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Accounts Payable - Planning, Organising and Achieving Best Practice
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Course Duration
5 Days
Course Details
Efficient accounts payable management is essential for maintaining strong financial health, optimizing cash flow, and building solid relationships with suppliers. “Accounts Payable – Planning, Organising, and Achieving Best Practice” is a comprehensive five-day course designed to equip finance professionals with the skills and knowledge required to streamline the accounts payable process. This course covers key areas such as invoice processing, payment scheduling, internal controls, fraud prevention, and compliance with financial regulations. Participants will learn best practices to enhance efficiency, reduce errors, and improve working capital management.
Through interactive sessions, case studies, and real-world examples, attendees will gain practical insights into automation, vendor management, and performance measurement to drive operational excellence. The course also explores strategies for mitigating risks and implementing technology-driven solutions to modernize accounts payable functions. By the end of this course, participants will be well-equipped to enhance their organization’s financial operations, ensure compliance, and contribute to overall business success.
By the end of the “Accounts Payable – Planning, Organising, and Achieving Best Practice” course, participants will be able to:
- Understand the Role of Accounts Payable– Recognize the importance of accounts payable in financial management, cash flow optimization, and supplier relationships.
- Implement Best Practices in Invoice Processing– Learn efficient methods for invoice verification, approval workflows, and payment scheduling to reduce errors and delays.
- Enhance Internal Controls and Fraud Prevention– Identify risks in accounts payable and implement effective controls to prevent fraud and financial losses.
- Optimize Cash Flow and Working Capital Management– Develop strategies to improve payment terms, manage disbursements, and enhance liquidity.
- Leverage Technology and Automation– Explore the benefits of digital solutions, AI, and automation tools to enhance efficiency and accuracy in accounts payable operations.
- Ensure Compliance with Financial Regulations– Understand tax regulations, legal requirements, and financial reporting standards affecting accounts payable.
- Improve Supplier Relationship Management– Learn strategies to negotiate better terms, maintain strong supplier partnerships, and handle disputes effectively.
- Analyze and Measure Accounts Payable Performance– Utilize key performance indicators (KPIs) to assess efficiency, reduce processing costs, and enhance reporting.
- Develop an Action Plan for Process Improvement– Apply lessons learned to create a customized action plan for improving accounts payable functions within their organization.
- Align Accounts Payable with Overall Business Strategy– Understand how efficient accounts payable operations contribute to financial stability and business success.
This course empowers participants with the skills, tools, and strategies to implement best practices in accounts payable management, ensuring improved efficiency, compliance, and financial control.
By the end of the “Accounts Payable – Planning, Organising, and Achieving Best Practice” course, participants will be able to:
- Understand the Role of Accounts Payable– Recognize the importance of accounts payable in financial management, cash flow optimization, and supplier relationships.
- Implement Best Practices in Invoice Processing– Learn efficient methods for invoice verification, approval workflows, and payment scheduling to reduce errors and delays.
- Enhance Internal Controls and Fraud Prevention– Identify risks in accounts payable and implement effective controls to prevent fraud and financial losses.
- Optimize Cash Flow and Working Capital Management– Develop strategies to improve payment terms, manage disbursements, and enhance liquidity.
- Leverage Technology and Automation– Explore the benefits of digital solutions, AI, and automation tools to enhance efficiency and accuracy in accounts payable operations.
- Ensure Compliance with Financial Regulations– Understand tax regulations, legal requirements, and financial reporting standards affecting accounts payable.
- Improve Supplier Relationship Management– Learn strategies to negotiate better terms, maintain strong supplier partnerships, and handle disputes effectively.
- Analyze and Measure Accounts Payable Performance– Utilize key performance indicators (KPIs) to assess efficiency, reduce processing costs, and enhance reporting.
- Develop an Action Plan for Process Improvement– Apply lessons learned to create a customized action plan for improving accounts payable functions within their organization.
- Align Accounts Payable with Overall Business Strategy– Understand how efficient accounts payable operations contribute to financial stability and business success.
This course empowers participants with the skills, tools, and strategies to implement best practices in accounts payable management, ensuring improved efficiency, compliance, and financial control.
Course Outline
5 days Course
Introduction to Accounts Payable and Financial Controls
- Understanding the role of accounts payable in financial management
- The impact of accounts payable on cash flow and working capital
- Key challenges and risks in accounts payable operations
- Internal controls and governance in accounts payable
- Best practices for invoice processing and approval workflows
- Case study: Accounts payable inefficiencies and solutions
Accounts Payable Process Optimization and Automation
- Streamlining invoice verification, matching, and payment scheduling
- The role of Enterprise Resource Planning (ERP) and automation tools
- Benefits of artificial intelligence (AI) and machine learning in AP processes
- Reducing errors and fraud through automation and digital transformation
- Managing accounts payable in a paperless environment
- Hands-on exercise: Analyzing an automated AP workflow
Fraud Prevention, Compliance, and Risk Management
- Identifying and mitigating accounts payable fraud risks
- Key compliance requirements (tax regulations, financial reporting, anti-corruption laws)
- The role of auditors in accounts payable oversight
- Supplier due diligence and fraud detection techniques
- Internal audit procedures for accounts payable functions
- Case study: High-profile accounts payable fraud cases and lessons learned
Vendor Management and Relationship Optimization
- Strategies for effective supplier relationship management
- Negotiating favorable payment terms and discounts
- Handling supplier disputes and payment delays
- Implementing vendor self-service portals for efficiency
- Supplier performance evaluation and risk assessment
- Group discussion: Best practices in vendor communication and collaboration
Performance Measurement and Best Practices in AP Strategy
- Key Performance Indicators (KPIs) for accounts payable efficiency
- Cost-saving strategies in accounts payable operations
- Aligning accounts payable strategy with overall business objectives
- Future trends in accounts payable: Blockchain, e-invoicing, and digital payments
- Developing an action plan for AP process improvement
- Course wrap-up, Q&A, and certification
This comprehensive five-day course provides participants with the knowledge, tools, and strategies to enhance accounts payable efficiency, compliance, and risk management, ensuring alignment with industry best practices and organizational financial goals.
