Decades ago, when Accounts Payable processors manually completed the three-way match of a paper invoice, purchase order, and receiving document, it was considered a courtesy for a supplier to provide a monthly statement of account activity, detailing outstanding invoices and credits. With the move towards automation and reduction in processing errors and mismatches, paper statements […]
As is the case with many process areas, the use of technology to dramatically improve the efficiency and effectiveness of the Credit & Collections process has been the recent experience of companies across the globe. While ERP systems continue to improve their functionality in this area, there are a number of bolt-on solutions that can […]
As Shared Services organizations demonstrate to the senior leadership within their company the ability to optimize processes and drive out waste, the opportunity often can arise to expand its scope of services into less traditional areas of the company, such as Financial Planning & Analysis, Facilities, Office Services, and Supply Chain Finance, to name just […]
Providing gifts or awards to employees can be a big motivator to those who have completed a special project or demonstrated exemplary performance where immediate recognition is appropriate. While a gift or award can be an exciting moment, the event can quickly lose its luster when it’s left to the employee to both understand the […]
The utilization of Purchasing Cards (PCards) is an undisputed best practice for small-amount purchases. However, the requirement for retention of physical receipts related to Purchasing Card transactions can vary significantly between companies, with a number of viable options available. Recently, Peeriosity performed custom research using the iPollingTM functionality to request feedback from members responsible for […]
How your company sets capitalization thresholds for fixed assets has a significant impact on how large your Fixed Asset department needs to be. When you consider the volume of purchases, typically as the dollar amount increases the number of transactions drops dramatically. However, increasing the threshold, while it might be supported based on reasonable materiality […]
Having a talented and engaged workforce is one of the critical success factors in creating and operating a successful Shared Services operation. While there is an abundance of real-life examples of companies that operate Shared Services at a sub-par performance level due to a disengaged team of employees, most savvy leaders realize that such an […]
Even when Shared Services is involved fairly early in the typically complex Mergers & Acquisitions (M&A) process, carrying out the actual integration with an existing operation can be quite challenging, to say the least. With often daunting issues faced in such areas as technology, culture, and overall change management, this type of transition carries with […]
Accounting policies regarding past due trade receivables can vary significantly among major corporations, depending on such variables as an industry, geographic location, and government regulation. In addition to the primary decision as to whether interest and/or penalties should even be charged, are the specifics surrounding such issues as the criteria utilized to determine which accounts […]
As a part of government compliance requirements in the United States, reporting for Form W-9 (Request for Taxpayer Identification Number (TIN) and Certification) and Form 1099 (Miscellaneous Income) crosses multiple functions, including Master Data, Purchasing, Accounts Payable, Tax, and General Accounting. With so many functions involved in the process, there is often no clear owner […]