Accounts payable, a critical component of financial management, can be a source of significant inefficiency and financial loss when not properly managed. This course addresses the challenges organizations face, such as duplicate payments, fraud, regulatory non-compliance, and strained supplier relationships. The rapid evolution in fraud tactics, technological advancements, and regulatory changes have further complicated the accounts payable process. This course offers a comprehensive solution to these challenges by outlining updated best practices, particularly in the context of remote working environments highlighted by the COVID crisis. Participants will learn to identify and eliminate ineffective practices, streamline their accounts payable process, and implement fraud-resistant systems. By transforming your accounts payable process, you can protect your organization's financial health and maintain robust vendor relationships, crucial for long-term success.
Learning Objectives
Upon completion of this course, participants will be able to:
Identify best practices;
Weed out worst practices; and
Create an efficient, effective and fraud resistant Accounts Payable process.
Major Topics
Invoice delivery and processing;
Payment technologies;
Regulatory issues affecting the payment process;
Travel and entertainment;
Master vendor file and the raft of new frauds focused on it; and
Staffing.
