Introduction

This 5-day programme will provide a leading edge forum for you to significantly improve your working capital management skills. You will gain a comprehensive range of very practical and highly effective tools and approaches that can be immediately implemented upon your return to work.

By attending this event, delegates will understand:

• The importance of the accounts payable function with regard to its links with the supply chain and cash flow

• The integrated systems of purchase order processing, stock (inventory) control, purchase ledger and cash payments and their links with the general ledger

• How to effectively manage cash and working capital to reduce costs and improve cash flow

• The impact of risk and uncertainty on the business and its impact on accounts payable and cash flow

• How leading companies from across the globe are achieving best practice in Accounts Payable

 Target audience

This programme provides a user-friendly environment to develop the knowledge and techniques related to both accounts receivable and accounts payable that are valuable for:

• Finance Executives

• Accountants

• Others who are working within Transactional Finance, Accounts Payable or Accounts Receivable process or who wish to develop a practical toolkit to complement their existing professional or technical skills

This programme is also ideal for those wishing to develop their understanding of how Working Capital efficiencies can make a significant improvement to profitability or you may already be employed in any of these functions within the business.

Objectives

• Work effectively with the fundamentals of accounts payable.

• Understand and apply the fundamentals of effective transactional management systems

• Review and comment on payment methods and cash management

• Understand the need to incorporate risk and uncertainty into transactional processing and cashflow management

• Identify best practice across all industries by examining case studies from across the globe

Methodology

The instructor engages all of the delegates, both in the presentation of the material and the programme sessions, so that everyone leaves with a working knowledge of the material and the ability to use them immediately.

Outline

DAY 1 - Accounts Payable, Financial Accounting and the Supply Chain

• Accounting and financial information: Accounts Payable in context

• Sources of finance

• The supply chain

• Financial position and financial performance

• Cash flow and Working Capital

• Why is cash flow so important?

DAY 2 - Achieving World Class in Accounts Payable Processes

• Defining Best Practice in AP

• Moving beyond P2P

• Managing Risk

• Principles of Best Practice

• End to End AP Process

• Defining the issues in Accounts Payable

DAY 3 - Improving Invoice Processing and Operational Management

• Invoice Handling and Approval Processes

• Verifying invoice data

• Paying “low value” items

• How to avoid duplicate payments

• Making the best use of staff time: limiting telephone calls to AP

• Does Petty cash management belong in Accounts Payable?

DAY 4 - Harnessing Technology in Accounts Payable Processes

• Master Vendor File Management – getting it right from the start

• Travel & Entertainment

• Policy management

• Cash advances and employee reimbursement

• Process improvement through imaging and workflow

• Using the internet for AP effectiveness

DAY 5 - Making the Payments and Maintaining the Relationships

• Communications & Customer Relations

• Payments status information for vendors and internal customers

• Improving Procure to Pay(P2P)Cycle

• Payments and Payment Solutions: Accounts Payable or Treasury?

The programme will conclude with an interactive case study exercise to allow participants an opportunity to apply the learning of the week and define a practical solution.