Coalition Of Professional Associations Transforms Into Powerhouse For Financial Operations

A new professional association born of the roll-up of four existing groups was unveiled recently at its annual conference and trade show: Fusion 2011, taking place this week in Orlando. The Institute of Financial Operations is the coalition of International Accounts Payable Professionals (IAPP), International Accounts Receivable Professionals (IARP), the National Association of Purchasing & Payables (NAPP), and The Association for Work Process Improvement (TAWPI).

The new Institute is the standard-setting body and primary resource for professionals in all disciplines of financial operations and at all levels, from the CFO to the accounts receivable clerk.

The launch of the Institute marks the first time a nonprofit association has successfully executed a roll-up strategy. As a result of the recession, companies around the globe realized that financial operations, which typically control 40 percent of any given company's cash, do not and cannot exist and function successfully in silos.

"Now we're seeing the ‘back office' be front office, having a seat at the management table because these professionals have deep insights into what's happening with a company's cash," said Thomas M. Bohn, president and CEO of the Institute. "The millions of people working globally in areas like accounts payable and procurement need a holistic view of the finance function and an understanding of the corporate strategy to be effective in their day-to-day roles. They now have a partner in that effort, through the Institute."

The Institute of Financial Operations serves professionals in accounts payable, accounts receivable, procure-to-pay, financial document management, and data capture. Its 6,000-plus members include clerks and associates, supervisors and managers, and chief financial officers and controllers.

"Now more than ever, our members will know that they are part of something big, bigger than their job function," Bohn added. "We are stronger and have a greater impact when we work together and integrate our skills and knowledge base."

For more information, visit www.TheIAPP.org and www.TAWPI.org.

SOURCE: The Institute of Financial Operations