May 2020: Adjusting to the new normal

May 31, 2020

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AP Social Distancing Challenges

For many AP departments, working from home 100 percent of the time simply isn’t an option. In this two-article series, the IOFM Advisory Panel shares their biggest COVID-19 challenges and how they’re working to overcome them.

 

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Maintaining the Supply Chain

As businesses across the globe continue to scale back operations, getting what you need from suppliers is becoming highly challenging. If you’re involved in procurement, we offer some pointers about how to manage sourcing during a pandemic.

 

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Maintaining Internal Controls

A Member consults the IOFM Ask the Expert team about how to manage internal controls when normal payment processes are disrupted. Should check-matching still be maintained, and should there be additional safeguards for ACH payments?

 

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Is It Time to Renegotiate Terms?

With many suppliers cash-starved right now, a Member writes the Ask the Expert panelists to see if they’ve tried negotiating cost adjustments or reductions with vendors, and if so, what approaches they recommend.

 

See The Answer

 

 

Congratulations to May “Department of the Month” Winners

During these challenging times, our community of financial operations professionals goes above and beyond almost daily. We were overwhelmed by the positive stories that were shared and heartened to read some much needed “good news."

See The Winners

 

 

Register for IOFM Virtual Town Hall Meetings

These 90-minute virtual sessions address the challenges you and your team are facing during the COVID-19 pandemic. Share struggles and solutions with peers, learn from a panel of experts, and be (virtually) surrounded by your AP and AR communities.

Register

 

 

Has the COVID-19 crisis caused you to revisit automation solutions?

The IOFM Digital Buyer’s Guide showcases leading companies in the financial operations space and provides insight into their services. Find the solutions your organization needs to overcome current challenges.

Browse The Gudie

 

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