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Tax Fraud Blotter: Negative waves

Accounting Today

In response, Whitman formed a trust with his girlfriend as the trustee then directed his income from the business into the trusts bank accounts and used the money to pay personal expenses. All rights reserved. In 2012, the IRS assessed nearly $800,000 in taxes against Whitman for 2002 through 2009 and began trying to collect.

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6 Accounts Payable Automation Trends To Watch in 2023

MineralTree

As the top back-office digitization priority for the last two years, accounts payable is a great example of a tool that is trusted amongst finance teams to simultaneously target multiple areas of concern including security, process inefficiencies, and disorganized AP workflows. of their annual revenues. To learn more, schedule a demo today.

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Merchant Accounts: Improve Cash Flow and Convenience

AvidXchange

Merchant accounts are an important tool for businesses today. In a world where cash and check payments are steadily declining, these accounts enable businesses to accept card-based transactions. Read on to learn more about how using a merchant account to accept virtual card payments can benefit your business.

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Explaining ePayment Fees: Do Electronic Payments Really Cost More Than Paper Checks?

AvidXchange

Once an invoice is approved and a check is cut, it can take anywhere from seven days to a few weeks for payment to reach a vendor. Those costs are what you could otherwise be doing with the funds if you weren’t waiting for them to arrive, clear and be deposited. What is the cost of not having those funds?

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General Contractor Improves Accounts Receivable Visibility with the AvidPay Network for Supplier Portal

AvidXchange

Customer: Lena Doron, Doron Contracting Industry: Construction Lena Doron co-owns Doron Contracting with her husband, Guy Doron, overseeing the administrative work for the business, including accounts and receivables. It’ll tell me when it was paid, so I know that I deposited it on that date. And what day?’” Doron said.

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Identifying & Preventing Vendor Fraud

MineralTree

According to a 2022 report by the Association for Financial Professionals (AFP), 71% of organizations surveyed experienced attempted or actual payments fraud in 2021. It often involves faking vendor information to redirect payments from the accounts payable (AP) team to a fraudster’s account.

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Handyman Service Receives Faster Payments with AvidXchange

AvidXchange

In 2023, I’m getting paid for services rendered in 2020 and 2021. With this early payment option, if a supplier chooses to accelerate an eligible invoice, AvidXchange deposits the funds directly into their account in as little as 24 hours for a small fee. That’s a long time to think about those jobs and have them on the books.”