Accounts Payable: Planning, Organizing and Achieving Best Practice

Introduction

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. This 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. 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 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

Objectives

• Work effectively with the fundamentals of accounts payable, financial accounting, and the supply chain
• Understand and apply the fundamentals of accounts payable systems
• Review and comment on payment methods and cash management
• Analyze the need to incorporate risk and uncertainty into accounts payable analysis
• Identify best practice across all industries 

Training Methodology

This is an interactive course. There will be open question and answer sessions, regular group exercises and activities, videos, case studies, and presentations on best practices. Participants will have the opportunity to share with the facilitator and other participants on what works well and not so well for them, as well as work on issues from their own organizations. The online course is conducted online using MS-Teams/ClickMeeting.

Who Should Attend?

This training course provides a user-friendly environment to develop the knowledge and techniques related to accounts payable that are valuable for:

• Finance Executives and Professionals
• Accountants
• Accounts Payable Managers
• Accounts Payable Supervisors
• Accounts Payable Personnel
• Others who are working within the accounts payable process or who wish to develop a practical toolkit to complement their existing professional or technical skills

Course Outline

Day 1: Accounts Payable, Financial Accounting And The Supply Chain

The Accounting Environment

• Accounting and financial information
• Accounting terminology
• Sources of finance
• The supply chain
• Financial position and financial performance
• Cash flow and Working Capital
• Why is cash flow so important?
• The structure of the statement of cash flows

Day 2: Achieving World-Class in Accounts Payable Processes
Achieving Best Practice

• Defining Best Practice in AP
• Moving beyond P2P
• Managing Risk
• Principles of Best Practice
• End to End AP Process
• Defining the issues in Accounts Payable
• Invoice Handling
• Operational
• Master Vendor File Management
• Travel & Entertainment (T&E)
• Technology
• Communication

Day 3: Improving Invoice Processing And Operational Management
Invoice Handling

• Dealing with Approvals
• Forwarding invoices
• Verifying invoice data
• Short paying invoices
• Paying “low value” items
• Identifying “Unidentified” invoices
• Handling invoices without invoice numbers
• Operational
• How to avoid duplicate payments
• Limiting telephone calls to AP
• Petty cash management
• Using Supplier statements

Day 4: Harnessing Technology In The Ap Processes
Master Vendor File Management

• File setup – getting it right from the start
• Naming conventions
• File maintenance and security issues
• Travel & Entertainment
• Policy management
• Cash advances
• Reporting forms
• Handling receipts
• Reservation management
• Employee reimbursement
• Technology
• Imaging and workflow
• Using the internet for AP effectiveness
• Electronic invoicing

Day 5: Making the Payments and Maintaining The Relationships
Communications & Customer Relations

• Payments status information for vendors
• Communicating relevant information to vendors
• Communicating with internal customers
• Improving Procure to Pay(P2P)Cycle

Payments and Payment Solutions

• Cheques
• Procurement Cards

Cash Management

• A case study exercise to allow participants an opportunity to apply the learning of the
  a week and define a practical solution.