Accounts Payable Action Plan: Necessary Tactics after a Crisis (including COVID-19) FLEXCAST

Overview

AP Now statistics reveal that 85% of all companies had their accounts payable staffs working remotely during the coronavirus crisis. For most, the transition from office to remote usually took place over a few short days and was anything but pretty or smooth. With the possibility of returning to the office at some point in the near future, organizations need to start planning for that event. Hopefully, we’ve all learned something from going through this episode. The return to a new normal will require additional efforts around the accounts payable function. Organizations will need to review what happened while working remotely and plan for the future. For the likelihood of this happening again is, unfortunately, high. The next time vendors are not so likely to be understanding about late payments and crooks will be even better situated to take advantage. Every organization needs to prepare. This session identifies 20 different steps every organization should take with regards to its accounts payable function. It’s not hard, you just have to do it.

Highlights

Early Indications. The Workplace Today. New Normal. Period of Adjustment. HR Related Issues. Related Compliance Issues. Receipt of Invoices. Invoice Automation. Reasons for NonUse. Evaluate Invoice Automation. Duplicate Invoices. Duplicate Payment Checking. ACH Debits. Increase ACH Participation. Evaluate ACH Payment Program. Closely Review Pcard Activity. Establish Allowable Expense Guidelines for Quarantine. Canceled Events. Interim Travel Policy. Returned Invoices. Remote Worker Policy and Processes.

Prerequisites

None.

Designed For

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

Objectives

Identify potential weaknesses that may have facilitated fraud or led to duplicate payments. Pinpoint any responsibilities that may have fallen through the cracks during the crisis. Create new processes for the future so the next time the transition will not be so harsh. Evaluate interim policies that may need to be implemented as the country goes through the reopening process. Start the transition with motivated employees.

Preparation

None.

Notice

This is a FlexCast (no exam required) and may be viewed only Monday - Saturday, 5am - 5pm PT. You may take up to one year from the date of purchase to complete the course. Pause your FlexCast and resume at a convenient day during the hours above. Partial credit for 2+ credit courses: If you are unable to complete the course in one sitting, partial credit can be awarded (minimum of one credit). To earn the remaining credits, you must return later and start the course from the beginning. Use chat to ask questions of a subject matter expert during the program.