Cash Application

Three Things You Need to Know to Save Time on Your Next Internal Audit

Don't be surprised if your next internal audit’s review of AR takes longer than usual. A new set of audit standards became effective earlier this year, leading auditors to expand their review

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.

How to handle postdated checks

Q. How do the AR Panelists handle a check that is postdated? What is the proper way from an AP/AR or a Treasury/Banking perspective? If a client pays a balance or deposits a check at a financial… Read More

AR Cash Application Guide: An Approach to Automation

There is no value in manually applying cash to your accounts. It invites errors and wastes time your team could better spend on higher-value tasks. Read this report to understand what’s driving

How to manage untaken fast-pay discounts

Q. An account with discounted payment terms pays within those terms but does not take the discount. Do you show the earned discount as a credit or cash on account? Advise the account to take the… Read More

4 Reasons Why Cash Application Is the Best Starting Point for AR Automation

Since accounts receivable (AR) measures the money owed for goods or services already provided, it’s essential to a company’s survival to have an accurate understanding of incoming cash.

AP/AR Netting: Is It Right for Your Organization?

In situations where companies both buy and sell from the same organizations, there’s an opportunity to increase efficiency while cutting costs. That strategy is called “AP/AR netting.” Netting… Read More

Delayed goods receipts

Q. How do delayed Goods Receipts by customers impact timely payments? (This question can refer to Net Terms or actual receipt of merchandise.) Background Information: For our company, we have… Read More

Undated check

Q. Can we deposit a check from one of our tenants that is not dated? Or are we supposed to return it to the tenant and ask them to date the check? What is your policy for undated… Read More

AR Process Improvement: The 5 Biggest Operational Gaps that Impact Cash Application and Costs

As a business in today’s payments landscape, you know the importance and benefits of accounts receivable automation. The next step is to analyze your current processes to learn where you can

Setting up AR to handle e-commerce

Q. Our company is looking to begin selling our product via Shopify. We are a food manufacturer. We are trying to figure out the impacts to Accounts Receivable, i.e. how will orders be received and… Read More