Introduction:

This training program will provide participants a leading-edge forum to significantly improve their working capital management skills. They will gain a comprehensive range of very practical and highly effective tools and approaches that can be immediately implemented upon their return to work.

Program Objectives:

At the end of this program, participants will be able to:

Work effectively with the fundamentals of accounts payable.
Understand and apply the fundamentals of effective transactional management systems.
Review and comment on payment methods and cash management.
Understand the need to incorporate risk and uncertainty into transactional processing and cash flow management.
Identify best practice across all industries by examining case studies from across the globe.

Targeted Audience:

Finance Executives.
Accountants.
Employees working within Transactional Finance, Accounts Payable or Accounts Receivable process.

Program Outlines:

Unit 1:

Accounts Payable, Financial Accounting, and the Supply Chain:

Accounting and financial information: Accounts Payable in context.
Sources of finance.
The supply chain.
Financial position and financial performance.
Cash flow and Working Capital.
Importance of Cash Flow.

Unit 2:

Achieving World Class in Accounts Payable Processes:

Defining Best Practice in AP.
Moving beyond P2P.
Managing Risk.
Principles of Best Practice.
End to End AP Process.
Defining the issues in Accounts Payable.

Unit 3:

Improving Invoice Processing and Operational Management:

Invoice Handling and Approval Processes.
Verifying invoice data.
Paying “low value” items.
How to avoid duplicate payments.
Making the best use of staff time: limiting telephone calls to AP.
Does Petty cash management belong in Accounts Payable?

Unit 4:

Harnessing Technology in Accounts Payable Processes:

Master Vendor File Management – getting it right from the start.
Travel & Entertainment.
Policy management.
Cash advances and employee reimbursement.
Process improvement through imaging and workflow.
Using the internet for AP effectiveness.

Unit 5:

Making the Payments and Maintaining the Relationships:

Communications & Customer Relations.
Payments status information for vendors and internal customers.
Improving Procure to Pay(P2P)Cycle.
Payments and Payment Solutions: Accounts Payable or Treasury?

Managing the Cash Cycle via Accounts Payable Best Practices