Accounts Payable

  • Never Fear The Hard Stop

    One technique that I see corporations choose to go without is the implementation of hard stops within an ERP system. The hard stop is a device that, when implemented, can be incredibly effective in changing the way that the system allows new data entries. The difference between a hard stop enabled system and a standard […]

  • Duplicate Payment Controls in SAP

    Technology Insight has been identifying duplicate payments for clients since 1999. Throughout this time we have worked with a multitude of systems such as SAP, PeopleSoft, Oracle, Lawson, BPCS, GEAC, J.D. Edwards and many more recognizable (and unrecognizable) systems. Each system contains controls to stop duplicate payments. Inevitably, we always identify duplicate payments missed by […]

  • Tips for Stopping Duplicate Payments

    I was recently speaking with a financial executive at a billion dollar plus company and I was surprised to hear him say that he didn”t feel his company could have a duplicate payment issue because they were SOX certified and used the most expensive accounts payable system. Anyone who actually enters A/P transactions into any […]

  • Taxpayer Identification Number (TIN) Matching from the IRS

    The IRS TIN Matching service is a valuable tool that every A/P manager should know about. This free-of-charge e-service allows ‘authorized payers’, defined by the IRS as one who has filed information returns with the IRS in at least one of the two past tax years, to match 1099 payee information against IRS records prior […]

  • Purchase Orders and Duplicate Payments

    Purchase orders are considered a good internal control mechanism, right? Even introductory accounting and auditing classes teach the value of “two-way matches” and “three-way matches”. Would it surprise you if I told you that 41% of all of the validated duplicate payments made by our clients were PO related? I believe in the value of […]

  • Ownership & Accountability Are Essential to Clean Vendor Master Files

    How often does some version of this statement get uttered in your organization’s A/P department? “Somebody created a duplicate vendor” or “Somebody put the tax id in wrong” Have you ever wondered who hired this “somebody”? This vague person always seems to be responsible for things going wrong. I think we all know that, really, […]

  • 5 Steps to Cleaning Up Vendor Master Files

    Technology Insight Corporation (TIC) has worked for the last ten years to ensure that their clients have deployable and effective tools to help organizations create sustainable solutions to reduce their error rates. After working with hundreds of companies to root out duplicate payments and errors, which cost them millions of dollars a year, TIC has […]

  • One Simple Question That You Can’t Answer

    Every A/P department has run into a time when they are hard pressed to answer the question “How much did we spend with ABC Supplier last year?” It is a deceptively simple question and one that, in this day and age of computers, ERP systems and automation, should be easily and accurately answered without hesitation. […]

  • Consistency, Consistency, Consistency

    Many experts agree that it takes up to 21 days to form a good habit. Some even say that it takes up to 66 days. No matter what the real number is, the core message remains the same: Consistency is the key to real change. When it comes to creating and maintaining clean Vendor Master […]

  • Collecting & Validating TINs

    One of the most common unclean Vendor Master File culprits out there is the presence of incorrect or dummy Taxpayer Identification Numbers (TINs). When many of our clients deploy our DataShark Tool or engage our Recovery Audit Services, they are amazed at how many Vendor Master Files have been created using some form of a […]

  • What Is OFAC Matching & Why It Matters

    The Office of Foreign Asset and Control (OFAC) is a division of the Treasury Department which enforces economic sanctions against countries and individuals who, for the most part, are known terrorists or drug traffickers. Many people think this is a relatively new government entity, perhaps inspired by the events of 9/11. Surprisingly, the OFAC’s history […]

  • Beneath the Surface: Why Root Cause Logs Can Change Everything

    Understanding the true drivers within your company is a basic tenant of good business. The process of understanding causation takes many forms and goes by many names. Whether you know it as The Five Why’s, Ishikawa Diagraming or some other iteration of Six Sigma training, the fundamental and simple concept of discovery remains the same, […]