Payment

What About a "No-PO, No Pay" Policy?

A question posed to IOFM rather frequently concerns a "no-PO, no pay" policy. Is it feasible? Should my organization implement one? Are there inherent problems? We asked IOFM Senior Trainer Judy… Read More

Request for ACH Direct Debit

This form requests setting up a direct debit arrangement for specific vendors. Microsoft Word

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.

Payment in U.S. dollars to a Canadian vendor

Q. We have a vendor that has asked to be paid in US dollars but they have a Canadian bank account.… Read More

Frequency of payment runs

Q. I would be interested to know from others the frequency of their payment runs including payment… Read More

Implementing ERP-to-ACH Payments

When processing ACH payments manually becomes cumbersome for AP, it may be time to consider setting up the ERP system to process ACH payments automatically. That solution helped the AP department at

When processing ACH payments manually becomes cumbersome for AP, it may be time to consider setting up the ERP system to process ACH payments automatically. That solution helped the AP department at… Read More

Stay on Top of Alternative Payment Methods

Paper checks are finally losing ground in the B2B payments world, at last being replaced by ACH payments and other electronic methods. These are usually quicker and more secure than the way we used

Paper checks are finally losing ground in the B2B payments world, at last being replaced by ACH payments and other electronic methods. These are usually quicker and more secure than the way we used… Read More

Tips for Undergoing a Payment Recovery Audit

Common accounts payable errors—such as overpayments, duplicate payments, pricing mistakes, inaccurately calculated taxes, and currency conversion errors—can lead companies to lose

Common accounts payable errors—such as overpayments, duplicate payments, pricing mistakes, inaccurately calculated taxes, and currency conversion errors—can lead companies to lose millions of… Read More

Average time to process an invoice

Q. What is the industry average for the time it takes to process an invoice from receipt to… Read More

Check Reduction and Handling

The 80/20 rule seems to apply in a host of situations. Twenty percent of the people you know cause 80 percent of your problems. Eighty percent of your time is spent doing 20 percent of your work. You

The 80/20 rule seems to apply in a host of situations. Twenty percent of the people you know cause 80 percent of your problems. Eighty percent of your time is spent doing 20 percent of your work. You… Read More