The IOFM Podcast

Accounts payable professionals have all undoubtedly heard of artificial intelligence and how it's likely to change the business landscape. But how is AI expected to impact AP's functions?

In this podcast with David Glass, IOFM discusses the different types of what may be considered AI — from optical character recognition and robotic process automation, all the way to sophisticated machine learning capabilities. Glass discusses how these things differ, from simply reading in scanned fields on an invoice to having the technology interpret what it's seeing, regardless of document layout; matching invoices to POs; and communicating with vendors. He explains how AI will ultimately simplify the entire end-to-end payment process.

Listen in to discover how Glass is already using AI, sometimes in unexpected ways, and how to get started on the AI journey, even without having the technology in place yet.

The IRS is making some significant changes to e-filing requirements. While it used to be that you could choose to file 1099s in paper form as long as you didn't have more than 250 of any one type, that is no longer the case. In fact, the threshold for 2024 reporting of 2023 amounts has been reduced to an aggregated total of 10 forms of all types, and that includes more than just 1099s — it applies to W-2s and certain other forms as well.

In this podcast, IOFM Managing Editor Royce Grayson Morse talks with Jason Dinesen of Dinesen Tax about these new requirements. He discusses which forms are impacted and what to expect if you don't comply. There's good news, however: The IRS' new electronic filing system, IRIS, should make it easier to file than the old FIRE system did.

Listen in to find out how these new changes will impact your organization and how to prepare for 2024 filing.

One thing that many AP professionals experience is finding themselves compartmentalized away from the organization as a whole. That's due in part to the mistaken perception that accounts payable is a strictly clerical function. Yet the irony is that a major portion of the company's cash moves through the hands of AP, a department that has inside knowledge about finance operations — and where both the inefficiencies and opportunities lie.

In this podcast, we speak to an experienced AP Director to explore strategies and techniques for leveraging this knowledge, with a goal of changing the organization's thinking about the role of accounts payable and bringing their business intelligence to bear for positive change.

Tiffany Miller, APM, is Director of Accounts Payable for the Empire Portfolio Group in New York City. She is an active IOFM Advisory Panelist and has presented at workshops, webinars, podcasts and chapter meetings.

Good relationships in credit and collections make all the difference to a successful strategy. Both internal relationships with sales and management, and external relationships with customers are key to creating an environment of openness, collaboration — and ultimately, receivables success — yet it's sometimes a delicate balance. Lisa stresses communicating early and often is important to making certain all the stakeholders are aware of a collections situation, to discovering why an invoice hasn't been paid, and making sure the issues are resolved to ensure accurate and timely payments.

In this podcast, Defays discusses the problem of siloing in the O2C process and how that can impact the business's bottom line. He also offers suggestions for improving O2C operations by using training resources, benchmarking and best practices as tools for broadening perspective and getting out of "we've always done it that way" mode.

Join us for a conversation between Debra Richardson and IOFM's Executive Editor Jess Scheer as they discuss the vendor master file, fraud, compliance, keeping the VMF clean – and how desktop procedures are a big part of that effort.

Now more than ever, the world is in flux. It's hard to keep up with this shifting landscape — not only because of the pandemic and the workplace changes it's necessitated, but also due to staff attrition and increased automation. Staying current requires a willingness to seek out change through constant learning. Being open to new information and developing additional skills allows AP professionals to elevate work, build confidence and engage with the team in a positive way.

If you have a long list of professional achievements, yet you still doubt your own qualifications and worth sometimes, you may be a victim of "imposter syndrome." According to Sherry Stroud, APM, this can prevent you from reaching your maximum potential. However, the good news is it can be overcome. In this podcast, Stroud explains what imposter syndrome is, how it works — and how to conquer it.

One problem with AP automation is that we tend to look no further than the implementation and the immediate issues it solves. But what comes after that?

In many cases, the assumption held by the top of the organization all the way on down is that automation will result in big staff reductions. However, in many cases, reallocating those human resources to more strategic, less clerical tasks can create a better outcome for the business.

Join Tiffany Miller as she discusses the hidden treasure within AP, what comes after automation, and how to educate upper management and the rest of the organization about the value-added tasks staff can take on when their clerical duties are minimized. The bottom line, she says, is treating team members with honesty and respect, no matter how their roles will change post-implementation.

Liberal arts graduate Michael Rochelle dreamed of working in accounts payable. Although he didn't have any experience in the field, one day he took a chance and applied for an AP job. The hiring manager saw something in him and brought him onboard. Now, almost 20 years later, he has achieved his dream, bringing a fresh perspective to his role as Senior Manager. Join Michael as he offers an innovative, fun way of thinking about leadership in this entertaining podcast.