Modern Skills in Accounts Payable
Course Code: ACF99
Introduction
This training program will discuss how to handle process checks, and invoices, conduct annual audits, prevent errors and use technology in the department. participants will get to learn the best practices to adopt in their AP department and the procedure to develop their department into an effective business partner.
The training program will provide the theoretical background and techniques that underpin the organisation and management of accounts payable and its related functions. It will provide a real-world practical context by incorporating worked examples and case studies that delegates will see how theory applies in practice and can discuss the various issues raised.
By attending this event, delegates will understand:
- The importance of the accounts payable function with regard to its links with the supply chain and cash flow.
- The integrated systems of purchase order processing, stock (inventory) control, purchase ledger and cash payments and their links with the general ledger.
- How to effectively manage cash and working capital to reduce costs and improve cash flow.
- The impact of risk and uncertainty on the business and its impact on accounts payable and cash flow.
- How leading companies from across the globe are achieving best practice in Accounts Payable
Course Objective:
After completing this course, you will be able to:
- Identify the function of accounts payable and its role in organizations
- Use accounting principles related to accounts payable
- Describe how to take a successful lead in the management of accounts payable
- Assess AP operations and processes and recommend improvements using the latest best practices
- Evaluate the main issues affecting AP staff in order to increase their efficiency and productivity
- Apply tools and techniques in Microsoft Excel to effectively manage and monitor AP performance
- Review and comment on payment methods and cash management.
- Analyse the need to incorporate risk and uncertainty into accounts payable analysis.
- Identify best practice across all industries.
Course Outline
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.
Achieving World Class in Accounts Payable Processes
- Defining Best Practice in AP.
- Moving beyond P2P.
- Managing Risk.
- Principles of Best Practice.
- End to End AP Process.
Improving Invoice Processing and Operational Management
- 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?
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.
Making the Payments and Maintaining the Relationships
- Communications & Customer Relations.
- Payments status information for vendors and internal customers.
- Improving Procure to Pay (P2P) Cycle.
- Payments and Payment Solutions: Accounts Payable or Treasury?
- Case-Study.
The behavioural side of managing accounts payable department
- Improving the image of the AP department
- Ways to motivate AP staff and Organizing the AP department
- Closing the communication gap
- Dealing with internal and external disputes
- 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 the treasury department
Using Microsoft Excel in managing accounts payable
- The interface between the 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
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