Course Objectives
Accounts Payable: Accounting and Management Best Practices
Course Methodology
This course demonstrates theoretical and practical core topics in addition to introducing Excel in managing accounts payable. The course also features role playing and presentations by participants.
Course Objectives
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 lead 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
Target Audience
Managers of accounts payable, AP staff and professionals as well as clerks and specialists who wish to advance their career. The course is also beneficial to professionals in accounting, finance, purchasing and procurement who work closely with accounts payable.
Target Competencies
Examining the role of accounts payable
Performing month-end accruals
Realizing the value added of three-way matching
Preparing and analyzing accounts payable aging
Preventing accounts payable fraud
Applying accounts payable best practices
Implementing early payment discount
Utilizing Excel functions
Course Outline
The important role of 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 the accounts payable department and the role of AP staff
Accounts payable impact on working capital and cash management
Accounting essentials for accounts payable
Accounts payable terminologies
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
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
The behavioral side of managing accounts payable department
Improving the image of the 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
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
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
The important role of 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 the accounts payable department and the role of AP staff
Accounts payable impact on working capital and cash management
Accounting essentials for accounts payable
Accounts payable terminologies
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
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
The behavioral side of managing accounts payable department
Improving the image of the 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
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
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