Best Practices for Accounts Payable ON DEMAND

Overview

This course is an essential tool for professionals aiming to refine their organization’s financial operations. Led by Mary S. Schaeffer, a recognized expert in the field, this course provides insights into establishing effective accounts payable policies and procedures. It covers the importance of master vendor file practices, the critical role of segregation of duties, and techniques for effective invoice and payment management, including electronic payments and p-card programs. Participants in this course will learn strategies to prevent duplicate payments, handle discrepant invoices, and manage the complexities of travel and entertainment policies. This course is invaluable for those seeking to streamline their accounts payable process, enhance regulatory compliance, and improve overall financial efficiency in their organization. NOTE: The information covered in this course is also covered in the Creating an Accounts Payable Policy and Procedures Manual, Internal Controls in Accounts Payable, and Vendor Issues in Accounts Payable courses.

Highlights

Managing the AP function. Internal controls. Fraud prevention, and more.

Prerequisites

None.

Designed For

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

Objectives

Identify how to implement a best practice policy. Cite how you can utilize a policy and procedures manual effectively. Identify the importance of establishing strong master vendor file practices. Cite why the segregation of duties is important. Identify master vendor file cleanup practices. Identify effective invoice receipt practices. List effective data entry rules for invoice processors. Cite best practice invoice handling routines. Define effective practices for short-paying invoices, handling unidentified invoices, and managing discrepant invoices. Identify effective processes for printing and signing checks and storing check stock. Cite the benefits of paying electronically. Identify benefits and controls associated with a strong p-card program. Cite best practices for payments made outside accounts payable, and more.