The IOFM Podcast: Recent Episodes
IOFM
The IOFM Podcast is the leading on-the-go resource for the latest news, skill-sharpeners and strategies in the world of Accounts Payable and Procure-to-Pay. Tune in for interviews and insights from top AP professionals and thought leaders as they dig in to what’s new in automation, tax and regulatory compliance, and industry benchmarks, plus hear case studies and listen in on Q&A with experts helping your peers in AP solve their toughest challenges.
This podcast is presented by IOFM, the leading provider of training, education and certification programs specifically for Accounts Payable, Procure-to-Pay, Global and Shared Services professionals as well as Controllers and their F&A teams. Learn more at www.iofm.com
In this episode, compliance expert Jason Dinesen joins host Grace Berube to walk through what AP teams should do when they discover an error on a filed 1099 or realize they missed filing one altogether. Jason explains how the IRS's matching process actually works, which errors matter and which ones don't, and how the penalty structure gives teams more breathing room than they might expect. He also covers what happens when a form should have been filed but wasn't and closes with a brief history lesson on the 1099's void box.
WHAT YOU'LL LEARN IN THIS EPISODE
- Why the IRS files 1099s the way it does — and how understanding the computer matching process clarifies which errors actually need to be corrected.
- Which errors don't require a correction at all — including wrong first names, outdated addresses, and small dollar discrepancies that fall under the de minimis threshold.
- Which errors do need to be fixed — including wrong last names, incorrect taxpayer ID numbers, significant dollar amount errors, and forms filed in the wrong box or on the wrong form type.
- How the August 1st correction deadline works, what it means for penalty exposure, and what to do if you discover a form that should have been filed but wasn't.
- What the void box on a 1099 actually is, where it comes from, and why it's largely a relic of the paper-filing era.
In this episode, fraud expert Paul Zikmund joins host Grace Berube to walk through four AI-driven fraud schemes that are reshaping the threat landscape for AP teams. From deepfake voice calls impersonating executives to business email compromise powered by large language models, phantom vendors with entirely fabricated online identities, and AI bots quietly submitting small invoices at scale, Paul breaks down how each scheme works, what real-world losses have looked like, and what AP professionals can do — both with traditional controls and new AI-detection tools — to stay ahead of increasingly sophisticated attacks.
WHAT YOU'LL LEARN IN THIS EPISODE
- How deepfake voice cloning works — and how fraudsters use it to impersonate executives and pressure AP teams into authorizing wire transfers.
- Why AI-generated business email compromise is harder to catch than ever, with LLMs crafting contextually accurate emails that reference real projects, vendors, and relationships to request fraudulent bank changes.
- What phantom vendor fraud looks like when bad actors use generative AI to build a complete fake company — website, LinkedIn profiles, deep-fake employees, and all — and win legitimate contracts.
- How automated invoice manipulation works as a "death by a thousand cuts" scheme, with AI bots submitting hundreds of small, below-threshold invoices across multiple locations over months.
- What AP teams can do right now — from deepfake detection tactics on video calls, to code words for banking changes, to building a closer working relationship with cybersecurity and investing in continuous fraud training.
In this episode, AP expert Debra Richardson joins host Grace Berube to walk through three audits every vendor team should have in place to reduce fraud exposure. Using the real-world case of a Facebook diversity manager who stole nearly $5 million by exploiting gaps in vendor creation and invoice approval, Debra explains how segregation of duties, security access, and vendor process compliance each address a distinct vulnerability — and why doing only one or two of the three still leaves the door open. She also covers new NACHA fraud monitoring requirements taking effect in 2026 that make documented, auditable vendor processes not just good practice, but a compliance obligation.
WHAT YOU'LL LEARN IN THIS EPISODE
- How a single employee at Facebook created and approved fraudulent vendors and invoices for years — and what segregation of duties controls would have prevented it.
- What a segregation of duties audit covers in the vendor process, and why no one team member should be able to create a vendor, approve an invoice, and release a payment.
