Accounts Payable - From Accounting to Management

Objectives:

By the end of the program, participants will be able to:

• Identify the function of Accounts Payable (AP) and its role in organizations.
• Take a successful lead in the management of Accounts Payable.
• Assess AP operations and processes and recommend improvements using the latest best practices.
• Apply accounting principles related to Accounts Payable.
• 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.

The Contents:

Day One :

The Important Role of Accounts Payable (AP)

• The Meaning of Managing Accounts Payable
• The Functions of Management
• The Big Picture: Accounts Payable and the Financial Health of Organizations
• The Functions of Accounts Payable Department and Role of AP Staff
• Accounts Payable Impact on Working Capital and Cash Management

​Day Two :

Accounting Essentials for Accounts Payable

• Accounts Payable Terminology
• General Ledger and Sub-Ledger
• Preparing for Month End Close and Accruals

​Day Three & Four :

Accounts Payable Processes and Best Practices

• Invoice Handling and Routing
• The Three Way Matching
• Methods of Payment Processing
• Maintaining the Vendor Master File
• Travel and Entertainment (T&E)
• Procurement Cards (P-Cards)
• Electronic Payment Options 

​Day Five & Six :

Key Topics in Accounts Payable Management

• Operational Analysis and Benchmarking
• Continuous Process Improvement
• Developing Performance Metrics
• Applying Best Practices in your Organization
• Identifying Proper Internal Controls
• The Annual Audit as an Added Value
• Impact of AP Outsourcing
• Detecting Fraud in Accounts Payable
• Disaster Recovery Planning

​Day Seven :

The Behavioral Side of Managing Accounts Payable Department

• Improving the Image of AP Department
• Ways to Motivate AP Staff
• Organizing the AP Department
• Closing the Communication Gap
• Dealing with Internal and External Disputes
• Importance of Internal Customer Service
• Providing Customer Service to Vendors

​Day Eight :

Accounts Payable Department as a Real Business Partner

• When We Should Pay Our Suppliers
• Understanding Cost of Funds
• Evaluating Early Payment Discount
• Pros and Cons of Early/Late Payments
• Relationship with Treasury Department

​Day Nine & Ten :

Using Excel in Managing Accounts Payable

• Interface between Accounts Payable System and Excel
• Using Pivot Tables to Extract Valuable Information
• Preparing and Analyzing Accounts Payable Aging
• Accounts Payable Role in Improving Suppliers Commercial Terms