Course Content • Introduction to Accounts Payable Management • Overview of the role and importance of accounts payable in financial management • Understanding the accounts payable process and its key components • Legal and regulatory considerations in accounts payable management • Receipt and review of vendor invoices • Matching invoices with purchase orders and receiving documents • Validating invoice accuracy and resolving discrepancies • Approval workflow and invoice coding • Different payment methods and their benefits and drawbacks
The role of auditors and what you can do to prepare for their visit • Internal checks and controls, error, and fraud prevention and detection • Setting up new supplier accounts • Performing supplier statement reconciliations • Processing expense claims and credit card statements • Capital and revenue expenditure • Introduction to VAT and non-deductible items • Processing pro-forma invoices & VAT payment schedules • Monitoring costs, reclaiming credit notes, rebates, and overpayments • Claiming settlement discounts • Spotting errors and mistakes promptly and avoiding duplicate payments • Journals, prepayments, and accruals • Performing supplier statement reconciliations • Monitoring costs. • Managing Budgets and maximizing supplier discounts • Cash Forecasting and Management. • Vendor File Management. • Setting up payment terms and schedules • Cash flow management and optimizing payment timing • Electronic payment systems and online banking platforms • Establishing and maintaining good relationships with vendors • Effective communication and negotiation with vendors • Vendor statement reconciliation and dispute resolution • Implementing effective internal control procedures • Segregation of duties and authorization processes • Fraud detection and prevention measures • Compliance with accounting standards and internal policies • Generating accounts payable reports and analysis • Aging analysis and management of outstanding payables • Accruals and month-end closing procedures • Integration of accounts payable with general ledger and financial statements
Overview of accounts payable automation solutions • Benefits and challenges of implementing technology in accounts payable • Streamlining invoice processing and payment workflows • Enhancing data accuracy and reporting capabilities • Best Practices in Accounts Payable Management. |