Accounts Payable Skills and Strategies
As an AP professional, you’re responsible for ensuring your organization pays suppliers accurately and on time. This requires you to keep track of details, organize and prioritize a large volume of work, and maintain a good relationship between the organization and its suppliers.
In your role as gatekeeper of the company, you’re on the frontline of the organization, preventing fraud and overseeing revenue, controlling expenses, and managing assets and asset purchases. With the help of other departments, you’re a major player in protecting the company’s assets and bottom line.
When you complete this course, you’ll have a greater understanding of the important part AP professionals plays in the overall financial structure of an organization, the responsibilities they have to the organization, and the challenges they face when managing accounts payable.
Course Outcomes
- Establish policies and procedures to improve AP processes
- Discover tracking tips for maintaining accurate records
- Describe best-practice ways for identifying and preventing fraud
- Explain the steps for preparing audit-proof files
- Discuss the benefits of adopting new AP technology and trends
Course Agenda
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Accounts Payable Skills and Strategies
As an AP professional, you’re responsible for ensuring your organization pays suppliers accurately and on time. This requires you to keep track of details, organize and prioritize a large volume of work, and maintain a good relationship between the organization and its suppliers.
In your role as gatekeeper of the company, you’re on the frontline of the organization, preventing fraud and overseeing revenue, controlling expenses, and managing assets and asset purchases. With the help of other departments, you’re a major player in protecting the company’s assets and bottom line.
When you complete this course, you’ll have a greater understanding of the important part AP professionals plays in the overall financial structure of an organization, the responsibilities they have to the organization, and the challenges they face when managing accounts payable.
Session 1: Strengthening Your Position in Accounts Payable
- Describe the qualities shared by the best AP pros
- Evaluate time-wasting activities that impact accounts payable
- Identify ways to gain control of deadlines and prioritize time
- Apply communication tools to manage and build relationships
Session 2: Managing Accounts Payable to Improve Accuracy
- Use proven systems and procedures to manage accounts payable
- Discuss invoice management as a way to streamline the payment process
- Organize and maintain accurate payment records
- Explain early payment discounts and how to negotiate payment terms
Session 3: Setting Up Internal Controls
- Evaluate your organization’s internal controls
- Establish processes to segregate duties
- Implement a fail-safe method for eliminating duplicate payments
- Identify and eliminate expense account padding
Session 4: Preparing Files and Records for an Audit
- Set up files that will withstand an audit
- Explain AP audit procedures
- Describe how to establish year-end reporting information, including 1099s
- Evaluate government requirements and regulations for certain payments
Session 5: Adopting Accounts Payable Technology and Trends
- Debate the pros and cons of purchasing cards
- Adopt new AP processes for electronic invoicing
- Discuss emerging trends in accounts payable
- Explore how new technology is making a positive impact