- Why a security audit goes hand in hand with segregation of duties, including how access granted years ago (or during the pandemic) may still be sitting in your system unnoticed.
- What a vendor process audit is, why controls tend to erode over time, and how a regular audit keeps teams following the right steps even during busy periods like month-end or year-end.
- How new NACHA fraud monitoring rules — and potential insurance requirements — are making it necessary to not only have vendor fraud controls in place, but to document and verify that they're actually being followed.
In this episode, compliance expert Jason Dinesen joins host Grace Berube to share five practical steps AP teams can take to strengthen their information reporting processes. With 1099 season behind them, Jason walks through foundational W-9 habits, a pair of new Treasury regulations on cloud transactions, the IRS's plan to retire the FIRE e-filing system, the growing complexity of state 1099 filing obligations, and the value of having written procedures in place before the next reporting cycle begins.
WHAT YOU'LL LEARN IN THIS EPISODE
- Why collecting W-9s remains the most foundational habit in information reporting — and how it addresses most common 1099 problems.
- What the Treasury Department's 2025 regulations on cloud transactions mean for AP teams — including how SaaS payments, particularly to foreign providers, may factor into information reporting obligations.
- What AP teams using the IRS's FIRE e-filing system should know about the planned transition to IRIS, including the differences in transmitter codes and file formats.
- How to stay on top of state 1099 filing obligations across the 39 states that may require some form of information return, and a simple calendar-based approach to tracking rule changes.
- Why written procedures matter beyond internal organization — and how documented processes can serve as evidence of reasonable cause in the event of an IRS audit.
In this episode of The IOFM Podcast, Debra Richardson joins host Grace Berube to discuss the year-round importance of W-9 collection and what a new IRS draft form could mean for AP teams. The key change in the draft: sole proprietors, who previously could supply either a Social Security Number or an EIN, would now be required to provide only an SSN — potentially triggering a mass recollection effort from existing vendors. With sensitive data like SSNs on the line, Debra walks through five common but risky habits AP teams fall into when collecting W-9s, from using unsecured email to routing documents through internal team members, and explains why each one creates real exposure to fraud and data breaches.
What you'll learn in this episode
- When and why you need to collect a new W-9
- The key difference in the draft W-9: Why the IRS's new SSN requirement for sole proprietors is a bigger deal than a typical form revision
- Why collecting W-9s over standard email is risky — including identity spoofing, misdirected messages, and more
- How a mass email outreach can go badly wrong — specifically, the CC vs. BCC mistake
- Why routing vendor documents through internal team members is a security risk and what to do instead
For more information about topics reviewed in this episode, check out this article here: https://www.iofm.com/ap/collecting-vendor-data-securely-alternatives-to-risky-email
When you think of the Better Business Bureau, you might picture the place your grandparents went to find a plumber. But today’s BBB is so much more: it’s a modern fraud-fighting resource for both consumers and businesses.
In this episode, Grace sits down with fraud expert Debra Richardson to explore how the BBB has evolved from its 1912 roots into a critical tool for stopping scams before they hit your bottom line. From the powerful BBB Scam Tracker, a free national database of nearly 521,000 reported scams, to weekly scam alert emails, localized fraud education, and resources for validating vendors, the BBB is working on the frontlines of fraud prevention.
What you’ll learn in this episode:
- How to use BBB Scam Tracker to identify scams by ZIP code and prevent invoice fraud in AP.
- Why reporting scams helps the FTC, FBI, and your community.
- How to sign up for free weekly scam alerts to stay ahead of fraudsters.
- Ways your local BBB office can provide tailored fraud prevention training for your staff.
- How BBB tools can even support your vendor validation process.
Additional Resources:
IOFM Article: Add BBB Resources to Combat B2B Payment Fraud
BBB Scam Tracker
BBB Scam Tips
Sign Up For Weekly Scam Alerts
Find Your Local BBB Office
Deepfake fraud is no longer a futuristic fear, it’s here, and it’s targeting accounts payable teams. With AI-powered voice, video, and image manipulation getting scarily convincing, finance professionals need to be ready.
