Year-end close is when many finance teams are vulnerable to burnout from a seemingly endless, high-priority to-do list of generating annual balance sheets, profit and loss statements and cash flow statements. So if your year-end closing is this quarter, or…
Accounts Payable
Digitizing A/P is still very much on the minds of your peers, who are prioritizing control of cash flow over business growth as organizations face economic uncertainty and rising inflation. A survey of 821 finance pros, as well as 246…
If a poll of attendees of a recent IOFM webinar is any indication, it's going to be a very busy Form 1099 reporting season in 2024 for your team. More than half (57%) of the respondents expected to file at…
Because of the American Rescue Plan of 2021, more companies and gig workers will be receiving Form 1099-K, Payment Card and Third Party Network Transactions, starting with tax year 2023. If you received gross payment transactions totaling more than $600…
Fall is the crunch-time season for unclaimed property reporting and escheatment. The states with approaching deadlines are almost as numerous as the leaves falling this time of year. The majority of them are either October 31 or November 1. In…
In case your finance team had been in cruise control heading into year-end because IRS's quarterly interest rates hadn't changed since the beginning of 2023 - surprise! There are new rates as of October 1, 2023. IRS Rev. Ruling 2023-17…
CFOs are desperate for more clarity, faster reconciliation and fewer errors in their payments and receivables. Automation solutions and artificial intelligence tools top finance chiefs' list of strategic solutions. The third annual State of Payment Operations 2023 report (conducted for Modern…
B notice season (September through October) can be a minefield for A/P pros because nobody wants the extra work of calculating 24% backup withholding or fielding calls from unhappy vendors about the reduced payments. It should come as no surprise…
"It's not right, but it is a reality. ... You don't get a lot of budget attached to (vendor setup and maintenance training and tools in A/P)," said consultant, speaker and trainer Debra Richardson, APM, APPM, CPRS. Richardson is a…
Unclaimed property reporting can easily trip businesses up, landing them in the audit crosshairs of state governments and possibly leading to penalties and interest. In addition to all 50 states, Washington D.C., Puerto Rico, Guam and the U.S. Virgin Islands…
To keep your ACH payments flowing smoothly, Nacha advises businesses to update financial institution routing number validation tables at least monthly. That may mean more work for your A/P team, but it ultimately means less stress for them because they…
Failed B2B payments can be disruptive in areas beyond cash flow. For instance, if your bank has to repeatedly put in extra work to process ACH payments, there’s a chance they could stop making the necessary changes to pay files…
