Transactional errors result in millions of dollars worth of accounting anomalies for F1000 companies each year. With millions of payments to thousands of vendors, business changes, new systems, and complex purchasing environments, 100 percent payment accuracy is nearly impossible – even for AP organizations with the strongest controls. More and more, AP and Shared Services [...]
President Obama released his proposed fiscal year 2012 budget this week. The budget contains a portion of the 1099 provisions from the 2010 Patient Protection Affordable Care Act (aka, the health care law). As a refresher, the funding provision of the health care law requires all for-profit corporations to issue 1099 forms to vendors from [...]
Last week, I introduced six initiatives AP and Shared Services could implement to drive organizational efficiencies in 2011. This week, I’d like to focus on the 1099-K reporting changes that went into effect in January of this year. This change was part of the Housing Assistance Tax Act of July, 2008. It was better known [...]
On February 2nd, the Senate voted on multiple topics related to the 1099 reporting requirements as part of the FAA reauthorization bill. The first was a repeal of the 2010 Patient Protection Affordable Care Act (aka, the health care law). The health care repeal failed in a 51 to 47 vote. The second was a [...]
Take positive actions in your AP and Shared Services planning this year to improve processes and increase efficiencies.