Crisis Management: Your Accounts Payable Function in Uncertain Times FLEXCAST

Overview

Many organizations take their accounts payable function (along with most others) for granted until suddenly, they can’t get an invoice to a critical vendor paid. Or, as many are finding out the hard way, their accounts payable team can’t get into the office to pick up all the paper invoices that need to be processed. This has happened for a few days in the past, mainly due to weather-related incidents. But they pass fairly quickly and it’s easy to play catch up. This time is different and it has highlighted the areas where the current process is not sufficient. This brand-new session was created by AP Now’s founder, Mary Schaeffer and is based on the real-life experiences of many of her readers, who are accounting and accounts payable professionals as well as interviews with experts. They shared practices that are working, those that are not and lessons learned.

Highlights

Technology. Invoices. Payments. Fraud.

Prerequisites

None.

Designed For

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

Objectives

Identify areas where your current accounts payable function might need adjustment to deal with a crisis, like the coronavirus. Develop practices that will help handle the masses of paper invoices that many are still receiving. Manage staff and a management team working remotely. Convert many of your vendors to receiving electronic payments instead of paper checks. Create processes for those who must go into the office. Deal with potentially fraudulent ’change of bank account requests. “. Keep up morale of staff not used to working remotely. Plan for future crisis.

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.