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Featured Membership Content

• 5 Steps to Successfully Launch a F&A Shared Services Center

  icon Article on Improving Processes, Leadership, Management & Strategy

  Financial Shared Services Centers (FSSCs), once the exclusive province of large multinationals, are going mainstream and are increasingly delivering value to even midsized companies. In the post-recession "New Normal," however, considerations in successfully launching an FSSC have changed significantly. While cost reduction remains an important driver, longer term strategic goals are determining how today's FSSCs are designed and launched.   Continue…

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• Key 2012 Controller Goal: Turn Data Flood Into Actionable Insights

  icon Article on Financial Leadership

  Controllers and finance departments raised their profile during the Great Recession by controlling costs and increasing efficiencies to help their companies survive. However, the challenge facing controllers in 2012 and beyond is how to transition from a focus on cost control to one that balances cost management with company growth. There are key investments controllers need to make in the finance function to increase its ability to deliver value to the whole enterprise to enhance growth in today's volatile business climate.  Continue…

• Deadline Nearly Here for New 401k Plan Disclosure Rules

  icon Article on Benefits Costs

  Many controllers have fiduciary responsibility in regard to their company's 401k plan. Starting on May 1, 2012--and continuing with a second deadline on April 31, 2012--new Department of Labor regulations kick in that require far more extensive and transparent disclosure to participants regarding plan fees. Controllers should take a number of steps now to prepare for the changes and to meet their fiduciary responsibilities under the new rules.   Continue…

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• Are You Satisfied With Your Bank Relationships? Is It Time to Switch?

  icon Article on Banking & Finance Charges

  Banking relationships, which in the best circumstances can last 12-years or more, have their ups and downs due to customer service failures, changes in key relationship officers, or the bank's inability to support the organization from a strategic standpoint. Organizations place a very high value on their banks’ understanding of their business and operations--and their ability to act as a strategic partner and work for long-term solutions. Bank fees, not surprisingly, also play a key role in satisfaction. Not only do firms want accuracy and transparency in the fees they are being charged, but they also want to be satisfied with the value they receive for the fees they are paying. Both these aspects of fees tend to foster the length of bank relationships. But, when the time comes to select and establish a new bank relationship, the most valued attributes are whether the bank is able to support the organization from a strategic standpoint and whether the bank offers “best-in-class” products and services.   Continue…

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From the Blog

• Electronic Unclaimed Property Reporting Part I–It’s Easier Than You Think

  icon Blog on Escheatment

  States unclaimed property (escheatment) laws are being more aggressively enforced than ever. So why not switch to electronic reporting to make compliance easier? Continue…

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• How Controllers Can Update Skills for Today’s Finance Organization

  icon Blog

  It's a changing world in the corporate finance organization. The need to bring strategic financial analysis and planning skill sets to the table is impacting financial executives from the CFO and controller on down. Controllers who want to keep their careers on track must move beyond the technical skills required to head the accounting and financial controls function. Continue…

• Employee Retirement Plan Compliance Changes for 2012

  icon Blog on Benefits Costs

  Significant changes are coming for administration of employer-sponsored retirement/savings plans in 2012. Here we alert controllers with fiduciary responsibilities for such plans to two new developments: 1) the April 1, 2012 deadline for 401k plan fee disclosures; and 2) IRS nondiscrimination rules for defined benefit plans that are closed to new participants. Continue…

• Global Tax Compliance Alert for 2012

  icon Blog on Tax and Regulatory Compliance

  With record-setting U.S. exports in 2011, more controllers than ever must keep abreast of global tax issues. Here we highlight two: the proposed Foreign Account Tax Compliance Act (FATCA); and heightened SEC scrutiny of U.S. companies’ foreign tax exposure. Continue…

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• AP Best Practices: Matching and the Invoice Payment Process

  icon Blog on Accounts Payable

  IOFM controller and other corporate finance members have 24/7 access to a plethora of tools and resources like this, including: current sales & use tax rates state-by-state, dozens of best Continue…

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• Hosted TMS Enables Smaller Companies to Enhance Treasury Operations at a Lower Cost

  icon Blog on Financial Leadership

  Treasury Management Systems are designed to improve efficiency by providing companies relief from the burden of manual operations, help them to reduce staff, provide value added services like pre-defined interfaces to banks, hotlines for processing issues, and improved cash flow forecasting. But few can afford the estimated $500,000 for an in-house TMS. With a hosted solution smaller companies can avoid all the technical headaches like training your own in-house IT specialists, or creating your own backup systems and disaster recovery sites. In terms of costs, there is little or no upfront investment in TMS hardware, operating systems and database software. And, SaaS gives you access to a variety of value-added services like pre-defined bank interfaces, back office processing, integrated dealing platforms, SWIFT connectivity and electronic bank account management (eBAM). There are now at least twenty-two TMS solutions on the market. New solutions, such as Kyriba, TGold and Reval, are available only as hosted solutions. Vendors of some of the more traditional in-house TMS, like SunGuard and Wall Street Systems, are also now selling hosted solutions.  Continue…

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