Course Description
This intensive 5-day course provides a comprehensive overview of accounts payable best practices and management techniques. Participants will learn to optimize AP processes, implement effective controls, leverage technology, and enhance overall financial management. The course covers key aspects of modern AP operations, from invoice processing to vendor management and fraud prevention.
Learning Objectives
- Implement best practices to streamline AP processes and improve efficiency
- Develop strategies to reduce errors and prevent fraud in AP operations
- Leverage technology to automate and optimize AP workflows
- Enhance vendor relationships and negotiate favorable payment terms
- Implement effective internal controls and compliance measures
- Analyze AP data to drive strategic financial decision-making
Course Modules
Day 1: Foundations of Accounts Payable Management
- Overview of AP function and its role in financial management
- Key AP processes and workflows
- Best practices for invoice processing and approval
- Implementing effective AP policies and procedures
Day 2: Technology and Automation in AP
- AP automation solutions and their benefits
- Implementing electronic invoicing and payments
- Leveraging OCR and machine learning in AP
- Integration of AP systems with ERP and financial software
Day 3: Vendor Management and Payment Optimization
- Strategies for effective vendor relationship management
- Negotiating favorable payment terms and discounts
- Implementing vendor portals and self-service options
- Optimizing payment timing and cash flow management
Day 4: Fraud Prevention and Internal Controls
- Common AP fraud schemes and prevention strategies
- Implementing segregation of duties and approval workflows
- Best practices for master vendor file management
- Conducting AP audits and reconciliations
Day 5: AP Analytics and Strategic Management
- Key AP metrics and performance indicators
- Leveraging AP data for financial analysis and forecasting
- Strategies for continuous process improvement in AP
- Aligning AP operations with overall business strategy
Practical Wins for Participants
- Develop an action plan to implement AP best practices in your organization
- Create a roadmap for AP automation and technology adoption
- Design effective internal controls and fraud prevention measures
- Establish KPIs and analytics framework for AP performance management
Credits: 5 credit per day
Course Mode: full-time
Provider: Blackbird Training Centre
