Fundamentals of Accounts Payable: An Accountants Handbook ON DEMAND

Overview

Understanding the fundamentals of the accounts payable function is critical for any organization that wants to run an effective and efficient accounts payable function. Without this understanding, weak processes are permitted making fraud easier to commit. Duplicate payments increase and the function is not cost-effective. This course presents information the professional can use to create a strong process and implement effective function. Industry expert Mary Schaeffer shows auditors, controllers, and managers how proper processes in the accounts payable function strengthen controls and lead to an efficient and effective accounts payable function.

Highlights

The Foundation of The Accounts Payable Function. Master Vendor File Where the Process Should Begin. Invoice Processing. Checks The Original Payment Vehicle. Corporate Procurement Cards Streamlining the Payment Process for Small Purchases. Electronic Payments - The Most Efficient Payment Process. Operational Issues Invoice Handling and Processing. Operational Issues Payments. Inaccurate Payments and Payment Auditing. Expense Reimbursement. Check and Corporate Card Fraud Detection and Prevention. Electronic Payment Fraud Prevention and Detection. Other Types of Fraud Affecting the Accounts Payable Function. The Accounts Payable Policy and Procedures Manual. Regulatory Issues Affecting the Accounts Payable Function. Using Technology to Run A More Efficient Accounts Payable Function. Internal Controls - The Glue That Holds the Ap Function Together. Enhancing Productivity in Accounts Payable - The Ongoing Challenge. Enhancing Payment Productivity. The Electronic Payment Challenge. Enhancing the Bottom Line Where Ap Can Bring in Cash. Vendor Relations. The Future Of The Accounts Payable Function.

Prerequisites

None.

Designed For

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

Objectives

Understand why setting up the accounts payable function correctly is important. Detect potential problems when payments are made outside accounts payable. Build an effective naming convention. Delineate an effective process for entering data in the master vendor file. Establish effective controls around the master vendor file. Create an effective process for the receipt of invoices. Identify duplicate invoices. Construct new procedures for emailed invoices. Understand and identify the problems associated with paper checks. Reduce the number of paper checks. Build programs that will eliminate (or partially eliminate) paper checks. Create an effective p-card policy. Identify and eliminate common p-card complications. Craft an employee responsibility agreement for use of p-cards. Craft an electronic payment expansion program, and more.