Upon successful completion of this course, participants will be able to: Understand why setting up the accounts payable function correctly is important. Detect potential problems when payments are made outside accounts payable. Build an effective naming convention. Delineate an effective process for entering data in the master vendor file. Establish effective controls around the master vendor file. Create an effective process for the receipt of invoices. Identify duplicate invoices. Construct new procedures for emailed invoices. Understand and identify the problems associated with paper checks. Reduce the number of paper checks. Build programs that will eliminate (or partially eliminate) paper checks. Create an effective p-card policy. Identify and eliminate common p-card complications. Craft an employee responsibility agreement for use of p-cards. Craft an electronic payment expansion program. Produce procedures for dealing with discrepant invoices. Identify duplicate invoices. Craft an effective process for dealing with invoices without a PO number or name of requisitioner. Construct strong processes to avoid returning checks to requisitioners and issuing rush checks. Eliminate all late fees. Execute best practices when hiring a recovery firm. Implement a travel policy that conforms to IRS guidelines. Assemble a spot-checking policy for expense receipts. Set reasonable reimbursement practices. Use positive pay correctly. Implement policies that deter p-card fraud. Pinpoint misconceptions that deter proper fraud protection. Employ best practices to prevent ACH and wire fraud. Create a policy to deal with the BYOD issue. Create an effective policy and procedures manual. Establish a policy for updating the accounts payable policy and procedures manual on a regular basis. Develop effective procedures for handling information reporting requirements related to accounts payable (1099). Establish procedures for checking for bribery violations. Integrate low-cost technology to create a more efficient accounts payable process. Incorporate appropriate segregation of duties into your accounts payable process. Pinpoint potential internal control breakdowns and craft procedures to fix them. Improve productivity without spending a fortune. Create an electronic payments program. Identify and eliminate common problems associated with electronic payments. Build a program to recover open vendor credits. Earn all early payment discounts. Create best practice supplier onboarding processes. Delineate procedures for handling vendor inquiries. Identify changes impacting accounts payable in the near future.

The Foundation of The Accounts Payable Function Master Vendor File: Where the Process Should Begin Invoice Processing Checks: The Original Payment Vehicle Corporate Procurement Cards: Streamlining the Payment Process for Small Purchases Electronic Payments: The Most Efficient Payment Process Operational Issues: Invoice Handling and Processing Operational Issues: Payments Inaccurate Payments & Payment Auditing Expense Reimbursement (Travel And Entertainment) Check & Corporate Card Fraud: Detection & Prevention Electronic Payment: Fraud Prevention and Detection Other Types of Fraud: Affecting the Accounts Payable Function The Accounts Payable Policy & Procedures Manual Regulatory Issues: Affecting the Accounts Payable Function Using Technology to Run: A More Efficient Accounts Payable Function Internal Controls: The Glue That Holds the Ap Function Together Enhancing Productivity in Accounts Payable: The Ongoing Challenge Enhancing Payment Productivity: The Electronic Payment Challenge Enhancing the Bottom Line: Where Ap Can Bring in Cash Vendor Relations The Future Of The Accounts Payable Function