Accounts Payable Training

Learn Basic Strategies for Managing Corporate Cash

Accounts Payable Training

Learn Basic Strategies for Managing Corporate Cash

Unlock your full potential as a transformative leader in the world of Accounts Payable with our revolutionary "Managing Accounts Payable: A Comprehensive Guide for New Managers" course. Are you ready to master not just the mechanics of invoicing and payments but to drive real, sustainable change within your organization? Step into this immersive experience where cutting-edge financial strategies meet insightful leadership lessons, designed meticulously for forward-thinking professionals like you. This is more than an online course. It's a pivotal resource that ignites your career trajectory, providing you with the rare opportunity to glean insights from industry stalwarts. You'll emerge with a sharpened acumen in managing intricate financial operations, all while fostering robust vendor relationships and harnessing the latest in technological advancements. Imagine a future where your name is synonymous with efficiency, trust, and innovation. Your journey to becoming an influential, future-ready A/P manager begins here. Embrace this transformation and stand out as the financial backbone of your enterprise. Don't just keep up with the pace of change; set it. Seize the opportunity today--your advanced pathway to success awaits. Enroll now and redefine your professional legacy!

Self Paced • Online Class • 7 Hours

$120

4.3 ★ ★ ★ ★ ★

"Extraordinarily Helpful"

5,600 Students have taken this course

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OVERVIEW

CURRICULUM

Accounts Payable Training

Name: Accounts Payable Training
Price: 95.00 USD

CRN: 30873

Lesson 1. From Team Member to Leader: Navigating New Dynamics and Building Respect

A manager guides their team in executing tasks and making critical decisions with precision and foresight, all while maintaining harmony and efficiency within the workplace. Balancing challenges and rewards, managers also play a crucial role as representatives in the sales and customer service process of the company.

Lesson 2. Revamping Invoice Management: A Path to Efficiency and Success

Efficient accounts payable management requires a comprehensive, process-driven approach that ensures invoices are tracked from arrival to payment. Implementing step-by-step practices can eliminate routine inefficiencies and improve both internal and vendor satisfaction.

Lesson 3. Streamlining the Check-Cutting and Mailing Process

Adopting frequent check-cutting schedules and thorough approval procedures helps businesses handle routine and urgent payment needs without compromising other operations. Balancing rush checks with improved processes leads to better financial management and reduced system abuse.

Lesson 4. Enhancing Invoice and Payment Accuracy

Prevent payment duplications by instituting systematic invoice logging, software verification, and the strategic use of purchase orders. Tailor your process to include dedicated roles for oversight and utilize digital logging to mitigate lost invoices.

Lesson 5. The Unsung Role of Back-office Team in Public Relations

Effective customer service requires that every interaction, regardless of the counterpart, reflects positively on the company, highlighting the importance of training back-office staff. Building rapport with colleagues through informal events can further promote goodwill and understanding internally.

Lesson 6. Guard Against Vendor Fraud

Fraud spans many forms, including counterfeit money and credit card misuse, necessitating ongoing education and control development. Awareness and proactive staff training are crucial in identifying and preventing these deceptive practices.

Lesson 7. The Role of Technology in Streamlining Accounts Payable

Technology transforms accounts payable by digitizing logging, tracking, and authorizing, minimizing paper trails and enhancing workflow transparency. These advancements allow for significant office space reduction and support global virtual teams, optimizing operational costs and productivity.

Lesson 8. Navigating Employee Travel Expenses in Modern Workplaces

Creating clear travel reimbursement policies and setting spending caps can help manage employee expenses while considering dietary needs and economic differences between cities. Opting for structured expense categories or corporate-booked travel can enhance cost control and prevent misuse.

Lesson 9. Online Accounts Payable: Weighing Pros and Cons

Internet integration in accounts payable facilitates seamless digital transactions from invoicing to payments, enhancing speed and data handling efficiency. However, to preserve control and backup, businesses are encouraged to hybridize systems with both online and traditional paper records.

Lesson 10. Streamlining Vendor Management: An Overview of Master Vendor Files

Implementing master vendor files aids in consistent vendor identification and prevents financial discrepancies by structuring transactions with vendor numbers. For optimal efficacy, these files require ongoing maintenance, secure handling, and regular review to align with financial expectations.

