The organisation of the accounts payable function and the management of the accounts payable role are vital to the effective control of working capital and, therefore, cash flow.
This programme gives businesses and other organisations a strong sense of where they stand against industry leaders. It shows them how to take their services and organisational processes to state-of-the-art levels.
Documented strategies and tactics employed by highly admired companies are presented as both successful and unsuccessful to illustrate the real-world functionality of each process and approach.
By attending this event, delegates will understand:
- The importance of the accounts payable function about its links with the supply chain and cashflow
- The integrated systems of purchase order processing, stock (inventory) control, purchase ledger and cash payments and their links with the general ledger
- How to effectively manage cash and working capital to reduce costs and improve cash flow
- The impact of risk and uncertainty on the business and its impact on accounts payable and cash flow
- How leading companies from across the globe are achieving best practices in Accounts Payable
Objectives
- Work effectively with the fundamentals of accounts payable, financial accounting and the supply chain.
- Understand and apply the fundamentals of accounts payable systems
- Review and comment on payment methods and cash management
- Analyse the need to incorporate risk and uncertainty into accounts payable analysis
- Identify best practices across all industries
Contents
Day One
ACCOUNTS PAYABLE, FINANCIAL ACCOUNTING AND THE SUPPLY CHAIN
The Accounting Environment
- Accounting and financial information
- Accounting terminology
- Sources of finance
- The supply chain
- Financial position and financial performance
- Cashflow and Working Capital
- Why is cash flow so important?
- The structure of the statement of cash flows
Day Two
ACHIEVING WORLD-CLASS ACCOUNTS PAYABLE PROCESSES
Achieving Best Practice
- Defining Best Practice in AP
- Moving beyond P2P
- Managing Risk
- Principles of Best Practice
- End-to-End AP Process
- Defining the issues in Accounts Payable
- Invoice Handling
- Operational
- Master Vendor File Management
- Travel & Entertainment (T&E)
- Technology
- Communication
Day Three
IMPROVING INVOICE PROCESSING AND OPERATIONAL MANAGEMENT
Invoice Handling
- Dealing with Approvals
- Forwarding invoices
- Verifying invoice data
- Short paying invoices
- Paying “low value” items
- Identifying “Unidentified” invoices
- Handling invoices without invoice numbers
- Operational
- How to avoid duplicate payments
- Limiting telephone calls to AP
- Petty cash management
- Using Supplier statements
Day Four
HARNESSING TECHNOLOGY IN THE AP PROCESSES
Master Vendor File Management
- File setup – getting it right from the start
- Naming conventions
- File maintenance and security issues
- Travel & Entertainment
- Policy management
- Cash advances
- Reporting forms
- Handling receipts
- Reservation management
- Employee reimbursement
Technology
- Imaging and workflow
- Using the internet for AP effectiveness
- Electronic invoicing
Day Five
MAKING THE PAYMENTS AND MAINTAINING THE RELATIONSHIPS
Communications & Customer Relations
- Payment status information for vendors
- Communicating relevant information to vendors
- Communicating with internal customers
- Improving Procure to Pay(P2P)Cycle
Payments and Payment Solutions
- Cheques
- Procurement Cards
Case Study
