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Accounts Payable: Accounting and Management Best Practices

Accounts Payable: Accounting and Management Best Practices

Why Attend

Accounts Payable (AP) 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.

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Overview
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
Associations
Associations
National Association of State Boards of Accountancy (NASBA)

Meirc Training & Consulting is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit.

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Schedule & Fees

2023 Schedule & Fees

Location & Date
19 - 23 Feb, 2023
Dubai
English
Venue to be assigned
2 - 6 Jul, 2023
Dubai
Arabic
Venue to be assigned
12 - 16 Nov, 2023
Dubai
English
Venue to be assigned
Fees
Per participant

USD 4950

Fees + VAT as applicable

(including coffee breaks and a buffet lunch daily)

Discount Plans & Cancellations Policy
training courses in Dubai

Meirc reserves the right to alter dates, content, venue, trainer, and to offer courses in an integrated virtual learning (IVL) format whereby face to face classroom participants and virtual learners participate simultaneously in the same course in an interactive learning experience.

Tax Registration Number: 100239834300003

Virtual Learning
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