1. Accounts Payable in the 21st Century

  1. Parmenter David

Published Online: 4 JAN 2012

DOI: 10.1002/9781118269152.ch1

Winning CFOs: Implementing and Applying Better Practices

Winning CFOs: Implementing and Applying Better Practices

How to Cite

David, P. (2011) Accounts Payable in the 21st Century, in Winning CFOs: Implementing and Applying Better Practices, John Wiley & Sons, Inc., Hoboken, NJ, USA. doi: 10.1002/9781118269152.ch1

Publication History

  1. Published Online: 4 JAN 2012
  2. Published Print: 21 MAR 2011

ISBN Information

Print ISBN: 9780470767504

Online ISBN: 9781118269152

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Keywords:

  • accounts payable network;
  • U.S. multinationals;
  • budget holders;
  • information technology;
  • electronic ordering system

Summary

This chapter contains sections titled:

  • Removal of Charles Dickens's Processes

  • Move to a Paperless Accounts Payable Function

  • Invest in an Electronic Ordering System (Procurement System)

  • Introduce a Purchase Card

  • Cut Off Accounts Payable on the Last Working Day

  • Close Accruals a Day before the Accounts Payable Ledger

  • Limit the Accruals

  • Mount the Last Signed Check on the CEO's Wall

  • Perform Frequent Direct Credit Payment Runs

  • Improve Budget Holders' Cooperation

  • Speed Up Budget Holders' Correction of Omissions

  • A Welcome Letter to All New Budget Holders

  • Introduce “Shame and Name” Lists

  • Reward Good Budget Holder Behavior

  • Have a Closer Relationship with Your Main Suppliers

  • Use Self-Generated Invoices (Buyer-Created Invoices)