By Mary S. Schaeffer
"Accounts Payable and Sarbanes-Oxley cements Mary Schaeffer's popularity because the most desirable authority on debts payable. She presents nice element on all features of the payables structures had to conform to Sarbanes-Oxley. A needs to for each controller's bookshelf!"
—Steven Bragg, ideal info prone
"Mary Schaeffer has performed it back! America's so much entire debts payable specialist has written one other authoritative and entire paintings. This time she takes objective at inner controls and the Sarbanes-Oxley Act as they effect the payables functionality. even if you're required to conform with the Act, this publication may also help you meet the demanding situations dealing with pros who call for powerful and effective controls either now and sooner or later. This publication is a gigantic source and blueprint for any monetary professional."
—Bob Lovallo, President, Pinpoint revenue restoration prone, Inc.
"There are many publications to complying with Sarbanes-Oxley but this article is the 1st i've got visible that offers money owed payable departments with a video game plan, either from a mile-high and an in-the-trenches point of view. no matter if you're not all in favour of SOX, this advisor presents the foundational regulate framework and most sensible practices for any money owed payable department."
—Richard B. Lanza, CPA/CITP, CFE, PMP, President, money restoration companions L.L.C
"Mary Schaeffer's e-book offers basically written counsel at the motives, outcomes, and top practices for debts payables inner controls. each accounting, auditing, and knowledge know-how specialist who offers with bills payable will locate a few precious feedback during this book."
—Dr. Will Yancey, CPA, self sufficient consultant
"If you just learn one e-book at the tasks and duties of the money owed payable representative-make it this one. Ms. Schaeffer is de facto fabulous at explaining the effect the Sarbanes-Oxley Act could have at the association and its money owed payable systems. no matter if you're a professional money owed payable consultant or simply new to the placement, this ebook may help you to develop into firmly grounded on your skill to accomplish your function within the money owed payable department."
—Jerry W. Michael, President, IRSCompliance.org
The bills payable blueprint to changing into Sarbanes-Oxley compliant
The Sarbanes-Oxley Act offers a rigorous self-discipline that may be utilized by all firms, whether they're publicly traded or no longer. powerful inner controls and segregation of tasks should still develop into a typical mind set instead of whatever required by way of legislations. Accounts Payable and Sarbanes-Oxley offers a complete evaluate of the Act and lays out the mandatory guidance that have an effect on debts payable to make sure compliance within the money owed payable department.
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Additional info for Accounts payable and Sarbanes-Oxley : strengthening your internal controls
SMALL-DOLLAR INVOICES Small-dollar invoices are the bane of many accounts payable departments. They take a considerable amount of time and energy to process, taking precious time from larger transactions that deserve more scrutiny. Thus, many companies encourage the use of p-cards for small-dollar transactions. Others have developed mechanisms to review these invoices in a manner that utilizes fewer precious resources. One example is negative assurance. Approvers are notified of an invoice but not required to take any action unless they did not order the goods in question, hence the negative connotation in the nomenclature.
No wonder vendors don’t get paid on time! Even when the mailroom is told to forward anything that looks like an invoice to accounts payable, invoices float. A decision regarding where invoices should be sent must be made within each company. Once that decision has been made, this information needs to be communicated to all vendors. It should be included in the welcome package that is sent to new vendors. It can also be communicated through regular communication that purchasing has with suppliers.
There is also an issue when invoices arrive in accounts payable with no indication as to who ordered the items covered by the invoice. Some companies, usually the lead players in an industry, require that either the name of the person ordering the goods or the PO number be included on the invoice. Without these vital pieces of information, accounts payable may be clueless as to where to go to get the invoice approved for payment––a very necessary part of the payment process. When Accounts Payable Now & Tomorrow polled a group of its readers, almost 15% indicated that they were able to improve their invoice-handling process because of the SarbanesOxley Act.
Accounts payable and Sarbanes-Oxley : strengthening your internal controls by Mary S. Schaeffer