LAS VEGAS, October 28, 2016 — The Institute of Finance and Management (IOFM) has announced the winners of the 2016 Accounts Payable Department of the Year Award and 2016 Procure-to-Pay Department of the Year Award. The annual awards recognize AP & P2P departments committed to high-efficiency invoice processing, continuous improvement and all-around excellence. This year’s honorees are Avery Dennison; Ogletree, Deakins, Nash, Smoak & Stewart, P.C.; and Cameron, a Schlumberger Company.
Representatives from the organizations were recognized alongside recipients of the AP Manager of the Year and P2P Manager of the Year Awards, during an honorary luncheon ceremony on October 26th at Caesar’s Palace in Las Vegas. The ceremony concluded the final day of the Accounts Payable & Procure-to-Pay Conference & Expo, where over 650 AP, P2P and Shared Service professionals were in attendance.
The AP Department at Cameron earned the distinction of Accounts Payable Department of the Year for organizations over $1 billion in annual revenue by accomplishing best in class status in various categories despite a recent economic downturn in energy markets. The team has also built rapport with many other departments within the organization.
“As a leader, it helps affirm the philosophy I’ve adopted by way of having the right people…In the right place…at the right time…doing the right things…and then getting out of their way and letting them take it to the finish line,” said Chris Dritsas, Accounts Payable Manager at NSAM Financial Hub. “From a team perspective, it’s a wonderful way to acknowledge their contributions as they were true to form and consistently remained engaged, focused and flexible through the many challenges we faced in the past year.”
In the category of businesses with under $1 billion in annual revenue, Ogletree, Deakins, Nash, Smoak & Stewart, P.C. has been recognized for 2016. Notable achievements include streamlining disbursement and banking processes so that payments are on a predictable cycle, allowing the department to better forecast and manage cash flow. The team has also worked to standardize technology among international offices, providing significant expense reductions.
“Our Accounts Payable team is ecstatic to be named the AP Department of the Year! At Ogletree Deakins, we developed a Client Pledge which promotes value, innovation, quality, collaboration, and communication,” said Suzanne Willis, Director of AP and Portfolio Management. “Our AP team upholds the pledge in every aspect—from perfecting the payment processes to providing stellar service—and we are seeing the results of those efforts. We are honored to be chosen among so many terrific AP teams and, this validation proves that as a united team with a focus on client service, anything is possible!”
Avery Dennison was awarded 2016 P2P Department of the Year for implementing P2P automation through a single platform, resulting in reduced costs and improved control over spend. The team has reduced the invoice processing cycle from 23 days to 5 days and has saved 400 hours per week. The changes have also resulted in better overall compliance.
“We are so pleased to be honored by IOFM with the P2P Department of the Year Award,” said Mary Roswell, Global Director, Indirect Procurement & Global Materials Procurement at Avery Dennison. “Our success has been the result of great collaboration and teamwork — everyone from procurement, accounts payable, finance, and IT has played an important role in achieving our results. It’s wonderful to see others recognize our efforts and accomplishments in this way.”
All recipients were nominated by their peers and business partners online. “AP & P2P functions are crucial to every business, yet often go under-recognized,” said Brian Cuthbert, Executive Director of IOFM. “These departments exemplify what every business dreams to have; teamwork, growth, and cost savings.”
The AP Department of the Year and P2P Department of the Year Awards are part of a larger suite of IOFM Spotlight Awards, which aim to annually recognize outstanding achievement in financial operations.
The Institute of Finance and Management (IOFM) is the leading organization providing training, education and certification programs specifically for professionals in Accounts Payable, Procure-to-Pay, Accounts Receivable and Order-to-Cash, as well as key tax and compliance resources for Global and Shared Services professionals, Controllers and their F&A teams.
IOFM has certified nearly 20,000 financial operations professionals worldwide through its four certification programs. These programs include Accredited Payables Specialist or Manager (U.S. and Canadian specific versions available), Accredited Receivables Specialist or Manager and Certified Professional Controller. The globally recognized AP & AR certifications are available in English, Simple Chinese and Spanish.
IOFM’s membership networks, the AP & P2P Network (www.app2p.com) and AR & O2C Network (www.tarn.com), feature industry research and best practices, metrics and benchmarking data, policies, case studies, tools, templates, and critical compliance and corporate governance resources. The Institute also produces on-demand e-learning resources including video trainings and web-based seminars.
IOFM hosts industry-leading conferences designed to facilitate continuing education and peer networking. These events include the Accounts Payable and Procure-to-Pay Conference and Expo (Spring and Fall), and the Accounts Receivable & Order-to-Cash Conference.
With a universe of over 100,000 financial operations professionals, growing certification and membership programs, and a keen understanding of the issues and content needs critical to the profession, IOFM is the trusted source of information in the rapidly evolving field of financial operations.