Self-Study Course Details
Vendor issues in an effective accounts payable function are often ignored. This is unfortunate because poor controls around the master vendor file, the way data is entered and the lack of rigid internal controls all play a key role in preventing fraud and duplicate payments. And, it’s not as easy as you might think. There are numerous details, which if ignored, can cause problems whose impact is felt directly in the bottom line. Industry expert Mary Schaeffer delves into this material revealing where the problems are and what every organization should be doing to minimize, if not eliminate, the impact of these issues.
- Pinpoint problems that are likely to occur when vendor issues are not addressed in accounts payable
- Learn how to integrate the impact of current event changes into the ongoing accounts payable practices
- Identify issues related to proper and improper segregation of duties as they relate to the master vendor file
- Understand how to integrate the issues of ownership of the master vendor file into the decision on where responsibility for it should lie
- Delineate issues related to proper and improper segregation of duties as they relate to the master vendor file
- Understand the necessity of regularly cleansing the master vendor file
- Learn how to integrate use of TIN Matching program into the vendor set-up routines
- Understand the problems that can arise if games are played with TIN Matching and how to avoid them
- Understand how to avoid problems created when vendor contact information is not collected and/or updated
- Learn how to integrate controls into accounts payable process to prevent phony e-mails from causing payment fraud
- Identify problems created when vendor credits are not identified and recovered on a regular basis
- Learn how to develop practices to include open credit recovery in the regular accounts payable process
- Pinpoint problems that may occur if new vendors are not verified before being set up in the master vendor file
- Learn how to create procedures to collect data needed to evaluate critical vendors
- Identify ways to improve vendor relations
- Understand the true motivation behind vendor calls for payment information and integrate that into your responses
- Understand how to implement best practices that will help weed out fraudulent invoices
- Identify master vendor file issues related to one-time vendors
- Please see the 'Course Description' for the learning objectives.
Mary S. Schaeffer is the founder of AP Now, a B2B learning and information company focused on creating business intelligence around the accounts payable and payment functions. She has written 18 business books, created a number of CPE self-study courses, customized training and online training events. Schaeffer is a frequent and popular speaker at both online and live events. Previously she held positions as an Assistant Treasurer for the Equitable Life Assurance Society, a Financial Risk Manager for O&Y and a Corporate Cash Manager for Continental Grain. She has an MBA in Finance from NYU and a BS in Mathematics from York College (CUNY).
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