Best Practices for Accounts Payable ON DEMAND

Overview

Best practices for the accounts payable function are critical for those organizations concerned about profitability. Poor practices result in excess cost, duplicate payments, increased processing expenses, potential fraud, and frayed vendor relationships. And, of course there is the growing issue of regulatory compliance as the federal and state governments look for their fair share. This course presents information you can use to identify best practice problems as well as regulatory concerns. Industry expert Mary S. Schaeffer explains the issues related to the accounts payable function to auditors, controllers, and managers. She then reveals the best practices for myriad issues and identifies almost best practices for those cases where it is not possible to use the best practice.

Highlights

Managing the AP Function. Master Vendor File. . Invoice Processing. Invoice Headaches The Problem Children Invoices. Checks. ACH (Electronic Payments). An Effective P-Card Program. Payment Strategy. Policy and Procedures Manual. Operational Aspects. Duplicate Payment Issues. Internal Controls. Fraud Prevention. Travel and Entertainment Policy. Regulatory Issues. Technology. Communications/Vendor Relations. Cash Flow Management Issues.

Prerequisites

None.

Designed For

CPAs, CFOs, controllers, financial professionals, and auditors.

Objectives

Identify how to implement a best practice policy. Cite how you can utilize a policy and procedures manual effectively. Identify the importance of establishing strong master vendor file practices. Cite why the segregation of duties is important. Identify master vendor file cleanup practices. Identify effective invoice receipt practices. List effective data entry rules for invoice processors. Cite best practice invoice handling routines. Define effective practices for short-paying invoices, handling unidentified invoices, and managing discrepant invoices. Identify effective processes for printing and signing checks and storing check stock. Cite the benefits of paying electronically. Identify benefits and controls associated with a strong p-card program. Cite best practices for payments made outside accounts payable. Identify ways to pay small dollar invoices without issuing a check. Identify the importance of creating and maintaining a policy and procedures manual. List strategies to eliminate duplicate payments when original invoices are missing. Identify lost funds through an effective supplier statement review policy, and more.