In this eye-opening episode, Debra Richardson breaks down how deepfakes are being used to manipulate vendor payments, impersonate executives, and bypass traditional fraud controls. She shares real-world examples and delivers practical tips AP teams can use to stay one step ahead.
Whether you're a finance leader, AP manager, or frontline processor, this is a must-listen conversation on the next frontier of fraud—and how to defend against it.
As cryptocurrency becomes a more common payment method for businesses, fraudsters are evolving faster than ever, especially through Business Email Compromise (BEC) scams. In this episode, global treasury executive Lee-Ann Perkins shares her insights on how organizations can safely navigate cryptocurrency payments, project treasury operations, and leverage strategic technology to minimize risk.
With 20+ years of experience leading treasury operations across multiple industries and countries, Lee-Ann discusses real-world examples of cryptocurrency fraud, the risks tied to private keys and wallet security, and actionable strategies to safeguard your company’s digital payments.
Whether you’re exploring cryptocurrency for cross-border transactions, vendor payments, or customer receipts, this episode provides essential guidance for treasury and finance professionals looking to stay ahead of cybercriminals in a rapidly evolving financial landscape.
Click here to access the article: Business Email Compromise (BEC) Has Evolved to Cryptocurrency Payments: How to Stay Safe
What does confidence really look like in a leadership role? Hint: It’s not about having all the answers, it’s about showing up with clarity, courage, and consistency, even in the face of chaos.
In this episode, seasoned AP leader Nicole Caley shares the lessons she’s learned over two decades in the trenches of finance operations—offering real talk on confident decision-making, leading during change, and helping new managers find their footing.
Whether you’re newly promoted, managing a growing team, or mentoring future leaders, this episode offers actionable takeaways you can start using right away.
If you're leading (or want to lead) in AP, AR, or finance ops, this conversation will help you step into that role with confidence and authenticity.
Fraud prevention isn’t just a policy, it’s a mindset. And in Accounts Payable and Accounts Receivable, where money moves fast and pressure runs high, culture is everything.
In this powerful episode, fraud expert Paul Zikmund breaks down what it really takes to build a culture of fraud awareness in finance. From real-world red flags to leadership blind spots, he explains why checklists and compliance alone won’t cut it, and how organizations can start shifting behaviors before a crisis hits.
Bonus: How to overcome the most common excuses for not prioritizing fraud culture—and what’s at stake if you don’t.
If you think your team is immune to fraud, this is the episode you can’t afford to miss.
What does real leadership look like in today’s finance operations? Monica Brooks isn’t here to sugarcoat it, but she will inspire you.
In this energizing episode, Monica shares her journey from practitioner to powerhouse, offering candid lessons from her time in the trenches and the boardroom. From building high-performing teams to navigating nonstop change, she’s learned how to lead with both empathy and precision. Whether you’re managing a team or preparing for your first big step up, this is the episode you didn’t know you needed.
Plus: Why she keeps coming back to IOFM’s Leadership Track, and what she hopes every future leader takes away from it.
Listen now and unlock the kind of leadership that actually moves people, and businesses, forward.
Just before IOFM’s Spring event, news broke that the President had paused planned tariffs, seemingly good news for finance and supply chain pros. But according to our AR experts, that’s not the full story.
In this timely episode, we unpack what the tariff delay really means for Accounts Receivable professionals. From empty ships returning from overseas to concerns about overstocked inventory, this conversation explores the deeper warning signs hiding behind the headlines. Is the supply chain truly stabilizing, or are we headed for a bigger reckoning?
Even the best economists can’t fully predict what’s next. But for AR pros on the front lines of financial risk, staying alert to these shifts is essential.
Listen in to make sense of the signals—and prepare for what’s coming.
