Accounts Payable

Process & Principles

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Do You Know Your AR Numbers? Most Don’t and It’s Putting Them at Risk

In today’s uncertain economy, it’s more important than ever that AR teams know their numbers.

Specifically. you need to know:

· How

IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

Accessing AP & AR Best Practices, Benchmarking, and Internal Controls

Q. Could you send me the most up to date articles/flow charts for AP and AR& Order to Cash… Read More

Responsibility for Managing the AP Department Budget

Q. In your company, is developing and maintaining an AP departmental budget the responsibility of… Read More

Better Benchmarking: 1o Pitfalls to Avoid

Traditional benchmarking was a lengthy process that might take nine months or more, and generally required multiple in-person site visits. By the time the study was complete, the organization’s

Traditional benchmarking was a lengthy process that might take nine months or more, and generally required multiple in-person site visits. By the time the study was complete, the organization’s… Read More

Best Benchmarking Practices: Look in Your Own Backyard

Before you venture outside your organization to search for best practices, look in your own backyard. You may find that one of your departments is saving 50% on a particular process because they… Read More

How to Use Metrics and Benchmarking Effectively

The Set Up: What Metrics Can Do - Need to make changes in your organization? (Who doesn't?) How do you argue effectively for change? How do you get attention for accounts payable at all (outside of… Read More

Developing Analytics for Your AP Team

Introduction to AP Analytics - The accounts payable process holds the key to several types of data that can help your company with decision making for strategic sourcing. The data also indicates… Read More

Process mapping

Analyzing Your Processes and Using Metrics to Create Processing Solutions

- Ask any financial operations professional to name their number-one goal and it is likely to be “improving efficiencies to reduce costs.” The AP process is a prime target for improvement… Read More

How to Move From 'Workaround' Processes to Best Practices

A periodic process review of AP allows finance to identify and correct inefficiencies that are chipping away at the bottom line. Many AP processes and procedures have evolved over time, and are not… Read More

Measure Accounts Payable Management Performance with Days Payable Outstanding

By Wayne Smith If you aren't already measuring the effectiveness of your accounts payable operation, one good place to start is by looking at a critical AP metric: days payable outstanding, or… Read More

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