The IOFM Podcast

Join two of IOFM’s speakers as they take you behind the scenes of their journey to speaking at IOFM. Discover how they got started with IOFM, hear about their upcoming IOFM Fall sessions, and get their insider tips on making the most of your time at the Fall Conference. Whether you’re a first-time attendee or a seasoned pro, this episode will help you prepare for a successful and impactful event!

Although procurement and AP are different stages of the same process, both areas tend to operate in silos, observes Katrina DeProfio-Carroll, a P2P global process owner. While the two departments’ day-to-day goals and the metrics they measure success with differ on the surface, they both have the same overarching objective — to make sure the organization has what it needs when it needs it, which necessitates keeping the vendors happy by paying their invoices on time.

DeProfio-Carroll realized that the disconnect between departments in her organization was creating issues, and began by opening lines of communication. Those conversations ultimately informed process improvements designed to relieve pain points on either side of the aisle, but she notes that the important first step was listening and not taking those critiques personally.

Automation is revolutionizing the way we approach AP, but implementing it successfully requires careful planning and a collaborative team. Rowena Froegel offers her expertise on how to embark on this journey, providing invaluable advice on fostering a positive attitude towards change and ensuring your team embraces automation with enthusiasm. You’ll gain insights into effective strategies for your team to inspire a love for change within your organization, transforming fear into excitement and innovation.

Benchmarking is a pivotal tool for any organization looking to stay competitive and efficient. Jennifer Huffman delves into why benchmarking is especially important in the AP industry, offering a comprehensive guide on how to measure your performance against your peers and competitors. Discover how to leverage these insights to drive meaningful change and continuous improvement within your organization. You’ll understand why benchmarking is essential for assessing your AP performance and identifying areas for improvement and gain practical advice on how to take the results of benchmarking and apply them to enhance your AP process. Jennifer also shares strategies for getting her team on board with benchmarking to foster a culture of continuous improvement.

In many organizations, AP and AR are viewed as separate entities, each with its own set of challenges and objectives. However, Les Smeyers reveals how these two essential functions are, in fact, parts of a greater financial operation. Understanding and leveraging the synergy between AP and AR can lead to more efficient processes, improved cash flow, and stronger overall financial health for your organization. You’ll learn more AP and AR teams can collaborate effectively to align their goals, ensuring seamless financial operations, all while Les shares actional insights based on his extensive experience and background.

In March 2024, the IRS quietly released a new version of its Form W-9, “Request for Taxpayer Identification Number and Certification.” Although this revision had been pending for some time, the actual update was introduced with little fanfare.

We spoke with tax expert Jason Dinesen to get a better understanding of how the form has changed and what it means for organizations that must collect this information. In this podcast, Dinesen answers these key questions — and more:

• How has the wording on the form changed and what’s the impact?
• Do I need to collect a new form from all my existing vendors, or am I good to continue using the ones I already have on file?
• Do the instructions for the new form clarify any of the confusion around LLCs and how they should be reported?

Listen to this highly informative conversation here.

In this episode, we sit down with Debra Richardson, a beloved and long-time speaker at IOFM events. Known for her engaging sessions on fraud prevention, vendor master file management, and the integration of AI in accounts payable, Debra has become a crowd favorite over the years. Join us as Debra shares her journey into the world of public speaking, her extensive experience with IOFM conferences, and why she believes attending these events is crucial for staying ahead in the industry. Whether you're a seasoned professional or new to the field, Debra's insights are sure to inspire and inform. Don't miss this deep dive into the highlights and takeaways from this spring’s conference!

Are you ready to take your AP career to the next level? Join us in this insightful episode as we explore essential strategies to help AP professionals stand out and secure a crucial seat at the decision-making table. We’ll delve into how you can shine in interviews by mastering practical tips and techniques that impress hiring managers and help you land your dream job in AP. We’ll also discuss the qualities that define a true team player and offer insights on enhancing your collaborative skills. Additionally, you’ll learn how to boost your professional presence by effectively communicating your expertise and contributions, ensuring you gain the recognition and influence you deserve.

In this podcast, IOFM Managing Editor Royce Grayson Morse talks to Candace Jaramillo, certified P2P manager at Liberty Oilfield Services and brain-based coach. Jaramillo advises that the first step to creating positivity about AP within an organization is to simply listen — to employees and upper management alike.

While taking on her current role, she did just that — and one of the first things she heard was that her accounting executive was losing sleep over problems with the money going out the door. At that point, Jaramillo took the time to sit down individually with each member of her team in order to get a feel for what their problems were. One of her most important discoveries was that people were doing things inconsistently because they had all been trained by different people. Documenting the organization’s processes was the first step toward addressing those disconnects.

Jaramillo was also pleased to realize that rather than her team being resistant to change, they were eager for it due to a sense of powerlessness under a previous manager. Trusting and engaging them created an atmosphere of inclusion that helped the team move from feeling undervalued to being real contributors to the organization.

For more insights on elevating the profile of AP within your organization, tune into the full podcast.

Unclaimed property expert Jim Sadik talks compliance with IOFM Content Manager Grace Chlosta in this interesting podcast on a topic that impacts most businesses. Organizations usually have at least some uncashed checks or credit balances that need to be managed in accordance with unclaimed property laws, but how they choose to handle them varies. Some companies are strongly motivated to not have to escheat property to the state; others are perfectly happy to escheat the money and let the state handle finding the owner.

Practices vary, notes Sadik. The required due diligence of sending a notification letter may not yield much in the way of results. And simply voiding and reissuing checks to see if the payments will clear on a second attempt creates some potential issues. This tactic requires stringent controls to be certain duplicate payments aren’t made, and can make state unclaimed property auditors suspicious if they detect practices that make it appear as though a company is trying to extend the holding period before escheatment becomes necessary.

Sadik addresses various approaches to resolving unclaimed property issues prior to escheatment, advising that overall, “Any early intervention is better than waiting for a trail to go cold.”