What makes someone fall in love with tax law? For IOFM’s long-time speaker and compliance expert Jason Dinesen, it’s about more than numbers: it’s about people, purpose, and the power of clear, honest education.
In this engaging episode, Jason pulls back the curtain on his career, from founding his own firm to becoming one of the most trusted voices in 1099 compliance. You’ll hear about what led him into the world of tax and accounting, what keeps him up at night in today’s shifting regulatory landscape, and why he keeps coming back to IOFM year after year.
Whether you’re deep into tax season or just curious about the people shaping financial education today, this conversation will leave you informed, inspired, and maybe even laughing.
Tune in now and meet the human side of compliance.
Summer is here, and so are vacations, long weekends, and out-of-office replies. But before you check out, it’s time for a quick check-in on something that often gets overlooked: cybersecurity.
In this timely episode, Debra Richardson and Grace Chlosta revisit practical, often-forgotten cybersecurity tips that AP and AR professionals really need to know, especially when stepping away from the office. Whether you're planning your next trip or just came back from the IOFM Spring Conference, this episode is your go-to guide for staying safe on the move.
Perfect for professionals headed on vacation, traveling for conferences, or just looking to up their cyber hygiene game.
Whether you’re poolside or in a hotel lobby, this episode will help you protect your data and your team, no matter where work takes you.
Ever wonder if it’s too late to change careers? Whether you’re feeling stuck in your current role, craving more purpose, or simply curious about what else is out there, this episode is for you.
Join career coach and former biochemist Madelyn Mackie as she shares her fearless journey from the lab to the stage to the boardroom. In this inspiring and practical conversation, Madelyn speaks directly to finance professionals navigating uncertainty, burnout, or big career dreams.
Whether you're climbing the ladder in AP/AR, switching industries, or just figuring out your next step—this is your roadmap to a bold, authentic transition.
Listen now and take the first step toward your next chapter.
Join us in this insightful episode as we sit down with Paul Zikmund, a renowned expert in enterprise risk management and forensic auditing. With years of experience in auditing and risk management, Paul shares his unique perspectives on:
- Implementing Robust Risk Management Programs: Learn how to develop and strengthen enterprise-wide risk management processes to meet escalating organizational demands.
- Conducting Successful Fraud Investigations: Gain insights into detecting and investigating financial statement fraud and understand the importance of professional skepticism and forensic procedures.
- Forensic Auditing Techniques: Explore the skill sets needed to uncover red flags of fraud using analytics procedures and data mining.
Whether you're an auditor, risk manager, or simply interested in the intricacies of organizational risk, this episode offers valuable takeaways to enhance your understanding and approach.
Click here to access the IOFM white paper discussed during this episode.
Staying compliant with payment reporting regulations is more critical than ever – so how can finance professionals ensure they have the knowledge and skills to do it right? In this episode, IOFM Content Manager Grace Chlosta sits down with returning guest and expert trainer Jason Dinesen to discuss the Certified Payment Reporting Specialist (CPRS) certification.
Jason breaks down why this certification is essential for finance professionals, what attendees can expect from the CPRS training at the upcoming IOFM Spring Conference & Expo, and how certification can enhance career growth and organizational compliance. Whether you're considering certification or just looking to sharpen your expertise, this episode is packed with valuable insights.
Tune in now to learn how CPRS certification can help you stay ahead in the ever-evolving world of payment reporting!
B2B payment fraud is more sophisticated than ever, making the Vendor Setup & Maintenance function a frontline defense for organizations. In this episode, Grace Chlosta sits down with vendor and fraud expert Debra Richardson, to break down the latest fraud tactics and the essential skills every vendor team member needs to stay ahead. You’ll learn about the latest fraud trends and why traditional red flags are disappearing, how deepfake technology, email compromise, and search engine scams are evolving, and tips for upskilling your team to meet today’s security demands.
