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Accounts Payable Processing Course

Why Account Payable is important, and how it adds value to your business.

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Last updated 11/2022 English

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Overview

Need to know how to Allocate and Manage Business Expenses? Why this is vital to add Value for Efficient Business Workflow? How to streamline Management Reports?

Accounts payable and its management is a critical business process through which an entity manages its payable obligations effectively.

The accounts payable process or function is immensely important since it involves nearly all of a business’s payments outside of payroll, regardless of size.

The object of accounts payable is to pay only business expenses, and invoices that are legitimate and accurate.

It also enables business entities to manage better cash flows i.e. making payments only when due, using the credit facility provided by vendors, etc.

Additionally, a bookkeeping and accounting system needs good accounts payable internal controls in order to minimize the risk of fraud, error and loss.

The purpose of accounts payable internal controls is to ensure that valid supplier and vendor invoices are properly recorded and promptly paid by the business.

During the course the following topics will be discussed:

  1. Why is Account Payable important, and how it adds value to your business
  2. Key Accounts Payable Controls
  3. Processes, systems and procedures
  4. Organizational Accounts Payable Policy
  5. Year-end reporting requirements
  6. Methods of ensuring consistency with your Accounts Payable functions
  7. Processing Methods
  8. Accounts Payable management reporting tools
  9. Data Capture, workflow processes and document control management
  10. Electronic invoices, purchase orders and shipping documentation
  11. Transactions from initiating purchase order to completing invoice payment
  12. Simplifying standard internal procedures
  13. Accruals & Provisions - to effectively use methods during close-off periods
  14. Streamline management reports and reducing unnecessary information
  15. Year-end close-offs & the importance of a check list
  16. Reconciling your Accounts Payable accounts
  17. How to prevent duplicate payments
  18. How to reduce unallocated payments
  19. Your filing system - ensuring your information is ready for your auditors
  20. Vendor information you are required to have
  21. Procurement policies and procedures with overview
Who this course is for
  1. Creditor Clerks
  2. Data Capturers
  3. Finance students.
Testimonials
  1. Great explanations ~ Leroy F
  2. Instructor was easy to understand, explained things well and offers great personal insight ~ Roxanne M
  3. Very clearly how to process your Accounts Payable ~ Mwwagner
What you'll learn

Why Account Payable is important, and how it adds value to your business.

Requirements

No previous knowledge on the subject required. Available to anyone wanting to learn.

Course Content
5 Sections 6 Lectures 2h 28m total length

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