Best Practices for Accounts Payable

Upon successful completion of this course, participants will be able to:

• 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;
• Identify ways to pay small dollar invoices without issuing a check;
• Identify the importance of creating and maintaining a policy and procedures manual;
• List strategies to eliminate duplicate payments when original invoices are missing;
• Identify lost funds through an effective supplier statement review policy;
• Identify routines that help avoid making duplicate payments;
• Identify the importance of creating an effective policy for requiring backup for rush payments;
• Identify the importance of segregation of duties;
• List issues that need to be addressed when an employee leaves the organization;
• Cite the importance of a mandatory vacation policy as well as a job rotation policy;
• Understand the importance of using positive pay;
• Implement strong controls around pre-printed check stock;
• Integrate check fraud prevention practices into the accounts payable process;
• Cite the importance of a strong travel and entertainment policy;
• List reasons why cash advances are difficult for the accounts payable function;
• Identify an efficient and effective policy for reimbursing employee for travel expenses;
• Identify that is required for information reporting to the IRS;
• Cite how to integrate IRS TIN Matching into the new vendor setup function;
• Identify a policy that will enable the organization to report and remit unclaimed property;
• Identify a policy that includes accruing and reporting use tax for all the organization’s sales tax obligations;
• Identify how to incorporate regular OFAC checking into the payment process to ensure payments are not made to terrorists;
• Identify potential situations where a payment may actually be a bribe to a foreign official in conflict with FCPA regulations;
• Identify a process to effectively deal with invoices;
• Identify a policy to address issues related to the use mobile devices in accounts payable;
• Identify methodologies for communicating relevant payment information to vendors before problems arise;
• Identify how payment timing can help or hurt an organization; and
• Cite strategies for sharing critical payment status information with vendors.