Fundamentals of Accounts Payable: An Accountants Handbook

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

• 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.
• Build programs that will eliminate (or partially eliminate) paper checks.
• Create an effective p-card policy.
• Identify and eliminate common p-card complications.
• Craft an employee responsibility agreement for use of p-cards.
• Craft an electronic payment expansion program.
• Produce procedures for dealing with discrepant invoices.
• Identify duplicate invoices.
• Craft an effective process for dealing with invoices without a PO number or name of requisitioner.
• Construct strong processes to avoid returning checks to requisitioners and issuing rush checks.
• Eliminate all late fees.
• Execute best practices when hiring a recovery firm.
• Implement a travel policy that conforms to IRS guidelines.
• Assemble a spot-checking policy for expense receipts.
• Set reasonable reimbursement practices.
• Use positive pay correctly.
• Implement policies that deter p-card fraud.
• Pinpoint misconceptions that deter proper fraud protection.
• Employ best practices to prevent ACH and wire fraud.
• Create a policy to deal with the BYOD issue.
• Create an effective policy and procedures manual.
• Establish a policy for updating the accounts payable policy and procedures manual on a regular basis.
• Develop effective procedures for handling information reporting requirements related to accounts payable (1099).
• Establish procedures for checking for bribery violations.
• Integrate low-cost technology to create a more efficient accounts payable process.
• Incorporate appropriate segregation of duties into your accounts payable process.
• Pinpoint potential internal control breakdowns and craft procedures to fix them.
• Improve productivity without spending a fortune.
• Create an electronic payments program.
• Identify and eliminate common problems associated with electronic payments.
• Build a program to recover open vendor credits.
• Earn all early payment discounts.
• Create best practice supplier onboarding processes.
• Delineate procedures for handling vendor inquiries.
• Identify changes impacting accounts payable in the near future.