Accounts Payable: Accounting and Management Best Practices

The important role of Accounts Payable (AP)

• The meaning of managing accounts payable
• The big picture: accounts payable and the financial health of organizations
• The functions of the accounts payable department and the role of AP staff
• Accounts payable impact on working capital and cash management

Accounting essentials for accounts payable

• Accounts payable terminologies
• General ledger and sub-ledger
• Preparing for month-end close and accruals

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)

Key topics in accounts payable management

• 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
• Real cases of fraud in accounts payable

The behavioral side of managing accounts payable department

• Improving the image of the AP department
• Ways to motivate AP staff
• Dealing with internal and external disputes
• Importance of internal customer service
• Providing customer service to vendors

Accounts payable department as a real business partner

• When should we pay our suppliers
• Understanding cost of funds
• Evaluating early payment discount
• Pros and cons of early or late payments
• Relationship with the treasury department