Fundamentals of Accounts Payable: An Accountants Handbook FLEXCAST

Overview

In the dynamic financial landscape of today’s business world, a robust and efficient accounts payable function is crucial. However, without a deep understanding of its fundamentals, organizations often encounter issues like fraud vulnerability, duplicate payments, and inefficient processes. This course, led by industry expert Mary Schaeffer, addresses these challenges by presenting key strategies for strengthening the accounts payable function. You’ll learn how to establish effective controls, design efficient invoice processing systems, and implement best practices for electronic payments and p-card policies. By focusing on process improvement and fraud prevention, this course ensures that your accounts payable function not only becomes more efficient and cost-effective but also more secure and compliant with evolving regulations. It’s an invaluable resource for auditors, controllers, and managers aiming to refine their organization’s financial operations.

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, and more.

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, and more.

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.