Who should attend
Managers of Accounts Payable departments as well as AP staff, clerks, and specialists who wish to advance their career. The program is also beneficial to professionals in accounting and finance who work closely with Accounts Payable.
About the course
Accounts payable is not just processing checks, mailing them and then filing the backup paperwork. To truly and effectively manage accounts payable, one must understand the AP department's building blocks including but not limited to customer service, vendor management, check requests and Purchase Orders (POs).
This course will discuss how to handle invoices, process checks, prevent errors, conduct annual audits, and use technology in the department. You will also learn the best practices for adapting in your AP department and how to develop into an effective business partner
## Course Objectives
By the end of the program, participants will be able to:
- Identify the function of Accounts Payable (AP) and its role in organizations.
- Take a successful lead in the management of Accounts Payable.
- Get the latest update on best practices in managing Accounts Payable.
- Apply accounting principles related to Accounts Payable.
- Recommend improvements to AP operations and ways to motivate AP staff.
## Course Outline
The Important Role of Accounts Payable (AP)
- The Big Picture: Accounts Payable and the Financial Health of Organizations
- The Functions of Accounts Payable Department and Role of AP Staff
- The Meaning of Managing Accounts Payable
- Translating Better AP Management into Better Financial Results
Accounting Essentials for Accounts Payable
- Accounts Payable Terminology
- General Ledger and Sub-Ledger
- Preparing for Month End Close and Accruals
Accounts Payable Processes and Best Practices
- Invoice Handling and Routing
- The Three Way Matching
- Methods of Payment Processing
- Maintaining the Vendor Master File
- Travel and Entertainment (T&E)
- Procurement Cards (P-Cards)
- Electronic Payment Options
Key Topics in Accounts Payable Management
- Operational Analysis and Benchmarking
- Culture of Continuous Process Improvement
- Applying Best Practices in your Organization
- Developing Performance Metrics
- Identifying Proper Internal Controls
- The Annual Audit as an Added Value
- Impact of AP Outsourcing
- Detecting Fraud in Accounts Payable
- Preventing Errors in AP Transactions
- Shared Services Considerations
- Disaster Recovery Planning
The Behavioral Side of Managing Accounts Payable Department
- Improving the Image of AP Department
- Closing the Communication Gap
- Dealing with Internal and External Disputes
- Ways to Motivate AP Staff
- Importance of Internal Customer Service
- Providing Customer Service to Vendors
Accounts payable department as a real business partner
When should we pay our suppliers
Understanding cost of funds
Evaluating early payment discount
Pros and cons of early or late payments
Relationship with treasury department
Using Microsoft Excel in managing accounts payable
Interface between accounts payable system and Excel
Using pivot-tables to extract valuable information
Preparing and analyzing accounts payable aging
Accounts payable role in improving suppliers commercial terms
Videos and materials
Because of COVID-19, many providers are cancelling or postponing in-person programs or providing online participation options.
We are happy to help you find a suitable online alternative.