About the Course

Business expenses and investments - and everything that falls under the asset item of the balance sheet - require sources of financing to be realised. These sources within a company are numerous: share capital, third-party investments, short-term loans, etc. However, they all provide liquidity to your business in the short and long term. A particular case is represented by accounts (trade) payables (also called operating payables), which do not give direct access to liquidity but goods and services useful for the business. In short, they are payables to suppliers and therefore inevitable in managing a business. Yet, to guarantee the business solid capital and new development opportunities, the organisation must address trade debts wisely, that is, keeping company liquidity in balance.

This Accounts Payable training course is focused on invoices management, checks processing, errors and fraud prevention. It also deals with annual audits (internal and external) and uses technology in the department. The best practices are presented and discussed with valuable examples. The Accounts Payable process is examined from the practitioners’ perspective, including the impact on cash management. Suitable analyses will also be presented regarding how Accounts Payable influences the companies’ ratios, therefore, their valuation.

At the end of the training course, inspiring case studies, practical applications, innovative techniques, and suggested use of suitable technologies will allow the delegates to master the Accounts Payable cycle as top performers.

Core Objectives

The delegates will achieve the following objectives:

• Identify the importance of a proper account payable management
• Ensure compliance with accounting principles’ requirements
• Evaluate main issues affecting Accounts Payable staff to increase their efficiency and productivity
• Create customised best practices for a better account payable management
• Effectively use suitable software (i.e., MS Excel) to manage the process

Training Approach

The blended methodology includes the delivery of lectures based on the essential theory rooted in the accounting equation and budgeting models. Practical examples will also be provided and integrated with real-time exercises. The delegates will be provided PDFs of relevant Books and scholarly articles, worksheets, and flexible budgeting techniques.

The delegates will have the knowledge and skills to perform their tasks successfully. This training course adopts strategies and methodologies suitable for upskilling and reskilling. Consistent and logical steps are followed to ensure complete understanding and application of the intended topics. All studied topics are carefully selected to ensure they help improve the organisations.

The Attendees

Likewise, it will be valuable to the professionals but not limited to the following:

• Accounting and Finance Professionals
• Procurement Management
• Accounts Payable Manager
• Accounts Payable Staff and Professionals
• Clerks and Specialists who wish to advance their career
• Whoever works closely with accounts payable

Daily Discussion

DAY ONE: THE ESSENTIAL ACCOUNTS PAYABLE ROLE

• Accounts Payable Definition
• Accounts Payable in the Accounting Process
• Cash Cycle and the importance of Accounts Payable
• The Role of the Accounts Payable Department and Staff
• Impact on Working Capital and Cash Management

DAY TWO: ACCOUNTING ESSENTIALS FOR ACCOUNTS PAYABLE

• General Ledger and Sub-ledger
• Preparing for Month-end Close and Accruals
• Interface: The Accounts Payable System and Excel
• Using Pivot Tables to extract Valuable Information
• Preparing and Analysing Accounts Payable Aging
• Role in improving Supplier’s Commercial Terms

DAY THREE: 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)
• Electronic Payment Options

DAY FOUR: SIGNIFICANT AREAS IN ACCOUNTS PAYABLE MANAGEMENT

• Operational Analysis and Benchmarking
• Continuous Process Improvement
• Developing Performance Metrics
• Applying Best Practices in your Organisation
• Identifying Proper Internal Controls
• The Annual Audit as an Added-value
• Impact of Accounts Payable Outsourcing
• Detecting Fraud in Accounts Payable
• Disaster Recovery Planning

DAY FIVE: SOCIAL INTERACTIVE OF MANAGING ACCOUNTS PAYABLE DEPARTMENT

• Improving the image of the Accounts Payable Department
• Ways to Motivate Accounts Payable Staff
• Organising the Accounts Payable department
• Closing the Communication Gap
• Dealing with Internal and External Disputes
• Importance of Internal Customer Service
• Providing Customer Service to Vendors