This 10-day program 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:
This program provides a user-friendly environment to develop the knowledge and techniques related to both accounts receivable and accounts payable that are valuable for:
This program 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.
The instructor engages all of the delegates, both in the presentation of the material and the program sessions, so that everyone leaves with a working knowledge of the material and the ability to use them immediately.
DAY 1 - An introduction to Accounts Receivable
Working Capital and Cash Management
Understanding “the cost of credit”
The ‘order to cash’ process
Understanding “risk” in “credit”
Accounts Receivable and effective customer service
Identifying underperforming areas to increase customer satisfaction
DAY 2 - Customers and trading terms
Terms of trading
Tools and techniques of financial analysis: ratios; trends; common size analysis
The best performance measure – cash or profit?
Financial distress and the Altman’s Z score-type analyses
Trend analysis
Value-added analysis of a financial statement
DAY 3 - Developing effective strategies to maximize cash collection
Identifying effective “pre-delinquency” collection campaigns
Defining “post-delinquency” activities
Customer sensitive collection strategies
Collection techniques and letter cycles
Appropriate internal and external escalation steps
Using workflow management to maximize collector performance
DAY 4 - Practical collection tools and techniques
Eliminating barriers to payment
Recognizing excuses and delaying tactics
Providing solutions to non-payment
Telephone collection techniques
Negotiation skills for successful collections
Building relationships with customers
DAY 5 - Managing the Receivables Ledger
Developing effective internal relationships to maximize performance
Setting targets and tracking performance
Managing information that dazzles
Defining meaningful KPI’s
Latest Developments in Accounts Receivable
DAY 6 - 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 7 - 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 8 - 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 9 - 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 10 - 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 program 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.