Accounts Payable: Planning, Organising & Achieving Best Practice

Overview:

Introduction:

This training program provides businesses and other organizations with a strong sense of where they stand against industry leaders and shows them how to take their services and organizational processes to state of the art levels.

Program Objectives:

At the end of this program, participants will be able to:

• Work effectively with the fundamentals of accounts payable, financial accounting, and the supply chain.

• Understand and apply the fundamentals of accounts payable systems.

• Review and comment on payment methods and cash management.

• Analyze the need to incorporate risk and uncertainty into accounts payable analysis.

• Identify best practices across all industries.

Targeted Audience:

• Finance Executives and Professionals.

• Accountants.

• Accounts Payable Managers.

• Accounts Payable Supervisors.

• Accounts Payable Personnel.

• Personnel working within the accounts payable process to complement their existing professional or technical skills.

Program Outlines:

Unit 1:

Accounts Payable, Financial Accounting, and the Supply Chain:

• Accounting and financial information: Accounts Payable in context.

• Sources of finance.

• The supply chain.

• Financial position and financial performance.

• Cash flow and Working Capital.

• Why is cash flow so important?

Unit 2:

Achieving World Class in Accounts Payable Processes:

• Defining Best Practice in AP.

• Moving beyond P2P.

• Managing Risk.

• Principles of Best Practice.

• Defining the issues in Accounts Payable.

Unit 3:

Improving Invoice Processing and Operational Management:

• Invoice Handling and Approval Processes.

• Verifying invoice data.

• Paying “low value” items.

• How to avoid duplicate payments.

• Making the best use of staff time: limiting telephone calls to AP.

• Does Petty cash management belong in Accounts Payable?

Unit 4: 

Harnessing Technology in Accounts Payable Processes:

• Master Vendor File Management – getting it right from the start.

• Travel & Entertainment.

• Policy management.

• Cash advances and employee reimbursement.

• Process improvement through imaging and workflow.

• Using the internet for AP effectiveness.

Unit 5:

 Making the Payments and Maintaining the Relationships:

• Communications & Customer Relations.

• Payment status information for vendors and internal customers.

• Improving Procure to Pay (P2P) Cycle.

• Payments and Payment Solutions: Accounts Payable or Treasury?