Accounts Payable: Accounting and Management Best Practices - Virtual Learning
Why Attend
Accounts payable is not just processing checks, mailing them and then filing the backup paperwork. To truly and effectively manage accounts payable, one must understand the AP department's building blocks including, but not limited to customer service, vendor management, check requests and Purchase Orders (POs).
This course will discuss how to handle invoices, process checks, prevent errors, conduct annual audits, and use technology in the department. You will also learn the best practices to adopt in your AP department and how to develop your department into an effective business partner.
Course Objectives
By the end of the course, participants will be able to:
- Identify the function of Accounts Payable (AP) 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
- Examine the role of accounts payable
- Perform month-end accruals
- Realize the value added of three-way matching
- Prepare and analyze accounts payable aging
- Prevent accounts payable fraud
- Apply accounts payable best practices
- Implement early payment discount
- Utilize Excel functions
- The important role of Accounts Payable (AP)
- The meaning of managing accounts payable
- 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)
- Key topics in accounts payable management
- 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
- Real cases of fraud in accounts payable
- The behavioral side of managing accounts payable department
- Improving the image of the AP department
- Ways to motivate AP staff
- 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
Meirc Professional Certificate (MPC)
MPC certified courses by Meirc Training and Consulting are designed for those willing to challenge themselves and go the extra distance. Participants who fully attend an MPC course and successfully complete the test on the last day, will receive a Meirc Professional Certificate (MPC), in addition to the one they receive for attendance. MPC certificates are regionally recognized and can be quite valuable when applying for more senior roles within the organization or outside.
Per participant
USD 1,750
Fees + VAT as applicable
Tax Registration Number : 100239834300003
23 - 25 Feb, 2021
English
10:00 to 14:00 (UAE)
9:00 to 13:00 (KSA)
