Organizing & Planning Accounts Payable

OBJECTIVES

• Create a smooth-running payment system that saves time, money and resources
• Utilize essential strategies to achieve accurate and timely close off
• Gain an insight into how technology is changing AP processes

WHO SHOULD ATTEND?

• Credit Managers, controllers and supervisors
• Accounts Payable and Business Support professionals
• Anyone with accounts payable responsibilities
• Finance Administrators
• Business Support Assistants
• Payroll Managers

COURSE OUTLINE

Accounts Payable: Why is it important and how does it add value to your organization?

• Critical factors for successful Accounts Payable teams
• The importance of authority limits

Key areas within Accounts Payable where efficiency, accuracy and security can be improved

• AP techniques you can implement in your accounts department to increase efficiency
• How staffing requirements can be made more effective and profitable
• Technological developments which can enhance your AP operations
• Successfully minimizing manual work and improving processing methods
• Developing effective AP management reporting tools

Integrating purchasing and accounts payable to create an efficient procurement process

• Closing the loop between procurement and AP to create a total procurement process and support procurement strategy
• Using techniques such as summarized bills for your suppliers, and matching of purchase orders, delivery notes and invoices
• Making the link between capex and AP

Streamlining your expense processing

• Tips and tricks of key expense processes and quickly identifying discrepancies in expense claims
• Mastering the art of reducing ASAP invoice processing
• An analysis of the pros and cons of purchasing cards
• Effective checks for avoiding abuse of P-cards

How technology is changing AP department operations

• Data capture, workflow and document management
• Integration of AP systems and placement of purchasing into electronic format
• How to effectively detect and correct out-of-tolerance
• transactions
• Current and future trends in transaction processing

Maximizing your time and cash resources

• Importance of maintaining accurate AP records and its effect on cash flow forecasting
• Techniques for helping to eliminate duplicate payments, and holding payment with suppliers until problems are resolved
• Early payment discounts
• Invoice payment tracking systems

Strategies to achieve accurate and timely close-off

• Standardizing procedures to simplify the process
• Freeing up time by preparing subsidiary information
• Using estimates and accruals effectively during your close-off period
• Strategies and tips to make year end close-offs easier
• Reconciliation of the AP and general ledger

Counteracting employee or customer fraud and theft

• Successful methods for inserting more internal controls within AP processes
• Developing a step-by-step fraud prevention strategy
• Procedures, reviews and management accountability

Setting up an effective records system with instant access to vital information

• Build a system which coordinates control numbers through the entire payment process
• Making your records accessible, while protecting against lost, misplaced and misused files
• IRD record keeping requirements
• Cost centre reports and project reports – how is the information collected?

Key communication techniques

• Flow of information between your department and entire organization
• Efficiently getting approvals, authorizations and signatures
• Examining difficult situations that can arise in AP
• Resolving problems while benefiting the employee, the AP department and organization