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Finance and Accounting
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:
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Work effectively with the fundamentals of accounts payable, financial accounting, and the supply chain.
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Understand and apply the fundamentals of accounts payable systems.
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Review and comment on payment methods and cash management.
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Analyze the need to incorporate risk and uncertainty into accounts payable analysis.
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Identify best practices across all industries.
Targeted Audience:
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Finance Executives and Professionals.
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Accountants.
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Accounts Payable Managers.
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Accounts Payable Supervisors.
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Accounts Payable Personnel.
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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:
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Accounting and financial information: Accounts Payable in context.
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Sources of finance.
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The supply chain.
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Financial position and financial performance.
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Cash flow and Working Capital.
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Why is cash flow so important?
Unit 2:
Achieving World Class in Accounts Payable Processes:
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Defining Best Practice in AP.
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Moving beyond P2P.
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Managing Risk.
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Principles of Best Practice.
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Defining the issues in Accounts Payable.
Unit 3:
Improving Invoice Processing and Operational Management:
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Invoice Handling and Approval Processes.
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Verifying invoice data.
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Paying “low value” items.
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How to avoid duplicate payments.
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Making the best use of staff time: limiting telephone calls to AP.
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Does Petty cash management belong in Accounts Payable?
Unit 4:
Harnessing Technology in Accounts Payable Processes:
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Master Vendor File Management – getting it right from the start.
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Travel & Entertainment.
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Policy management.
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Cash advances and employee reimbursement.
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Process improvement through imaging and workflow.
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Using the internet for AP effectiveness.
Unit 5:
Making the Payments and Maintaining the Relationships:
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Communications & Customer Relations.
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Payment status information for vendors and internal customers.
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Improving Procure to Pay (P2P) Cycle.
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Payments and Payment Solutions: Accounts Payable or Treasury?