Process & Principles

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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
Organizations may differ regarding what is most important in achieving AP's strategic objectives, but the methods they use to determine their metrics and key performance indicators (KPIs) are… Read More
Days payable outstanding (DPO) is an efficiency ratio that measures the average number of days a company takes to pay its suppliers. It is important because it is a key component in a company's… Read More
Why a Flowchart? - A flowchart is a diagram of the flow of data, process and operations within an organization or business management system. During most of our daily activity we rely on our visual… Read More
Days payables outstanding (DPO) is a measurement that many executives, auditors, and consultants use to measure the efficiency of accounts payable departments. It is an important metric used in… Read More
We hear a lot of talk about “best practices,” but how are those defined, and how can that information be made useful? How can you apply them to your own operation, even though it isn’t exactly… Read More
We sat down with IOFM’s Executive Editor Jess Scheer to get his perspective on benchmarking, a topic near and dear to his heart. He’s been involved with the process throughout his career, using… Read More
Traditional benchmarking was a long and labor-intensive process, involving thorough self-analysis and process mapping, identifying best-in-class companies, soliciting information from them, and then… Read More
Financial operations professionals seeking effective ways to achieve improvement in terms of accurate and speedy vendor payments, error-free transactions, and value-added vendor relationships would… Read More
The Insider asked four IOFM Advisory Panelists what they will do with the insights they have gained from the IOFM Benchmarking Reports. What They Told Us Bilyana Gavrilova, Shared Services Manager,… Read More

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