Introduction

This training program will discuss how to handle process checks, and invoices, conduct annual audits, prevent errors and use technology in the department. participants will get to learn the best practices to adopt in their AP department and the procedure to develop their department into an effective business partner.

Objectives

By the end of the course, participants will be able to:

• Identify the function of accounts payable and its role in organizations

• Use accounting principles related to accounts payable

• Describe how to take a successful lead in the management of accounts payable

• Assess AP operations and processes and recommend improvements using the latest best practices

• Evaluate the main issues affecting AP staff in order to increase their efficiency and productivity

• Apply tools and techniques in Microsoft Excel to effectively manage and monitor AP performance

Target Audience

This From Accounting to Management (Accounts Payable) training program is intended to:

• Managers of accounts payable,

• AP staff professionals

• Clerks and specialists who wish to advance their careers.

• The course is also beneficial to professionals in accounting, finance, purchasing, and procurement who work closely with accounts payable.

Training Methodology

This course demonstrates theoretical and practical core topics in addition to introducing Excel to managing accounts payable. The course also features role-playing and presentations by participants.

Course Content

Day 1

The important role of AP

• The meaning of managing accounts payable

• The functions of management

• 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

Day 2

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)

• Electronic payment options

Day 3

Key topics in accounts payable management

• Operational analysis and benchmarking

• Continuous process improvement

• Developing performance metrics

• 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

• Disaster recovery planning

Day 4

The behavioural side of managing accounts payable department

• Improving the image of the AP department

• Ways to motivate AP staff

• Organizing the AP department

• Closing the communication gap

• 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

Day 5

Using Microsoft Excel in managing accounts payable

• The interface between the accounts payable system and Excel

• Using pivot tables to extract valuable information

• Preparing and analyzing accounts payable aging

• Accounts payable role in improving suppliers commercial terms