Fraudsters aren’t just sending suspicious emails anymore – they’re infiltrating vendor inboxes, altering phone records, and more. This episode is a must-listen for AP, Procurement, and Vendor Management professionals looking to strengthen their fraud defenses.
As we kick off 2025, we’re diving into one of the most crucial topics for financial professionals: setting yourself up for success this tax season. This episode features our compliance expert, Jason Dinesen, who shares actionable strategies to simplify your 1099 reporting and e-filing processes. Whether you’re navigating the latest IRS requirements or looking to avoid costly penalties, Jason’s insights will help you streamline operations and ensure compliance. Discover practical advice to start early, stay organized, and make 2025 your smoothest tax season yet.
In this episode, Jess Scheer talks with Rich Shively, a credit and collections expert with over 27 years of experience, recorded live at IOFM Fall. Rich shares his insights from a panel focused on the common challenges AR professionals face when customers extend credit terms, delay payments, or miss them altogether.
Rich brings a practical perspective, drawing on his vast experience across companies of all sizes, to discuss how AR teams can maximize cash flow and streamline credit and collections without relying on expensive automation tools. He shares best practices for managing manual processes that still make a powerful impact on cash application, credit control, and customer service, offering listeners valuable, actionable steps to improve their collections approach and strengthen customer relationships.
Join Jess Scheer in conversation with Steve Fulmer in this live recording from the IOFM Fall Conference and Expo. Steve will share key insights from his popular session on preparing teams for transformative changes in AR processes, including automation.
In this episode, Steve emphasizes that change isn’t always easy - especially in AR, where even small shifts can feel significant. Drawing on his experience leading peer roundtables and facilitating team transformations, Steve reveals how to spot and address the resistance that may quietly exist within teams. He offers practical takeaways to help AR leaders support their staff through change, ensuring smoother transitions and more successful implementations.
In this inspiring episode, Monica Brooks interviews Jamie Umpleby, a recently certified attendee who shares her journey to achieving certification at the IOFM Fall Conference and Expo. Jamie opens up about her decision to get certified, the experience of taking the class, and the valuable insights she gained along the way.
Monica and Jamie discuss the certification process, exploring how the knowledge and skills Jamie acquired can make a difference in her career. Whether you’re considering IOFM certification, or looking for motivation to further your own professional development, this episode offers an inside look at the rewards of investing in yourself and your career.
In this episode, Jess and Les delve into effective strategies for boosting efficiency within Accounts Receivable. Recorded Live at the IOFM Fall Conference and Expo, they share insights from their experiences, offering listeners a roadmap to tackle common AR challenges, optimize processes, and embrace automation. This episode is a must-listen for AR professionals looking to make impactful changes in their operations.
Jess and Les will discuss strategies for streamlining AR workflows, emphasizing time-saving techniques and organizational tips. You’ll learn about key automation tools and how they’re transforming AR processes to improve accuracy and speed. And you’ll hear firsthand accounts of the common obstacles AR teams face and how to approach solutions with confidence.
In this episode, host Monica Brooks sits down with Courtney Cote, a seasoned Accounts Payable Manager with 16 years of experience in the engineering, manufacturing, and tech sectors. Recorded live at the IOFM Fall Conference and Expo, this conversation dives deep into the journey of AP automation and how it can elevate both processes and careers.
Courtney shares her firsthand experiences implementing automated solutions to drive efficiency, accuracy, and compliance in AP. For AP professionals curious about the power of automation and ready to take the next step in their own careers, this episode offers a wealth of practical advice and inspiring thoughts.
In this engaging episode, join Jeff and Jess as they unpack the top trends and challenges in Accounts Receivable discussed live at IOFM’s Fall Conference and Expo. Together, they explore their innovations driving AR forward and share practical strategies to optimize AR processes. Perfect for AR professionals looking to stay ahead, this episode offers real-world insights and actionable advice.
