Course 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.

  • Completely Online
  • Self-Paced
  • Printable Lessons
  • Full HD Video  
  • 6 Months to Complete
  • 24/7 Availability
  • Start Anytime
  • PC & Mac Compatible
  • Android & iOS Friendly
  • Accredited CEUs
Universal Class is an IACET Accredited Provider
 

Learning Outcomes

By successfully completing this course, students will be able to:
  • Identify and summarize the Accounts Payable Management job.
  • Handle invoices correctly and employ the necessary checks and balances.
  • Process checks correctly while employing the necessary checks and balances.
  • Prevent errors and common mistakes.
  • Provide good customer service, create internal controls, and prepare the department for the annual audit.
  • Detect and prevent fraud from vendors and employees.
  • Use technology in Accounts Payable to make the job more efficient.
  • Identify ways to use the Internet in Accounts Payable.
  • Summarize the processes involved in Master Vendor Files.
  • Avoid problems caused by discounts and other deductions.
  • Know what to do with independent consultants.
  • Process 1099s.
  • Demonstrate mastery of lesson content at levels of 70% or higher.
 
 

Assessment Guide

Assessment Points
Introduction 1 points
Manager Role 2 points
Manager 60 points
Invoice Process 1 points
Steps for an Invoice 2 points
Invoices 100 points
Steps for Check Processing 1 points
Rush Checks 2 points
Checks 100 points
Prevention 2 points
Prevention 30 points
Assignment 1 2 points
Exam 5 70 points
Fraud 90 points
Technology 1 points
Technology 90 points
Reimbursement 2 points
Lesson 8 Exam 90 points
Using the Cloud 2 points
Master Vendor File 2 points
Master Vendor 70 points
Deductions and Discounts 60 points
Consultant 50 points
1099 and master vendor list 2 points
Accounting for What I Have Learned... 2 points
Accounting 100 points
Project Management Courses
Project Management Courses
QuickBooks Courses
QuickBooks Courses
Business Ethics Courses
Business Ethics Courses
Understanding Customer Relationship Management
Understanding Customer Relationship Management
Business Management: Developing Your Team Resources
Business Management: Developing Your Team Resources
Operations Management Courses
Operations Management Courses
Statistics Courses
Statistics Courses
How to Create a Workplace Preparedness Plan
How to Create a Workplace Preparedness Plan
Ultimate Secretary Training Bundle
Ultimate Secretary Training Bundle
English Grammar Level 2
English Grammar Level 2
Personal Finance Courses
Personal Finance Courses
Business Writing Courses
Business Writing Courses
Key Customer Service Strategies
Key Customer Service Strategies
Secretary Courses
Secretary Courses
Fraud, Reasoning and Consequences Found in Financial Statements
Fraud, Reasoning and Consequences Found in Financial Statements
Human Resources Productivity Course Bundle
Human Resources Productivity Course Bundle
Process of an Effective Delegation
Process of an Effective Delegation
Sustainable Development for Business
Sustainable Development for Business
Understanding Financial Statements
Understanding Financial Statements
Customer Service 101
Customer Service 101
Microsoft Excel Courses
Microsoft Excel Courses