10 May The Institute of Financial Operations launched
A new professional association born of the roll-up of four existing groups was unveiled yesterday 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 launch of the Institute marks the first time a non-profit 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.”
About The Institute of Financial Operations
The Institute of Financial Operations is a membership association comprising four affiliates: 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).
Based in Orlando, Fla., with offices in Boston, New York, and London, the Institute serves as a global voice, chief advocate, recognized authority, acknowledged leader, and principal educator for people in financial operations, with a particular focus on accounts payable, accounts receivable and payments, automation, data capture and document management, and procure-to-pay. Combined, the affiliates have more than 6,000 members.
Under the Institute, the affiliates share one board of directors, one staff, and a single portfolio of member benefits available to all, including Financial Operations Matters magazine and a new website scheduled to launch in late 2011. Each affiliate maintains its own brand, events, career resources, volunteer opportunities, online tools and other leading-edge resources, and educational offerings including e-learning and certification.