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34594 Conferences

Payment issues- how can companies minimize the risk of duplicate, fraudulent, and late payments?

Added by on 2017-10-16

Conference Dates:

Start Date Start Date: 2017-11-14
Last Date Last Day: 2017-11-14
Deadline for abstracts/proposals Deadline for abstracts/proposals: 2017-11-14

Conference Contact Info:

Contact Person Contact Person: Training Doyens
Email Email:
Address Address: 26468 E Walker Dr, Aurora, CO, 80016, United States
Phone Tel: 7209961616
Phone Fax: 7209961616

Conference Description:

Corporate interest in implementing automated solutions will not only streamline and optimize payment operations, but will also create new issues of risk of which management and staff remain unaware.
Organizations are continually striving to address inefficiencies in financial supply chain processes. These firms are exploring innovative ways to leverage automation not only to contain costs from a tactical perspective, but also strategically to enhance control, improve visibility and manage spend. This effort will reduce the process cycle time and thereby reduce working capital requirements. Accounts Payable Automation is emerging as one of the key components of this financial supply chain strategy.

The payables landscape is being changed by emerging financial solutions that enable trading partners buyers, suppliers, and banks to seamlessly exchange transaction-related information as well as money. These changes have increased the inherent risk.
Financial Supply Chain Automation is gaining broad acceptance within accounts payable and accounts receivable managers. Web-based tools, best-of-breed systems, integrated supplier portals, and automated workflow applications are finally beginning to deliver on promises of process improvement and associated cost reduction. The by-product is a much improved process which offers real-time collaboration between buyers, suppliers, and banks. Managers need to be aware of the areas of risk that have emerged and may be undetected during this transition.
Since 2008/2009, the emphasis on cost containment and productivity enhancement has forced organizations to seek new ways to automate traditionally paper-based, labor-intensive AP processes. The realization that current payments processes are a roadblock to achieving these goals has been intensified by the need for improvements in data integrity and greater visibility as a result of Sarbanes-Oxley (SOX) and other corporate legislation.
The recession and need for further cost containment has led to targeting payments automation. The jury is still out on the potential for generating bottom-line improvements, but it may see a greater impact on monitoring and managing cash flow.

Configurable controls
Manual controls
General IT controls
Detective reports
Policies and procedures
Supplier management
Vendor management

Accounts Payable Managers
Payments professionals
Operations managers
Cash management product and sales staff
Treasury managers
Commercial bankers
Corporate treasury professionals
Payments network providers
Payments processors

Which controls are necessary
Incentives or punishments?
Infrastructure and governance
Cost/benefit and decision process
New payments technology and innovation
Managing the risks

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