Lesson 11. Navigating the Challenges of Discounts and Deductions

Effective management of discounts requires stringent workflow controls to prevent overpayment and ensure accurate invoicing. Strategies for correction include requesting refunds, crediting future bills, or halting payment transfers on flawed transactions.

Lesson 12. Understanding the Value of Consulting Services

While independent consultants can address various issues like improving work-flow and fraud prevention, their fees can be opaque compared to product transactions. Companies should establish clear spending limits and expectations to ensure consultants offer the best value.

Lesson 13. A Comprehensive Guide to Filing 1099 Income Tax Forms for Your Company's Contractors

Businesses hiring contractors earning over $600 a year are obliged to issue 1099 forms, maintaining one for themselves while sharing copies with the IRS and the contractor. These forms must be aligned with the calendar year, filed by the end of January, and submitted electronically when exceeding 250 forms.

Lesson 14. The Integral Role of Accounts Payable in Modern Business

Policy effectiveness in accounts payable hinges on garnering support from upper management, just as frontline staff need to buy into well-reasoned, clearly explained procedures.

In This Course

7 Hours average completion time
0.7 CEUs
14 Lessons
19 Exams & Assignments
270 Discussions
14 Videos
14 Reference Files
Mobile Friendly
Last Updated April 2024

Description

Managing Accounts Payable: A Comprehensive Guide for New Managers

Stepping into the role of a manager for an accounts payable (A/P) department requires more than just a familiarity with invoicing or check processing. In today's rapidly evolving financial landscape, it demands an integrated understanding of multiple facets, from customer relations and vendor management to the nuances of modern technologies shaping the field. This course aims to provide a robust foundation for budding A/P managers, enriched with expert insights and best practices.

Why This Course?

Accounts payable is the backbone of a company's financial operations. However, it's not merely about disbursing payments. It's about establishing robust internal controls, fostering healthy vendor relationships, ensuring seamless transactions, and navigating the intricacies of contemporary technologies. Our course goes beyond traditional learning, offering guidance from seasoned professionals who have navigated the complexities of the A/P world for years.

What You Will Learn:

Lesson 1: What Is a Manager?
Dive into the realm of management, exploring the responsibilities and expectations from an A/P department leader. Understand the balance between leadership and teamwork, and the pivotal role a manager plays in optimizing operations.
Lesson 2: Handling Invoices
Discover best practices in invoice management. From accurate recording to timely approvals, learn how to ensure a smooth invoicing process.
Lesson 3: Checks
Understand the intricacies of check processing, from issuance to reconciliation. Explore modern alternatives and the evolving landscape of digital transactions.
Lesson 4: Preventing Errors
Errors can be costly. Delve into meticulous procedures and checks that can be implemented to minimize discrepancies.
Lesson 5: Customer Service, Internal Controls, and the Annual Audit
Grasp the importance of impeccable customer service, the establishment of robust internal controls, and preparations for the annual audit to ensure transparency and trust.
Lesson 6: Fraud: Vendor, Employee, and Check
In a world where frauds are becoming increasingly sophisticated, arm yourself with knowledge and preventive measures to shield your organization.
Lesson 7: How Companies Use Technology in Accounts Payable
From AI to automation, understand how modern technologies are reshaping A/P processes, offering efficiency and accuracy.
Lesson 8: Traditional Functions and the 21st Century
While we embrace new methodologies, the core functions remain vital. Revisit traditional A/P roles and understand their relevance today.
Lesson 9: Using the Internet in Accounts Payable
Harness the power of the internet for vendor communication, online transactions, and more, while ensuring security and compliance.
Lesson 10: Master Vendor Files
Master the art of maintaining comprehensive vendor databases, ensuring seamless transactions, and optimizing vendor relations.
Lesson 11: Problems Caused by Discounts and Other Deductions
Learn to navigate challenges posed by early payment discounts, rebates, and other deductions, ensuring mutual benefit and maintaining vendor relationships.
Lesson 12: Independent Consultants
In the gig economy, working with freelancers and consultants is commonplace. Understand the financial nuances and compliance requirements associated with such engagements.
Lesson 13: 1099 Income Tax Forms
Dive into tax implications and the importance of accurate 1099 form submissions, ensuring compliance and transparency.
Lesson 14: High-level Accounts Payable Concepts
Wrap up your learning with a dive into advanced A/P concepts, preparing you for the strategic aspects of accounts payable management.

