Strategic Management

Is Capturing Vendor Discounts Your Priority?

When AP departments are able to process payments quickly and accurately, they not only keep management and vendors happy, they can also garner valuable discounts from their vendors by paying early. At its most basic level, an early payment discount is a set of payment terms that suppliers offer to buyers for paying invoices within... Read more »
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Education and Certification Was the Impetus for This Pro’s Success

When Sebastian E. Bodden, APM, received notice that he had been chosen as an IOFM Accounts Payable Manager of the Year for 2015, he could barely believe his eyes. “I was very excited and had to pinch myself to make sure I was processing what I read correctly!” Bodden recalls. One of two AP Managers... Read more »
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Six Steps for Transforming AP into a Cost-Free Department

AP is often regarded as a “cost center.” However, effective cost control and reduction can turn an AP department from a cost center to a profit center, according to Kim Lang, Supervisor, Corporate Accounts Payable, at CHS Inc. (Inver Grove Heights, MN). CHS Inc. is a global Fortune 100 Company and is the largest farmers’... Read more »
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Tips for Providing More Analytical Reporting

As accounts payable managers free their time through automation and integrated systems, the AP manager’s function is transforming from one of “sweating the details” to delivering value-added information and analytics. “AP will increasingly be analyzing data and presenting more detailed financial reports,” says CFO Keith Perry. “It’s important to begin looking beyond the numbers and... Read more »
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Want to Change AP? Become a ‘Catalyst’

By Pam Miller, APMD Overcome Resistance With Knowledge Anyone who advocates for automation in AP is likely to meet resistance, since AP tends to be conservative, paper-based, manual, and subject to multiple controls imposed by many authorities. Tip: Overcome objections by gaining a deep understanding of your current process and a knowledge of the kinds... Read more »
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Spend Analysis Is within Your Reach

If you are not yet performing AP spend analysis at your organization—or are still testing the waters—it may be time to gain a better understanding of this untapped and valuable resource. “Since AP is the repository of virtually all of the organization’s spend data, developing an understanding of both historical and current spend data is... Read more »
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Five Ways AP Sets the Standard for Relationship-Based Leadership

According to Jean Leslie, a researcher at the Center for Creative Leadership (CCL), “Building relationships is one of the strongest skills sets related to AP leadership effectiveness.” In a comprehensive research study undertaken by CCL, more than two-thirds of the 400,000 respondents revealed that building and maintaining relationships is a critical competency for managers—AP managers... Read more »
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AP Can Drive Financial and Strategic Value

“Accounts payable is in transition,” says Tom Glassanos, founder and president, Bavelos Group. “AP managers have always been focused on costs, but they now need to focus on cash and income as well. Like a caterpillar becoming a butterfly, AP is emerging as the purveyor of tools and practices that drive substantial financial and strategic... Read more »
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‘Mining’ AP Expertise to Get Buy-in for Centralization

When Candice Klapp first started working for Teck Coal in Sparwood, British Columbia, Canada as an AP clerk, the accounts payable function was scattered among the main office and various mining sites and satellite offices. “AP was not a shared service, and we did not have an automated workflow,” Klapp explains. “When an invoice had to be... Read more »
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Four Ways to Show AP Adds Value to the Organization

By Pam Miller, APMD If you are looking for strategies to demonstrate that AP adds real value to the organization, you needn’t look far. Accounts payable not only adds value, it saves the organization money on a daily basis. Sometimes, other departments and senior management merely need to be reminded of that fact. Here’s how.... Read more »
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