Master Accounts Payable: Plan, Organize & Achieve Excellence

Course Description

This intensive 5-day course equips finance professionals with cutting-edge strategies to revolutionize their accounts payable operations. Participants will learn to implement best practices, leverage technology, and optimize processes to enhance efficiency, reduce errors, and ensure regulatory compliance. The course covers all aspects of AP management, from invoice processing to vendor relations and fraud prevention.

Learning Objectives

• Master AP best practices to streamline operations and reduce costs
• Implement effective internal controls and fraud prevention measures
• Leverage technology to automate and optimize AP processes
• Enhance vendor relationships and negotiate favorable payment terms
• Ensure regulatory compliance and prepare for audits
• Develop strategies for continuous improvement in AP operations

Course Modules

Day 1: Foundations of AP Excellence

• AP function overview and its role in organizational success
• Current trends and challenges in AP management
• Establishing a strategic AP vision
• Assessing your current AP processes

Day 2: Streamlining AP Processes

• Invoice processing best practices
• Implementing a purchase-to-pay (P2P) system
• Optimizing payment cycles and cash flow management
• Vendor master data management

Day 3: Technology and Automation in AP

• AP automation solutions and their benefits
• Integrating AP systems with ERP and financial software
• Data analytics and reporting for AP insights
• Managing the transition to a paperless AP department

Day 4: Risk Management and Compliance

• Implementing robust internal controls
• Fraud detection and prevention strategies
• Regulatory compliance (SOX, GDPR, etc.)
• Preparing for internal and external audits

Day 5: Strategic AP Management

• Vendor relationship management and negotiation tactics
• KPIs and performance measurement for AP
• Continuous improvement methodologies for AP
• Building a high-performing AP team

Practical Wins for Participants

• Develop a customized AP process improvement plan
• Create a fraud prevention checklist tailored to your organization
• Design an AP automation roadmap with ROI projections
• Establish a set of AP performance metrics and reporting templates