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Christine H. Doxey - The New Accounts Payable Toolkit

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Table of Contents Guide Pages Founded in 1807 John Wiley Sons is the oldest - photo 1
Table of Contents
Guide
Pages

Founded in 1807, John Wiley & Sons is the oldest independent publishing company in the United States. With offices in North America, Europe, Asia, and Australia, Wiley is globally committed to developing and marketing print and electronic products and services for our customers' professional and personal knowledge and understanding.

The Wiley Corporate F&A series provides information, tools, and insights to corporate professionals responsible for issues affecting the profitability of their company, from accounting and finance to internal controls and performance management.

The New Accounts Payable Toolkit

Christine H. Doxey

Copyright 2021 by John Wiley Sons Inc All rights reserved Published by - photo 2

Copyright 2021 by John Wiley & Sons, Inc. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at www.wiley.com/go/permissions.

Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993, or fax (317) 572-4002.

Wiley publishes in a variety of print and electronic formats and by print-on-demand. Some material included with standard print versions of this book may not be included in e-books or in print-on-demand. If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com. For more information about Wiley products, visit www.wiley.com.

Library of Congress Cataloging-in-Publication Data

Names: Doxey, Christine H., 1955- author. | John Wiley & Sons, Inc., publisher.

Title: The new accounts payable toolkit / Christine H. Doxey.

Description: Hoboken, New Jersey : Wiley, [2021]

Identifiers: LCCN 2020055859 (print) | LCCN 2020055860 (ebook) | ISBN 9781119700500 (hardback) | ISBN 9781119700531 (adobe pdf) | ISBN 9781119700524 (epub)

Subjects: LCSH: Accounts payable. | Invoices.

Classification: LCC HF5681.A27 D69 2021 (print) | LCC HF5681.A27 (ebook) | DDC 658.15/26dc23

LC record available at https://lccn.loc.gov/2020055859

LC ebook record available at https://lccn.loc.gov/2020055860

Cover Design: Wiley

Cover Image: yewkeo/Getty Images

SECTION 1
Introduction

Welcome to The New Accounts Payable Toolkit! This toolkit is a guide for everything AP. As we look at all the processes that impact AP and procure to pay (P2P), the author will present best practices and current trends. As we drill down into the pertinent process details, an overview will be provided, followed by a process flow diagram with additional insights. Standards of internal controls are also presented for the AP and P2P processes explored in this toolkit.

CHAPTER 1
About This Toolkit

The New AP Toolkit is an excellent reference book for anyone new to the AP or P2P space. It can be used to evaluate current processes and identify improvements. This book also serves as a reference for AP managers and directors, P2P managers and directors, shared services managers and directors, external and internal auditors, internal control professionals, CPOs, controllers, and CFOs. Here's how the book is organized.

How This Toolkit Is Organized
Section NumberTitleChapter NumberChapters
1IntroductionAbout This Toolkit
2The New AP DepartmentThe New AP Department
Automating the AP Process
3Dissecting the P2P ProcessWhat is the P2P Process?
Transforming the P2P Process
Structuring the AP Process
4How Procurement and Receiving Impact APSupplier Selection and Management
Contract Management
Purchasing and Ordering
Receiving
5A Laser Focus on APThe Supplier Master File
Invoice Processing
P-Cards
Travel and Entertainment
The Payment Process
Accounting, Reconciliation Processes, Self-Audit Tools, and Internal Controls
Customer Service
Reporting, Analytics, and Benchmarking
6Other AP Business ProcessesSupply Chain Financing (SCF)
Escheatment
Sales and Use Tax
Independent Contracts and the 1099 Process
Business Continuity Planning
7AddendumAccounts Payable: Quarterly Controls Self-Assessment Questionnaire
Glossary
INDEX OF AP TOOLS

As an additional bonus, AP Tools are provided within each applicable section. Each AP Tool is numbered for your reference and cross-referenced to a chapter. Every AP Tool includes an introduction titled About This Tool which serves as an overview of the tool. Each type of tool is classified as a checklist, template, or best practice.

This index provides the listing of all the tools for controllers that are included in this book and provides a quick glance of an inventory of all the helpful tools provided. The index is organized by: (1) Section Number, (2) Section Title, (3) Chapter Number, (4) Chapter Title, and (5) AP Tool Title and Number.

Index of AP Tools
(1) Section Number(2) Section
Title
(3) Chapter Number(4) Chapter Title
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