Proper management of an agency’s Accounts Payables functions is crucial for a number of reasons. First, without an accurate assessment of how much CSI owes (and to whom), we would be unclear as to our financial situation. Second, in a business that is built on relationships, if we have haphazard AP practices, our business reputation will suffer. Third, poor AP practices can be costly. Missing or late payments can result in late fees, increased interest charges, or loss of a supplier. As a non-profit agency charged with helping others, (and limited resources) we certainly can’t afford for our revenues to be wasted.
Luckily, we are fortunate to have an Accounts Payable unit (a section of Central Office’s Fiscal Department) that is diligent and keeps the bills paid! This is no easy task. Did you know that last fiscal year Accounts Payable (AP) cut 4,264 checks, paid to 646 different vendors? This averages 355 per month.
In addition, CSI currently has 43 petty cash program accounts for which Accounts Payable (AP) must process payments. AP also processes an average of 130 mileage reports each month. All told, AP processes an average of 1,020 transactions per month. This is especially impressive given that CSI’s current Accounts Payable section is comprised of only two staff, Tina Cioffi and Jean Aldrich. We appreciate all that these capable professionals do to help keep us accurately informed of our agency’s fiscal obligations, in good standing with our vendors, and to ensure good stewardship of the (mostly public) funds we receive to operate our programs.