Jeff and Jess will highlight major themes from the conference, from automation to evolving compliance standards in AR. They’ll discuss innovative solutions to common AR challenges, with a focus on improving cash flow and reducing payment delays. You’ll be inspired by their personal stories and experiences on overcoming obstacles and enhancing AR efficiencies in their roles.
In this special episode recorded live at the IOFM Fall Conference and Expo, Debra Richardson and Monica Brooks share their expertise and insights into fraud prevention in AP and AR. With decades of combined experience in AP and AR management, Debra and Monica explore the critical importance of fraud protection and the value of IOFM certification for finance professionals.
Debra and Monica also share their personal journey as friends who met through IOFM, highlighting the power of professional connections within the finance community. This episode is a must-listen for AP and AR professionals looking to strengthen fraud prevention measures and become certified leaders in their field.
Join us for a quick, insightful 5-minute episode featuring George and Jess, two thought leaders in Accounts Receivable. Recorded live at the IOFM Fall Conference & Expo, this episode dives into their biggest takeaways from the event, industry lessons learned, and practical insights for AR professionals.
George and Jess will share their most impactful moments, including sessions that sparked new approaches and innovative ideas in AR. You’ll gain practical tips from their session takeaways that can help streamline AR processes and improve workflow efficiencies. You’ll also hear about the latest tools, trends, and best practices that are shaping the future of AR.
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.”
When Arecka Mather, APM, had to manage her team through a system conversion, she was particularly challenged. As a person who herself struggles with change, her leadership was essential to the success of the project, but she needed to overcome her own anxiety while getting everyone else on board as well.
In this podcast, Arecka talks about her experiences with IOFM Managing Editor Royce Grayson Morse, discussing the obstacles and day-to-day setbacks she and her team encountered during the process, and offering tips for others in similar situations. Maintaining her composure, being brave enough to ask lots of questions, working closely with her crew and being honest about her own challenges were key. Ultimately, teamwork and the ability to laugh throughout the journey brought her organization through a successful transition.
Listen to the podcast now to find out more about managing change when it’s not only tough for the team, but for you as well.
With a team as important and hard-working as Accounts Payable, it is easy for members to feel overworked, overwhelmed, and unmotivated to come to work. As leaders, it’s important to build our teams up, help them utilize unique communication strategies, and think outside the box in order to be efficient.
In this episode, we speak to Katie Noto, a Senior Manager of P2P at BDO USA, and delve into the intricacies of revitalizing team morale, optimizing efficiency without solely relying on automation, and appreciating the true value of your role in Accounts Payable.
Whether you’re a team leader seeking to transform your workplace culture, a professional eager to streamline operations through a more holistic approach to efficiency, or simply someone who believes in the power of recognizing each individual’s unique contributions, this episode is a must-listen.
Katie Noto is a Senior Manager of P2P at BDO USA and a busy working mom. Her passions are leadership, people, and numbers. She works daily to make P2P a profit center while inspiring her team to be the best versions of themselves.
IOFM receives a lot of questions about the process for correcting 1099 filings, and even whether a correction is necessary in the first place. In this podcast, we speak to Jason Dinesen about the circumstances under which it might be necessary to issue one. What if the recipient’s name was spelled wrong? What if the dollar amount or a TIN number was incorrect? What if a check was never cashed? And what should your approach be for correcting a 1099 if the recipient simply requests it?
Jason also explains the importance of filing a correction by the deadline, and the method by which it must be filed, whether electronically or in paper form. He adds that the consequences of failing to correct errors or for issuing too many incorrect 1099s in the first place can result in fines for each mistake, an amount which can become consequential for a large organization that produces a lot of these forms.
Listen now to discover must-know information about how to meet your filing obligations and avoid the financial impact and IRS scrutiny that comes from non-compliance.
It’s February, and romance is in the air! However, what you don’t want is for a scammer to woo you into doing something you shouldn’t. Unfortunately, fraudsters are always upping their game and developing new techniques to rip off unsuspecting AP professionals. Some of their latest gambits involve getting close to you on a personal level in order to get you to let your guard down.
