July 2024: What AP Wants to Know About AR

While many organizations’ accounts payable departments don’t interact much with their own accounts receivable departments, there are potential synergies there. Understanding how things work on the other side of your own operation can also help you streamline the communication and workflow with your vendors or customers. Read on to find out more about the potential benefits of AP/AR interaction.

This Month’s Quick Take: AP, AR and Cash Flow

Forbes Magazine notes that it’s impossible to assess the overall financial health of your business without taking into consideration both accounts receivable and accounts payable. They suggest adding the total of the company’s assets to the value of accounts receivable, then subtracting the value of accounts payable from that. If the difference is a positive number, that’s positive cash flow — your organization has more value than it owes. However, if the number is negative, your company is overspending and should reduce costs — or beef up revenue.

Join IOFM and Erica Orange on July 11th for the first session in our Member AI Webinar Series, FREE for all IOFM Members, including FREE Starter Members. Deepen your understanding, broaden your horizons, and learn how AI can complement and enhance human capabilities. This session will guide you through leveraging your unique human-centric skills in a rapidly evolving AI landscape.

Future Member AI Webinars will be included for Business/Enterprise Members and will be $199/each for Professional Members (no rate available for Starter Members/non-Members).

WATCH ON-DEMAND

Understanding the Other Side

Fundamental to AP and AR getting along is the ability for each department to understand the needs and challenges of the other. A finance executive explains how accounts payable and accounts receivable departments can most amicably and efficiently work together.

GET TIPS

Benefiting the Bottom Line

While AR and AP have different daily responsibilities and priorities, they are ultimately looking to do the same thing — improve the bottom line. Both departments can make significant contributions to the organization’s cash flow through utilizing these best practices.

LEARN MORE

FREE WEBINAR: What AP Wants to Know About AR

Join IOFM on July 15th as we explore the crucial lessons that AP departments can learn from AR teams. We will share practical tips on how AP and AR can work together more effectively to achieve common goals, streamline processes, and enhance overall financial performance.

WATCH ON-DEMAND

AP/AR Netting Efficiencies

Organizations that both buy from and sell to the same companies can save some effort by netting what’s owed with what’s due into a single sum. That reduces the number of invoices going back and forth, but netting software is helpful in managing the recordkeeping.

READ MORE

MEMBER WEBINAR: Tax Identity Management: Best Practices Before Season

The most common factor affecting 1099 reporting accuracy stems from discrepancies between recipient names and their corresponding Tax Identification Numbers (TINs). Join IOFM and Sovos on July 25th for this Member-exclusive Live Compliance Webinar that will cover all you need to know about tax identity management.

WATCH ON-DEMAND

IOFM's New Southwestern Region Chapter

This month, IOFM launched its Southwestern Region Chapter, expanding beyond Texas to include all the Southwestern states. The first meeting will be held in September. Check out the chapter’s webpage for more information and to be added to the mailing list.

GET INVOLVED