Course Description

Understanding the fundamentals of the accounts payable function is critical for any organization that wants to run an effective and efficient accounts payable function. Without this understanding, weak processes are permitted making fraud easier to commit. Duplicate payments increase and the function is not cost-effective. This course presents information the professional can use to create a strong process and implement effective function.  Industry expert Mary Schaeffer shows auditors, controllers, and managers how proper processes in the accounts payable function strengthen controls and lead to an efficient and effective accounts payable function. 

Learning Objectives:

• Understand why setting up the accounts payable function correctly is important
• Detect potential problems when payments are made outside accounts payable
• Learn how to build an effective naming convention
• Delineate an effective process for entering data in the master vendor file
• Learn how to establish effective controls around the master vendor file
• Understand how to create an effective process for the receipt of invoices
• Identify duplicate invoices
• Understand how to construct new procedures for emailed invoices
• Understand and identify the problems associated with paper checks
• Learn how to reduce the number of paper checks
• Understand how to build programs that will eliminate (or partially eliminate) paper checks
• Learn how to create an effective p-card policy
• Identify and eliminate common p-card complications
• Understand how to craft an employee responsibility agreement for use of p-cards
• Learn how to craft an electronic payment expansion program
• Understand how to produce procedures for dealing with discrepant invoices
• Identify duplicate invoices
• Identify how to craft an effective process for dealing with invoices without a PO number or name of requisitioner
• Learn how to construct strong processes to avoid returning checks to requisitioners and issuing rush checks
• Learn how to eliminate all late fees
• Understand how to execute best practices when hiring a recovery firm
• Understand how to implement a travel policy that conforms to IRS guidelines
• Learn how to assemble a spot checking policy for expense receipts
• Understand how to set reasonable reimbursement practices
• Understand how to use positive pay correctly
• Learn how to implement policies that deter p-card fraud
• Identify how to pinpoint misconceptions that deter proper fraud protection
• Understand how to employ best practices to prevent ACH and wire fraud
• Understand how to create a policy to deal with the BYOD issue
• Identify how to create an effective policy and procedures manual
• Learn how to establish a policy for updating the accounts payable policy and procedures manual on a regular basis
• Understand and develop effective procedures for handling information reporting requirements related to accounts payable (1099)
• Identify and establish procedures for checking for bribery violations
• Understand how to integrate low-cost technology to create a more efficient accounts payable process
• Learn how to incorporate appropriate segregation of duties into your accounts payable process
• Pinpoint potential internal control breakdowns and craft procedures to fix them
• Learn how to improve productivity without spending a fortune
• Understand how to create an electronic payments program
• Identify and eliminate common problems associated with electronic payments
• Learn how to build a program to recover open vendor credits
• Understand how to earn all early payment discounts
• Understand how to create best practice supplier onboarding processes
• Identify how to delineate procedures for handling vendor inquiries
• Identify changes impacting accounts payable in the near future

Learning Objectives

• Please see the 'Course Description' for the learning objectives.

Prerequisites

• None