Payment

2021 Update: Business Payments Coalition E-Invoicing Framework

In September 2021, the Business Payments Coalition (BPC) published E-invoice Exchange Framework: Requirements for Oversight. BPC, a group of volunteers dedicated to increasing the adoption of… Read More

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.

1099 reporting to a third party vendor

Q. I have a vendor who has recently turned their A/R over to a 3rd party. The original vendor is… Read More

Slowdowns in payment application?

Q. Have any of the panelists:• Noticed a slowdown in vendor payment applications?• Noticed an… Read More

Audit and recovery firms

Q. We are looking to engage an AP audit and recovery firm to take a look at our system for… Read More

Using Venmo to collect small payments from employees

Q. Are there any companies that currently use Venmo to accept payments from employees for small… Read More

On an invoice - what does the term "Net 10th PROX" mean exactly?

"Net 10th Prox." means payment is due on the 10th of the month following the month the invoice is

Should a payment request form require two signatures?

Q. Should an invoice payment request form be required to have two signatures? Our practice has… Read More

Documentation required for check replacement from a search letter

Q. I would like to know what other companies do or what documentation, if any, they require for… Read More

Understanding Cash Management: Why it Is Important to AP Professionals

Since AP is the main gatekeeper of an organization’s outgoing cash, it plays a major role in the management of that cash. "The most successful AP departments recognize this—and they have adopted… Read More