Accounts Payable Bootcamp

Day 1

• The important role of Accounts Payable (AP)

  • The meaning of managing accounts payable

  • 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

• 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)

Day 2

• Key topics in accounts payable management

  • Continuous process improvement

  • Developing performance metrics

  • Applying best practices in your organization

  • Identifying proper internal controls

  • The annual audit as an added-value

  • Detecting fraud in accounts payable

• The behavioral 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

Day 3

• 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

• Using Microsoft Excel in managing accounts payable

  • 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