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Three Steps to Improve your AP Performance
Improving your accounts payable (AP) performance takes more than a one-and-done effort. Robust process governance, cloud-based technology, and the right delivery structures can help organizations achieve greater AP productivity. APQC recommends these three critical steps that your organization…
3 Ways to Prevent an Uncollectable Balance Pile Up
In this period of inflation, customers are tightening their spending belts, which could result in them deprioritizing or losing their ability to pay owed balances. As such, organizations should keep a close eye on cash flow and be vigilant of early uncollectible balance warning signs. Here are…
What is Cash Flow Management?
Cash flow management involves planning, tracking, and controlling the flow of cash in and out of a business. It is a necessary process in financial planning to ensure that sufficient funds exist to meet business needs. Effective cash management is a critical component of a company’s financial…
What is a Chart of Accounts (COA)?
The chart of accounts (COA) is a listing of the general ledger account names and identification numbers arranged in the order in which they customarily appear in financial statements. It can also include a description of what should be included in each account. The COA is a key accounting tool used…
Where will Finance Focus in 2024?
APQC conducted its annual 2024 Financial Management Priorities survey in late 2023 to better understand the focus areas, initiatives, and challenges that will shape the finance function in 2024. The survey, which included approximately 330 participants representing 22 different industries, asked…
Five Continual Pre-Closing Activities for a Stress-Free Year-End
Waiting until the last minute to start year-end closing can add to the already stressful process. By performing pre-close activities throughout the year, accounting teams can ensure a faster and easier cycle time and alleviate some of the year-end pressure. When performed throughout the…
4 Tips for a Faster and More Effective Budgeting Process
Completing the annual budget in a short time goes a long way in saving time and money across the organization. APQC finds that top performers (those at the 25th percentile) complete the annual budget in 28 days or less—nearly twice as quickly as organizations in the 75th percentile.Creating your…
Financial Management Priorities and Trends for 2024
If we have learned anything in the past few years, we learned that we are living through a time where economic headlines change quickly and finance departments must be ready to react to those changes and make informed decisions quickly.As we near the end of 2023, let us look at some of the trends…