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Accounts
Payable
Accounts payable is a form of credit that
suppliers offer to their purchasers by allowing them to pay for a product or
service after it has already been received.
Terms related to accounts payable
Reconciliations - reconciling company records of invoices and payments
against vendors' statements of outstanding invoices.
Expense administration - expense reports,
receipts, documentation, tax purposes, reimbursement, petty cash
Internal controls - Fraudulent invoices,
purchase order system, overpayment, duplicate invoices, payment recovery
firms
Audits of accounts payable - Auditors,
approved invoices, expense reports, and other supporting documentation
Accounts
Receivable
Accounts receivable is one of a series of
accounting transactions dealing with the billing of customers who owe money
to a person, company or organization for goods and services that have been
provided to the customer. In most business entities this is typically done by
generating an invoice and mailing or electronically delivering it to the
customer which is to be paid within an established timeframe called credit or
payment terms.
Related terms: bad debts, third party
collection agencies or collection attorneys, recover the debt, negotiating
payment plans, settlement offers or legal action, outstanding advances,
Bookkeeping for Accounts Receivable (allowance method, direct write off
method), realizable value
Debtors
Factoring (finance)
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AP/AR Industry Reference
& Resources
Accounts Payable
- International Accounts
Payable Professionals - IAPP is recognized for its support of
state-of-the-art process improvements and for helping its Members strive
toward new ideas and goals. Simultaneously, its purpose is to set a
standard for education among individuals in the AP profession.
Membership in IAPP will provide you, and your company, with the necessary
resources to succeed in an ever changing payables environment. Site
comprises sections on USAP Calendar, AP Employment & Career Info
Strategies, Discussion Groups, IRS Updates, Local Chapters, IAPP Library
& Research Section
- Accounts
Payable Network - Becoming a member of TAPN now will give you access
to on-demand AP-specific best practices, case studies, 1099 and
Sarbanes-Oxley compliance guidelines, AP metrics, technology
evaluations, independent research, objective analysis, expert advice,
and hundreds of downloadable, customizable templates to help you succeed
in every accounts payable area: People, Processes, Accounts payable
technology, Accounts payable training and certification, Accounts payable
policies, Cash management, Internet payment processing, P-cards,
Workflow strategies, Tax and regulatory, Fraud, Procure-to-Pay, Career
Management & Glossary
- Institute for Supply
Management - Founded in 1915, the Institute for Supply Management™
(ISM) is the largest supply management association in the world as well
as one of the most respected. ISM’s mission is to lead the supply
management profession through its standards of excellence, research,
promotional activities, and education. ISM’s membership base includes
more than 40,000 supply management professionals with a network of
domestic and international affiliated associations. ISM is a
not-for-profit association that provides opportunities for the promotion
of the profession and the expansion of professional skills and
knowledge.
- National (US)
Association of State Procurement Officials - The National
Association of State Procurement Officials is a non-profit association
dedicated to strengthening the procurement community through education,
research, and communication. It is made up of the directors of the
central purchasing offices in each of the 50 states, the District of
Columbia and the territories of the United States. NASPO is an
organization through which the member purchasing officials provide
leadership in professional public purchasing, improve the quality of
purchasing and procurement, exchange information and cooperate to attain
greater efficiency and economy.
- National
Association of Purchasing & Payables - The NAPP is an
organization dedicated to providing Purchasing and Payables
Professionals with new and innovative ideas for improving both the PO
and AP functions. The NAPP seeks to enhance the critical interaction
between the Purchasing and Payables disciplines and is the only national
organization that focuses on the entire Procure-to-Pay lifecycle
- National Institute of
Governmental Purchasing - The National Institute of Governmental
Purchasing, Inc. (NIGP) is a national, membership-based non-profit
organization providing support to professionals in the public sector
purchasing profession. NIGP provides its members with many services,
including education, professional networking, research, and technical
assistance. Organized in 1944, NIGP is an international not-for-profit
educational and technical organization of public purchasing agencies.
The Institute is composed of 73 affiliate chapters and more than 2,300
agency members representing federal, state, provincial and local
government levels throughout the United States and Canada. These
agencies represent over 13,500 individuals serving the public
procurement community.