In this fascinating podcast with Debra R. Richardson, vendor master file expert and certified fraud examiner, and Royce Grayson Morse, IOFM’s managing editor, we explore sneaky new ways those looking to steal from your company attempt to lure you in. One of those techniques involves a form of social engineering called malicious elicitation. Here, the scammer gets information from you in what appears to be a completely innocent manner — but is instead a well-crafted ploy to get you to reveal company information that should be kept confidential.
Listen to the podcast to find out how one major company almost fell victim — and learn how to spot these scams.
Find out more about the latest “romance” scams:
- Debra Richardson’s Romance Scam Resources (Debra’s website, Putting the AP in hAPpy)
- Online Romance Scams Toolkit
- Elicitation — A Conversation With Intent
- The hottest new dating site: LinkedIn (Business Insider)
- Love Is in the Air And It’s Full of Scammed Money (Kubikle series, YouTube video)
- A Lesson Learned From a 2020 Tesla Insider Threat (Debra R. Richardson podcast)
- Russian National Pleads Guilty After Trying to Hack a Human at Tesla (SecureWorld)
While the terms leadership and management are sometimes used interchangeably, there are important differences. IOFM recently spoke with Tracy Zurcher, District Manager at FedEx Ground, to get her thoughts on how to advance both within your organization.
She notes that while management tends to focus on process handling, leadership involves relationship building. Each practice requires different skills, but mastering both is the key to success. Focusing exclusively on management skills won’t inspire optimal results — staff members may lack engagement and their performance may suffer as a result. And because people are the heart of an organization, understanding their needs and working to help them improve will ultimately result in greater employee motivation — which will also impact process improvement.
Zurcher discusses useful tools and techniques she’s discovered during her years in management, offering a fun exercise to help others define their leadership styles. She also notes the useful philosophy put forth by the legendary Mr. Rogers and how that may be applied within the workplace.
Listen to this fascinating podcast to find out more.
When COVID hit, many Accounts Payable teams were unprepared, particularly if they relied on paper invoices and checks. Lynn Tate, APM, Accounts Payable & Expense Report Analyst for Urban Science Applications Inc., found herself in a situation that required a significant degree of creativity: In order to get her invoices approved and paid in a timely fashion, she needed to quickly find a way to manage them remotely.
What she settled on was a cloud-based file sharing service that enabled her to notify her teammates when there were invoices that needed review. She was able to alert them automatically, obtain the approvals and get the payments queued up for processing with minimal delay.
In this podcast, we’ll not only discuss how she made this decision and got things set up — we’ll explore the lessons she learned along the way and how the challenges of the pandemic actually ended up benefitting her process long-term.
“Upper management knows what you do … but they really don’t know what you do.” So says Patrick Kurtz, Client AP Manager for HomeRiver Group. He explains that although executives understand in principle what accounts payable involves, it’s likely that they don’t comprehend the day-to-day challenges of AP. While collecting metrics to present to the C-suite when making a case for automation is a helpful strategy, you must also be able to explain in concrete terms how that will play into process improvement.
Fear of change is also an important factor. Kurtz discusses how to analytically evaluate automation options to make sure you’re recommending the best solution for your situation. The AP team may also be leery, worried about how it will impact their jobs — or that they may even be unemployed after implementation.
Listen in on this fascinating discussion between Kurtz and Grace Closta, IOFM’s Content Manager, to discover how to approach automation in a way that makes sense for the organization while gaining buy-in from the key stakeholders, all the way up and down the chain.
Most organizations have non-U.S. vendors lurking in their vendor master files, but may not even realize it. Worse yet, some of those vendors may appear on the watchlists published by the U.S. government. Because doing business with these entities without proper due diligence regarding withholding — or even doing business with them at all — can result in steep fines and penalties, it’s important to identify those vendors in order to maintain compliance. But where to begin?
