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.