with accounting standards for each type of software on the market
- How to meet 1099 requirements, create electronic invoice backups, and handle short payments
A proper AP system can improve cash flow, reduce the risk of payment fraud, create greater efficiencies in the business, and reduce overall costs. This book covers fundamental concepts as well as more specific topics like revenue sources, process savings, and emerging technologies. It is an essential read for any AP professional looking to create efficient and secure AP processes within their organization.