Every month, it's the same thing. After weeks of struggling to keep up with invoices, expense reports, vendor file maintenance, and all the other responsibilities of running an accounts payable department, the end of the month comes and you have to close the books. In addition to your other duties, you now have to… Read More

This month's Question of the Month was posed by Linda Rustemis, APM, Senior Manager, Accounts Payable at the National Marrow Donor Program® (NMDP) and Be The Match. She asks: “I would like to propose a change to our required amount threshold of $1,000 for purchase orders (to increase it). Having information on what others… Read More

Every AP department requires a good record retention and destruction system as part of its compliance program. “With the volume of documents (paper-based or electronic) that AP deals with, it is important to maintain a proper filing system,” stresses Sebastian E. Bodden, APM, Revenue & Payables Accountant for Caribbean Utilities Company, Ltd., Grand Cayman.… Read More

Too often, AP departments do things the same way, year after year, assuming that they are working to their maximum capacity and using the best available methods.  But a study or audit of your AP invoicing cycle—including work inside the department and the flow of information to and from other departments and companies—can reveal… Read More

IOFM is pleased to provide this twenty point checklist to assist Accounts Payable Professionals with the fiscal year-end closing process. This checklist was developed by the experts! Even if you are a seasoned veteran and are familiar with all the steps required for the fiscal close, this checklist will serve as an excellent roadmap… Read More

The table of contents below lists the policies and forms available for the development of your AP Manual. A copy of this table of contents is available in the AP Tools resources, and may be downloaded and customized to your organization’s requirements. We provide two templates for the development of your Table of Contents:… Read More

"Payment terms" refers to the provisions the buyer and seller have agreed upon to get the goods paid for. Of course, payment terms and conditions must be negotiated up front and agreed upon by both parties. And it only makes sense that sellers create incentives to get their money faster, and buyers reserve rights… Read More

Initiating a new accounts payable project involves a significant financial decision. Whether you are trying to win approval or want to demonstrate how an approved project will save your organization money, you will need a budget. AP & P2P's Project Plan Budget Template will help you organize all of your project's costs and expected… Read More

Shrewd shoppers understand the importance of not buying from the first store you visit. It's important to shop around for the best value. There are few things worse than an acute case of buyer's remorse. Whether you are implementing a new piece of automation technology, outsourcing all or a portion of your department, or… Read More

Successful business practices don't happen by accident. They are the result of detailed, written policies and procedures. A written policy ensures that your organization performs essential tasks consistently. Without policies, two employees could have two significantly different ways to perform the same job. If there is no consistency, then there is no control. If… Read More

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