Best Practices for Managing Accounts Payable

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.

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

Course Outcomes:

• Accounts payable is not just processing Cheques, mailing them and then filing the backup

• 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 cheques,

• 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 Modules:

The Importance of Accounts Payable in an Organisation

• Why accounts payable is a crucial job in any Organisation

• Authority and responsibility: Who has it, who wants it, and who needs it

• Critical success elements of highly effective AP pros How does your organisation’s AP stack up

• A review of critical processes and procedures

• Organising and Managing Your Enormous Workload

• The essentials of managing mountains of invoices

• Techniques for streamlining your payment process

• Strategies for catching mistakes when you’re overloaded

• Setting up vendor files –– the easy way!

• How do invoices flow through your organisation?

• Spotting bottlenecks and problems you can’t risk

• Questions every AP professional must ask about each invoice

• Learn the secrets of “matching” your bills

• Is your AP computer software working hard for you, or against you?

• What to look for in a good system