Expertise at Your Fingertips:
Benefit from the wisdom of our guest lecturer, a veteran disbursement manager with a wealth of A/P experience. Their expert tips, real-life examples, and best practices will provide invaluable insights.

Embark on this comprehensive journey and arm yourself with the knowledge and skills required to lead an A/P department effectively in the modern business world. This isn't just a course; it's your roadmap to success in the world of accounts payable management. Join us and shape your future as a competent, forward-thinking A/P manager.

Skills You'll Develop

Strategic management skills
Enhancing customer relations
Fraud detection and prevention
Effective invoice processing
Leveraging modern A/P technologies
Comprehensive vendor management
Mastery of 1099 tax forms
Internal control development
Efficient check processing
Preventing financial discrepancies

More About This Course

Expert Guidance: Learn from seasoned professionals for practical insights.
Enhance Leadership: Transition smoothly from team member to decisive leader.
Boost Efficiency: Streamline check-cutting for better financial management.
Navigate Tax Implications: Master 1099 forms for compliance and transparency.
Fraud Prevention: Arm yourself with effective anti-fraud strategies.
Customer Service Excellence: Strengthen back-office role in public relations.
Consultants Management: Understand the financial nuances of consultant engagements.
Improve Vendor Relations: Optimize through comprehensive vendor file management.
Master New Skills: Elevate your accounts payable expertise effortlessly.
Leverage Technology: Transform A/P processes with modern technology solutions.
Prevent Costly Errors: Minimize discrepancies with meticulous procedures.

What You'll Achieve

Identify and apply proactive strategies to anticipate staffing needs, financial forecasts, and departmental challenges to enhance the efficiency and effectiveness of the accounts payable department
Demonstrate effective decision-making skills by evaluating complex situations and making judicious, informed choices in managing an accounts payable department
Demonstrate how to implement a streamlined invoice-handling process to increase efficiency in the accounts payable department by reducing processing time and errors.
Evaluate and identify bottlenecks in the current invoice approval process by analyzing invoice arrival and return time data to enhance payment timelines and vendor satisfaction.
Identify and implement strategies to reduce rush check abuse, achieving a 50% reduction in rush check requests by applying improved internal processes.
Define and demonstrate the check-cutting process to ensure that 100% of checks are accurately logged and signed for verification.
Identify strategies to reduce duplicate payments, such as enhancing software systems and implementing purchase order tracking.
Demonstrate the ability to create a comprehensive system for logging invoices to reduce invoice-handling and check-processing errors.
Identify and implement internal controls to prevent errors and fraud within the accounts payable department through regular random checks and audits.
Define strategies to improve internal public relations by hosting events and engaging actively with other departments.
Demonstrate procedures to prevent employee fraud by implementing strict cash handling policies and encouraging regular employee vacations for fraud detection.
Identify and analyze potential red flags in accounting records to detect vendor fraud by comparing invoice amounts and purchase order numbers.
Identify and describe how technology streamlines the accounts payable process, including logging, shipping, authorizing, storage, bookkeeping, and bill payment.

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What Others Are Saying

"Extraordinarily Helpful"

★★★★★

I Learned many things in this course which is very helpful for my career. All lessons were clear, well explained with example and addition link for advanced learning.

Brandy R.

"Extraordinarily Helpful"

★★★★★

I don't think any changes need to be made. The information is very useful and laid out in a way that helps someone who is not familiar with Accounts Payable to have a better understanding of how AP funtions.

Lawerence R.

"Extraordinarily Helpful"

★★★★★

I learned a lot from this course and I am now the manager of our Accounts Payable Department, Thank you!

Andrea R.

"Extraordinarily Helpful"

★★★★★

Well planned, awesome material.

Carol B.

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