ACCOUNTS PAYABLE: FROM ACCOUNTING TO MANAGEMENT

Course Outline

• 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 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