Businesses must efficiently manage their expenses to add value and ensure a smooth workflow. This includes streamlining management reports and maintaining effective accounts payable processes.
Importance of Accounts Payable
Accounts payable and its management are crucial for effectively handling a company's payable obligations.
Scope and Significance
The accounts payable function is immensely important as it encompasses almost all non-payroll payments, regardless of the business's size.
The goal of accounts payable is to ensure that only legitimate and accurate business expenses and invoices are paid.
Cash Flow Management
Efficient accounts payable enables businesses to better manage cash flows by making timely payments and utilizing vendor-provided credit facilities.
A robust bookkeeping and accounting system requires strong internal controls for accounts payable to minimize the risk of fraud, errors, and losses.
Accounts Payable Internal Controls
The primary aim of accounts payable internal controls is to ensure that valid supplier and vendor invoices are accurately recorded and promptly paid by the business.
These controls are essential for mitigating the risks associated with fraudulent activities, errors, and financial losses.
By effectively managing business expenses and implementing strong accounts payable processes, businesses can enhance their financial stability and operational efficiency.
The course will cover the following key topics:
Significance of Account Payable
Understanding the importance of Account Payable and its value addition to your business.
Key Accounts Payable Controls
Exploring essential controls for effective Accounts Payable management.
Processes, Systems, and Procedures
Understanding the various processes, systems, and procedures involved in Accounts Payable.
Organizational Accounts Payable Policy
Developing and implementing an effective organizational policy for Accounts Payable.
Year-End Reporting Requirements
Understanding the reporting requirements at the end of the financial year.
Methods for ensuring consistency in Accounts Payable functions.
Exploring different methods of processing Accounts Payable.
Management Reporting Tools
Understanding the tools for management reporting in Accounts Payable management.
Data Capture, Workflow Processes, and Document Control Management
Managing electronic invoices, purchase orders, and shipping documentation using efficient data capture and workflow processes.
Understanding the entire process from initiating purchase orders to completing invoice processing and payment.
Standard Internal Procedures
Simplifying standard internal procedures for better efficiency.
Accruals & Provisions
Effective methods for using accruals and provisions during close-off periods.
Streamlining Management Reports
Reducing unnecessary information and streamlining management reports.
Understanding the importance of a checklist and the process of year-end close-offs.
Reconciliation of Accounts Payable
The process of reconciling Accounts Payable accounts.
Preventing Duplicate Payments
Methods to prevent and rectify duplicate payments.
Reducing Unallocated Payments
Strategies for reducing unallocated payments.
Filing System Management
Ensuring that your filing system is audit-ready.
Vendor Information Management
Understanding the essential vendor information required.
Procurement Policies and Procedures
Overview of procurement policies and procedures.
Who this course is for
- Creditor Clerks
- Data Capturers
- Finance students.
- Great explanations ~ Leroy F
- Instructor was easy to understand, explained things well and offers great personal insight ~ Roxanne M
- 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.
No previous knowledge on the subject required. Available to anyone wanting to learn.