Accounts Payable Training

Accounts Payable (AP) is not just processing checks, mailing them and then filing the backup paperwork. To honestly and efficiently 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 to adopt in your AP department and how to develop your department into an active business partner.

This training seminar 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.

The organization of the accounts payable function and the management of the accounts payable role are of vital importance to the effective control of working capital and therefore cash flow. Documented strategies and tactics employed by highly admired companies are presented both successful and unsuccessful to illustrate the real-world functionality of each process and approach.

This AP training course 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.

Documented strategies and tactics employed by highly admired companies are presented both successful and unsuccessful to illustrate the real-world functionality of each process and approach.

By attending this Strategic Axis training course, delegates will understand:

*The importance of the accounts payable function about 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 efficiently 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

This course is accredited by NASBA.

You might be interested in another Finance and Accounting programs as a next step.

COURSE TYPE Practitioner
COURSE NUMBER
DURATION 5 days
COURSE ACCREDITED BY NASBA

YOU WILL LEARN HOW TO

The accounts payable training course will provide the theoretical background and techniques that underpin the organization 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 the end of the course, participants 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 leader in the management of accounts payable

-Assess AP operations and processes and recommend improvements using the latest best practices

-Evaluate 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

IMPORTANT COURSE INFORMATION

Participants who fully attend this course and complete the test on the last day will receive a Strategic Axis Professional Certificate (SAPC). SAPC certificates are regionally recognized and can be quite valuable when applying for more senior roles within the organization or outside.

This course is worth 25 NASBA CPEs.

Course Outline

Modules:

Module 1: The Important Role of Accounts Payable (AP)

The Meaning of Managing Accounts Payable

The Functions of Management

The Big Picture: Accounts Payable and the Financial Health of Organizations

The Functions of Accounts Payable Department and Role of AP Staff

Accounts Payable Impact on Working Capital and Cash Management

Module 2: Accounting Essentials for Accounts Payable

Accounts Payable Terminology

General Ledger and Sub-Ledger

Preparing for Month End Close and Accruals

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 to Accounts Payable?

Module 3: 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

Module 4: Key Topics in Accounts Payable Management

Operational Analysis and Benchmarking

Continuous Process Improvement

Developing Performance Metrics

Applying Best Practices in your Organization

Identifying Proper Internal Controls

The Annual Audit as an Added Value

Impact of AP Outsourcing

Detecting Fraud in Accounts Payable

Disaster Recovery Planning

Module 5: The Behavioral Side of Managing Accounts Payable Department

Improving the Image of AP Department

Ways to Motivate AP Staff

Organizing the AP Department

Closing the Communication Gap

Dealing with Internal and External Disputes

Importance of Internal Customer Service

Providing Customer Service to Vendors

Module 6: Accounts Payable Department as a Real Business Partner

When We Should Pay Our Suppliers

Understanding Cost of Funds

Evaluating Early Payment Discount

Pros and Cons of Early/Late Payments

Relationship with Treasury Department

Module 7: 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

Identifying the issues in Accounts Payable

Module 8: 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

Module 9: 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?

In The Classroom
Live, Online
Private Team Training
Indiviual Private Session

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Accounts Payable Training

Accounts Payable Training

YOU WILL LEARN HOW TO

IMPORTANT COURSE INFORMATION

Course Outline

Modules:

Module 1: The Important Role of Accounts Payable (AP)

Module 2: Accounting Essentials for Accounts Payable

Module 3: Accounts Payable Processes and Best Practices

Module 4: Key Topics in Accounts Payable Management

Module 5: The Behavioral Side of Managing Accounts Payable Department

Module 6: Accounts Payable Department as a Real Business Partner

Module 7: Achieving World Class in Accounts Payable Processes

Module 8: Harnessing Technology in Accounts Payable Processes

Module 9: Making the Payments and Maintaining the Relationships

In The Classroom

Live, Online

Private Team Training

Indiviual Private Session

COURSES RECOMMENDED AS A NEXT STEP

CIA (INTERNATIONAL CERTIFIED INTERNAL AUDITOR QUALIFICATION)

Cost Management – Estimating, Budgeting and Value

Accounts Receivable and Credit Policies Management

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