- Purchasing Management
Association of Canada - The Purchasing Management Association of
Canada (PMAC) is the leading professional association in Canada for
supply chain management professionals. With more than 40,000 members and
program participants working in all sectors of the Canadian economy,
including retail, manufacturing, transportation, distribution,
government, natural resources and service sectors, PMAC is the principal
source of training, education and professional development for supply
chain management professionals in Canada. Education and member
development programs are delivered through the Provincial and
Territorial Institutes, supported by the PMAC National office. The
highest achievement in professional supply chain management education in
Canada is the PMAC Certified Professional Purchaser (C.P.P.)
designation.
- Credit Institute of
Canada - The Credit Institute of Canada was created by a special Act
of Parliament on June 11, 1928 and is the only organization which grants
official designations to professionals in the Canadian credit field. The
objective of the Institute is to provide its members with the most
current and comprehensive educational programs in credit and financial management
to meet the needs of students and the business community.
- CMA Business
Credit Services - CMA Business Credit Services (CMA), founded in 1883,
is a California nonprofit corporation with approximately 2100 member
companies that represent more than 250 different categories of business
operations. CMA is the largest affiliate of the National Association of
Credit Management (NACM). CMA serves members through offices in Burbank
and San Leandro, California, and in Las Vegas, Nevada. CMA's mission is
to be the leading resource for credit and financial management by
providing information, products, and services for effective accounts
receivable management and by promoting professional education and
development.
- The Electronic Payments
Association - NACHA is a not-for-profit association that represents
more than 11,000 financial institutions through direct memberships and a
network of regional payments associations, and 650 organizations through
its industry councils. NACHA develops operating rules and business
practices for the Automated Clearing House (ACH) Network and for
electronic payments in the areas of Internet commerce, electronic bill
and invoice presentment and payment (EBPP, EIPP), e-checks, financial
electronic data interchange (EDI), international payments, and
electronic benefits services (EBS).
Accounts Receivable
- Accounts Receivable News & Info
- Collection
Industry
- CRF – Credit &
A/R Research Foundation Online - CRF is an independent, member-run
organization, consisting of a dynamic community of like-minded business
professionals with a vested interest in improving and fostering the
field of business credit --more specifically--the practices and
technologies of business credit. CRF is your industry advocate; the
bridge in the customer financial relationship. Since 1949, the Credit
Research Foundation has emphasized the role of education and research
activities to aid business credit, accounts receivable and customer
financial managers. CRF is the foremost non-profit, member-supported,
education, and research organization dedicated to the credit and
financial management community.
- Creditworthy
Business Credit - Creditworthy is an internet based company
providing information, products/services and programs to the Business
Credit Community. Creditworthy is a subsidiary of Meeker
Enterprises, which also owns NACM Tampa. Much of the web site
developed by Creditworthy is free and open to all; however, the
Credit Club is a fee based organization providing additional services,
including: Creditworthy News; Public Co Direct provides information on
public companies; Provider Services such as business and consumer
Credit Reports, public records, credit investigation services,
etc; Internet Industry Credit Group Program that provides a
sophisticated and powerful web based group program; Credit/Collection
Programs
- Collections
World – online resource for commercial and consumer credit
professionals
- Credit Union
Journal Daily - An online resource for credit union community news.
As America's leading CU newsweekly, every issue of The Credit Union
Journal gives you trustworthy, concise coverage of the issues that
affect your business, whether it be investments, member relationship
management, small business services, legislative changes, or any other
pertinent topics
- Credit Today
- Accounts Receivable Reports
- Accounts Receivable Associations & Organisations
- National Association of
Credit Management - NACM® was founded in 1896 to promote good laws
for sound credit, protect businesses against fraudulent debtors,
improve the interchange of credit information, develop better credit
practices and methods, and establish a code of ethics. Education and
research programs illustrate NACM's awareness of the complex needs of
credit management today. Membership in a NACM-affiliated credit
association includes membership in the National Association. Members of
NACM® are credit and financial executives, primarily representing
manufacturers, wholesalers, financial institutions, and varied service
organizations
- ACA
International – Association of Credit & Collections Professionals
- ACA International is a 501(c) 6 not-for-profit trade association for professional
businesses and individuals in the credit and collection industry.ACA
International (ACA), formerly the American Collectors Association, was
created in 1939 to bring together third-party collection professionals
to advance the credit and collection industry. Today, ACA ties together
the entire credit and collection cycle, which is critical to the
world's economy. ACA's membership includes collection professionals,
asset buyers, attorneys, creditors and vendors in more than 55
countries. ACA members return billions of dollars to the economy each
year, ensuring that the use of credit remains available to consumers.
