The recordation and payment of accounts payable is a deeply inefficient process.Optimal Accounting for Payablesshows how to enhance the basic process, as well as how to sidestep portions of it entirely. The result is a much more efficient and effective payables function. The course also notes the impact of these changes on closing the books, fraud, and the annual audit.
Learning Objectives
Upon successful completion of this course, participants will be able to:
State the reasons why a payables system needs to make prompt payments.
Identify the issues associated with a three-way matching system, and how they can be corrected.
Recognize the alternatives available for reducing the amount of payables data entry.
Recognize the advantages and disadvantages of a reverse lockbox system.
Describe the problems associated with the production of manual checks.
Major Topics
Payables Inefficiencies
Optimal Accounting for Invoice Approvals
Optimal Accounting for Three-Way Matching
Optimal Accounting for Expense Reports
Optimal Accounting for Data Entry
Optimal Accounting for Payments
Monitoring of Optimal Systems
Impact of Optimization on Closing the Books
Impact of Optimization on Fraud
Impact of Optimization on the Annual Audit
