April 2021: Building bridges between AP and AR

April 30, 2021

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Building Bridges Between AP and AR

AP and AR both struggle to understand the other’s requirements while trying to better manage their respective processes. This month, we explore both sides of the equation and offer ideas about how to better align for improved payment efficiency.

The Perfect Invoice

We asked the IOFM Advisory Panel to weigh in on the features that go into an ideal invoice—information that makes on-time, correct payments a breeze for AP. This handy infographic shows what information gets you paid faster and with fewer problems. 

See The Invoice

 

 

Procurement, AP and AR

In many AR departments, there’s an assumption that AP and Procurement are essentially the same thing, but sometimes there’s a gulf between them that can create major issues. IOFM recently conducted a focus group that looked at the problem from both perspectives.

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Communication Is Key

A partnership between AR and AP within any organization is key to furthering its mission, says author and consultant John Salek. The benefits extend beyond cash flow to compliance and customer relationships, and automation also goes a long way toward facilitating that alignment.

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IOFM Webinar: What AP Always Wanted to Ask AR – and Vice Versa!

Back by popular demand, IOFM will continue the dynamic dialog between AP and AR practitioners to help clarify misunderstandings while increasing opportunities for synergy and efficiency.

Register Free

 

 

Metric of the Month

How an AP team is structured has a strong correlation with productivity. This data, derived from IOFM’s most recent benchmarking survey, shows the correlation between how centralized an organization is and how many invoices each employee can process. SEE METRICS

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