ACA members work to achieve common goals and encourage the continued
growth and professionalism of their businesses. The association is the
voice of the credit and collection industry and serves as a resource
for its members, the media, policy makers and consumers. ACA's
headquarters is located in Minneapolis, and has a professional staff
dedicated to serving ACA members and the industry at large.
- Institute of Credit
Management, UK - The ICM is the largest professional credit
management organisation in Europe. Its 8,700 members hold appointments
throughout industry and commerce - in trade, consumer and export credit
as well as in related activities such as collections, credit reporting,
credit insurance and insolvency practice. The Institute's aim is to
raise professional standards in credit management, and to increase
awareness of its importance as a crucial management function with a
vital role in improving marketing, profitability and cash flow. Founded
in 1939, the ICM is the centre of expertise in the United Kingdom for
all matters relating to credit management. The Institute: (1) sets
professional standards, and tests and assesses those who wish to become
Members; (2) organises specialist education and training; (3) provides
a range of services aimed at keeping credit managers up to date; (4)
consults with and makes recommendations to the Government, European
Commission, other professional bodies and trade associations.
- Federation of European
National Collection Associations - Since the establishment of the
Federation of European National Collection Associations, several
countries have joined the Federation. In 2007, 14 countries are part of
the process. FENCA, founded 15th January 1993, is the non
profit-making umbrella of National associations and aims to: (1)
Protect and take care of the interests of the national member
associations; (2) Promote the development of European legislation
within the debt collection industry; (3) Promote the development within
national member associations of the following - Keep the collected
means for clients separated from the company means, Have special
insurance for the protection of the clients, Establish a committee for
complaints, Establish training facilities & Introduce basic rules
and guidelines for contracts and agreements between the agencies and
their clients. Based in Lausanne, Switzerland
- Australian Institute of
Credit Management
- Credit Services
Association, UK - The Credit Services Association (CSA) is the only
National Association in the UK for companies active in relation to
unpaid credit accounts; debt recovery agencies, tracing and allied
professional services. As a sub division of the Credit Services
Association (CSA) the DBSG works for the benefit of those involved in
buying or selling debts (or intermediaries in the sale process). The
CSA Training Services provide a comprehensive, flexible and vast range
of training courses. From the diploma course to our bespoke In-House
training, designed specifically for your company.
- France National
Association of Collection Agencies
- Federal Association of
German Collection Enterprises
- French Association of
Credit Managers
- Italian Association of
Collection Agencies
- Belgian Society of
Collection Agencies - The ABR-BVI (the Belgian Collectors
Association) is the only professional association of its kind in
Belgium. It groups 16 members of the 80 plus that are active in
Belgium. All members are major, top-notch agencies, selected because of
the trust they inspire daily throughout the quality of their work. They
meet all key requirements in terms of structure, liquidity and
solvency, and maintain a strict code of conduct (cfr. code of
deontology). The clients (creditors) originate from the twin worlds of
commerce and industry, representing a wide variety of companies, from
all sectors and in all sizes. Our members help them to collect debts
both from consumers and businesses. The association is a member of
FENCA (Federation of European National Collection Associations).
- The
Association of Swedish Debt Collectors
- Hong Kong Credit &
Collection Management Association - Hong Kong Credit and Collection
Management Association (HKCCMA), the first and only association for the
credit and collection practitioners in Hong Kong. Objectives: To
regulate practices, prescribe ethics and to enforce proper conduct
among its Members. To promote the importance and interest of a healthy
credit environment in the society. To foster credit education for the
general public. To foster professionalism among credit and collection
practitioners in all sectors in the society. To encourage and promote
the adoption of legislation favor to the rights and fairness of the
credit collection practitioners and organizations and the credit
granting public.
- International Credit
& Collection Benchmarking Association - International Credit
& Collections Benchmarking Association (ICCBA™) is an association
of credit and collections (accounts receivables) management professionals
to compare operating performance and identify the best business
practices. Basic membership in The International Credit &
Collections Benchmarking Association is available to employees of
corporations that manage credit and collections (accounts receivables)
. Basic membership is currently available at no charge to qualified
individuals. Participation in association activities will be charged
separately.
Pictures
Business
Process Management process & solution for accounts payable
The
position of accounts payable in and its relation to other finance and
accounting domains
Accounts
payable process flow
A simple
accounts receivable process diagram
A
screenshot of SAP accounts receivable module
..
..
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