Fundamentals of Accounts Payable: An Accountants Handbook ON DEMAND

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 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.

Highlights

The foundation of the accounts payable function. Invoice processing. Inaccurate payments and payment auditing. Expense reimbursement, 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. Identify duplicate invoices. Construct new procedures for emailed invoices. Understand and identify the problems associated with paper checks. Reduce the number of paper checks, and more.

Preparation

None.

Notice

None.