Accounts Payable - Planning, Organizing, and Achieving Best Practice

Course Content
• Introduction to Accounts Payable Management
• Overview of the role and importance of accounts payable in financial management
• Understanding the accounts payable process and its key components
• Legal and regulatory considerations in accounts payable management
• Receipt and review of vendor invoices
• Matching invoices with purchase orders and receiving documents
• Validating invoice accuracy and resolving discrepancies
• Approval workflow and invoice coding
• Different payment methods and their benefits and drawbacks

The role of auditors and what you can do to prepare for their visit
• Internal checks and controls, error, and fraud prevention and detection
• Setting up new supplier accounts
• Performing supplier statement reconciliations
• Processing expense claims and credit card statements
• Capital and revenue expenditure
• Introduction to VAT and non-deductible items
• Processing pro-forma invoices & VAT payment schedules
• Monitoring costs, reclaiming credit notes, rebates, and overpayments
• Claiming settlement discounts
• Spotting errors and mistakes promptly and avoiding duplicate payments
• Journals, prepayments, and accruals
• Performing supplier statement reconciliations
• Monitoring costs.
• Managing Budgets and maximizing supplier discounts
• Cash Forecasting and Management.
• Vendor File Management.
• Setting up payment terms and schedules
• Cash flow management and optimizing payment timing
• Electronic payment systems and online banking platforms
• Establishing and maintaining good relationships with vendors
• Effective communication and negotiation with vendors
• Vendor statement reconciliation and dispute resolution
• Implementing effective internal control procedures
• Segregation of duties and authorization processes
• Fraud detection and prevention measures
• Compliance with accounting standards and internal policies
• Generating accounts payable reports and analysis
• Aging analysis and management of outstanding payables
• Accruals and month-end closing procedures
• Integration of accounts payable with general ledger and financial statements

Overview of accounts payable automation solutions
• Benefits and challenges of implementing technology in accounts payable
• Streamlining invoice processing and payment workflows
• Enhancing data accuracy and reporting capabilities
• Best Practices in Accounts Payable Management.