Best Practices for Accounts Payable ON DEMAND

Overview

The course on accounts payable best practices is an essential tool for professionals aiming to refine their organization’s financial operations. Led by Mary S. Schaeffer, a recognized expert in the field, the course provides insights into establishing effective accounts payable policies and procedures. It covers the importance of master vendor file practices, the critical role of segregation of duties, and techniques for effective invoice and payment management, including electronic payments and p-card programs. Participants will learn strategies to prevent duplicate payments, handle discrepant invoices, and manage the complexities of travel and entertainment policies. This course is invaluable for those seeking to streamline their accounts payable process, enhance regulatory compliance, and improve overall financial efficiency in their organization. NOTE: The information covered in this course is also covered in the following courses: “Creating an Accounts Payable Policy and Procedures Manual”, “Internal Controls in Accounts Payable”, and “Vendor Issues in Accounts Payable”.

Highlights

Managing the AP function. Master vendor file. Invoice processing, and more.

Prerequisites

None.

Designed For

CPAs, CFOs, controllers, financial professionals, and auditors.

Objectives

Identify how to implement a best practice policy. Cite how you can utilize a policy and procedures manual effectively. Identify the importance of establishing strong master vendor file practices. Cite why the segregation of duties is important. Identify master vendor file cleanup practices. Identify effective invoice receipt practices. List effective data entry rules for invoice processors. Cite best practice invoice handling routines. Define effective practices for short-paying invoices, handling unidentified invoices, and managing discrepant invoices, and more.