Course description
The management of the accounts payable (creditors) of an organisation is essentially just one aspect of the management of the cash flow of that organisation. Since organisations cannot survive without adequate cash flows, it follows that the management of accounts payable is a vital aspect of cash flow management.
Programme Summary
This course provides businesses and other organizations with a strong sense of where they stand against industry leaders and shows them how to take their services and organizational processes to state of the art levels.
Documented strategies and tactics employed by highly admired companies are presented both successful and unsuccessful to illustrate the real world functionality of each process and approach.
Key Learning Points
- The importance of the accounts payable function with regard to its links with the supply chain and cash flow
- The integrated systems of purchase order processing, stock (inventory) control, purchase ledger and cash payments and their links with the general ledger
- How to effectively manage cash and working capital to reduce costs and improve cash flow
- The impact of risk and uncertainty on the business and its impact on accounts payable and cash flow
- How leading companies from across the globe are achieving best practice in Accounts Payable
Upcoming start dates
Suitability - Who should attend?
- Finance Executives and Professionals
- Accountants
- Accounts Payable Managers
- Accounts Payable Supervisors
- Accounts Payable Personnel
- Others who are working within accounts payable process or who wish to develop a practical toolkit to complement their existing professional or technical skills
Outcome / Qualification etc.
Benefits of Attending
- Work effectively with the fundamentals of accounts payable, financial accounting and the supply chain
- Understand and apply the fundamentals of accounts payable systems
- Review and comment on payment methods and cash management
- Analyse the need to incorporate risk and uncertainty into accounts payable analysis
- Identify best practice across all industries
Training Course Content
Session 1 - ACCOUNTS PAYABLE, FINANCIAL ACCOUNTING AND THE SUPPLY CHAIN
- Accounting and financial information: Accounts Payable in context
- Sources of finance
- The supply chain
- Financial position and financial performance
- Cash flow and Working Capital
- Why is cash flow so important?
Session 2 - ACHIEVING WORLD CLASS IN ACCOUNTS PAYABLE PROCESSES
- Defining Best Practice in AP
- Moving beyond P2P
- Managing Risk
- Principles of Best Practice
- End to End AP Process
- Defining the issues in Accounts Payable
Session 3 - IMPROVING INVOICE PROCESSING AND OPERATIONAL MANAGEMENT
- Invoice Handling and Approval Processes
- Verifying invoice data
- Paying “low value” items
- How to avoid duplicate payments
- Making the best use of staff time: limiting telephone calls to AP
- Does Petty cash management belong in Accounts Payable?
Session 4 - HARNESSING TECHNOLOGY IN ACCOUNTS PAYABLE PROCESSES
- Master Vendor File Management – getting it right from the start
- Travel & Entertainment
- Policy management
- Cash advances and employee reimbursement
- Process improvement through imaging and workflow
- Using the internet for AP effectiveness
Session 5 - MAKING THE PAYMENTS AND MAINTAINING THE RELATIONSHIPS
- Communications & Customer Relations
- Payments status information for vendors and internal customers
- Improving Procure to Pay(P2P)Cycle
- Payments and Payment Solutions: Accounts Payable or Treasury?
The course will conclude with an interactive case study exercise to allow participants an opportunity to apply the learning of the week and define a practical solution.