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Ford's redesigned accounts payable process embodies the new rule.
The company, which had sales of $1.3 billion for 2003, blamed control weaknesses in its accounts payable process for allowing the theft to occur.
Property management software integrates the whole payable process so that all records and invoices are stored and accessible online for complete, real-time transparency.
WayPay — Streamlines the accounts payable process for SMEs by connecting to any AP system and automatically reconciling payments sent to local or international suppliers from any combination of bank and credit card accounts.
"Virtual credit cards generate cash rebates for the companies that use them, while also adding an enhanced level of security and fraud protection to the accounts payable process," said Tom Rogers, CEO of Vendor Centric, a consulting firm that helps companies manage and mitigate risk from working with their vendors.
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Ford has reengineered its accounts payable processes, and Mutual Benefit Life, its processing of applications for insurance.
"When implemented properly, virtual credit cards can produce four big benefits: cash rebates, stronger internal controls, streamlined accounts payable processes and better cash management," said Rogers.
In addition, we improved our cash flow with better collections and payable processes while also implementing a new project management system that provides us with increased visibility on deals.
BeanEvo – Web-based app that takes over accounts payable and automates the process.
Information forms and the application are available online; the process costs $152.50, payable by certified check or money order.
Accounts Payable will start the payment process for the transaction upon receiving an invoice listing the blanket order number.
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