Vendor master file expert consultant Debra R. Richardson discusses this issue with IOFM’s Managing Editor Royce Grayson Morse, reviewing techniques that will help you identify foreign vendors you may not know you have. Once you find them, Richardson explains how to set them up properly and make sure you’re managing them correctly going forward. That includes collecting the right tax form and checking them against the government blocked and prohibited lists, plus recovering VAT and GST taxes if you paid them.
Listen in on the podcast “Identifying Foreign Vendors in Your VMF — and What to Do When You Find Them,” to discover best practices for managing these vendors in order to maintain compliance and avoid significant financial implications.
In his work as an educational consultant at Unimarket, Christopher Rust helps clients improve their P2P processes to realize cost savings while freeing up staff to make a greater contribution to the institution.
He recommends taking a thorough look at the impact of change management, both to the department and the institution overall. Moving contract management, procurement and AP into an electronic P2P environment relieves a lot of stress on the team and the typically heavy volume of transactions they must manage. The end goal is improved control of spend management, and for institutions that are research-based, improved compliance.
Rust provides suggestions about how to get started, including who to include on the project team and which functions to automate first, with the end goal being a free flowing, continuous improvement workflow in place of existing, disjointed manual processes. Tune in to this podcast to find out more about his strategy for tuning up P2P workflows.
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.
In this podcast, IOFM Advisory Panelist David Glass discusses virtual card programs and the benefits for both his organization and the vendors—faster payments for vendors, less time and money spent processing paper checks for his organization. Through the combined efforts of his team and his card provider, WVU Medicine continues to grow the program, making AP a profit center within just three years.
Accounts payable director Bethany Mezzadra offers insight into her techniques for developing a highly productive and engaged AP team. She candidly discusses her strategies for problem-solving and improvement during the pandemic, which coincided with a major system implementation earlier this year, and balancing performance with compassion during this difficult time.
Cameco Corporation’s AP/AR Manager Doreen Smuda offers her tips for leading a remote team. Her financial operations team began experimenting with working from home more than a year ago, giving her a head start in capturing lessons learned. Spoiler Alert: She thinks there may be some long-term good news for AP departments that come from these unparalleled times.
Friction is undermining the efforts of businesses to optimize their procure-to-pay cycle. Without addressing this friction, a business' procure-to-pay cycle will continue to be plagued by high costs, lots of errors, long cycle times, poor visibility, and supplier and stakeholder frustration. During this podcast, Sean Norton of Tungsten Network shares strategies for reducing or eliminating the five biggest contributors to friction in the procure-to-pay cycle.
Every business has friction in its P2P cycle. But businesses could never be sure of the impact of friction in their P2P cycle, until now. A new collaboration between IOFM and Tungsten Network is measuring P2P friction. During this episode, you will learn more about the initiative, hear early findings of the project, and get strategies for eliminating P2P friction.
Join IOFM’s Editor of Special Projects Mark Brousseau for a lively conversation with Stacey Chimenti, Canon USA’s Director of Financial Planning, about the reasons accounts payable processing is becoming more complex, and what accounts payable professionals can do about it.
Migrating from paper checks to card programs is a top priority for the majority of AP departments. During this podcast, IOFM Editor of Special Projects speaks with Ben Bianchino of EML (formerly Store Financial) about trends in card programs, the tactical and strategic programs that card programs provide, common misperceptions about card programs, and strategies for choosing the right card partner and successfully deploying a program.
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IOFM Editor of Special Projects Mark Brousseau speaks with Jim Eckstein of TradeRocket on the benefits of supply chain financing to suppliers, buyers and funders, why supply chain financing is particularly appealing to mid-market companies, common misperceptions about supply chain financing, and what to look for in a financing solution.
IOFM Editor of Special Projects Mark Brousseau speaks with Kevin Ryan of Hyland Software on the trends that are shaping accounts payable automation, including enterprise content management, cloud processing, mobile invoice review and approval, shared services automation, ERP integration and more!