In today’s competitive business environment, organizations across all sectors face the challenge of maximizing efficiency while minimizing resources. This means they must…
In today’s competitive business environment, organizations across all sectors face the challenge of maximizing efficiency while minimizing resources. This means they must optimize working capital to avoid losing valuable opportunities. A formal working capital strategy enhances cash flow by unlocking trapped funds on the balance sheet, providing the liquidity necessary to support growth, streamline operations, cut costs, improve service levels, and capitalize on new investment opportunities.
Effective management of accounts payable is a crucial component of cash flow management, as businesses cannot thrive without sufficient cash flow. This training course, equips organizations with insights into their performance compared to industry leaders. It also demonstrates how to elevate their services and processes to advanced standards. The course includes documented strategies and tactics used by both successful and unsuccessful companies, illustrating the practical application of each approach in real-world scenarios.
By the end of the course, participants will be able to:
Who should attend?
• Finance Executives and Professionals.
• Accountants.
• Accounts Payable Managers and supervisors.
• Accounts Payable Personnel.
• Others who are working within accounts payable process.
• Accounts Receivable (AR) Managers.
• AR Staff and Revenue Accountants.
• Billing and Collection Officers, AR Specialists, and Professional accounting and finance staff who interact with Accounts Receivable Operators.
• Those wishing to develop their capabilities in this field.
Knowledge and Benefits:
After completing the program, participants will be able to master the following:
• The importance of the accounts payable function with regard to its links with the supply chain and cash flow.
• The integrated systems of purchase order processing, stock (inventory) control, purchase ledger and cash payments and their links with the general ledger.
• How to effectively manage cash and working capital to reduce costs and improve cash flow.
• The impact of risk and uncertainty on the business and its impact on accounts payable and cash flow.
• How leading companies from across the globe are achieving best practice in Accounts Payable.
• Work effectively with the fundamentals of accounts payable, financial accounting and the supply chain
• Understand and apply the fundamentals of accounts payable systems
• Review and comment on payment methods and cash management
• Analyse the need to incorporate risk and uncertainty into accounts payable analysis
Course Content
• Introduction to Accounts Payable Management
• Overview of the role and importance of accounts payable in financial management
• Understanding the accounts payable process and its key components
• Legal and regulatory considerations in accounts payable management
• Receipt and review of vendor invoices
• Matching invoices with purchase orders and receiving documents
• Validating invoice accuracy and resolving discrepancies
• Approval workflow and invoice coding
• Different payment methods and their benefits and drawbacks
The role of auditors and what you can do to prepare for their visit
• Internal checks and controls, error, and fraud prevention and detection
• Setting up new supplier accounts
• Performing supplier statement reconciliations
• Processing expense claims and credit card statements
• Capital and revenue expenditure
• Introduction to VAT and non-deductible items
• Processing pro-forma invoices & VAT payment schedules
• Monitoring costs, reclaiming credit notes, rebates, and overpayments
• Claiming settlement discounts
• Spotting errors and mistakes promptly and avoiding duplicate payments
• Journals, prepayments, and accruals
• Performing supplier statement reconciliations
• Monitoring costs.
• Managing Budgets and maximizing supplier discounts
• Cash Forecasting and Management.
• Vendor File Management.
• Setting up payment terms and schedules
• Cash flow management and optimizing payment timing
• Electronic payment systems and online banking platforms
• Establishing and maintaining good relationships with vendors
• Effective communication and negotiation with vendors
• Vendor statement reconciliation and dispute resolution
• Implementing effective internal control procedures
• Segregation of duties and authorization processes
• Fraud detection and prevention measures
• Compliance with accounting standards and internal policies
• Generating accounts payable reports and analysis
• Aging analysis and management of outstanding payables
• Accruals and month-end closing procedures
• Integration of accounts payable with general ledger and financial statements
Overview of accounts payable automation solutions
• Benefits and challenges of implementing technology in accounts payable
• Streamlining invoice processing and payment workflows
• Enhancing data accuracy and reporting capabilities
• Best Practices in Accounts Payable Management.
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Arab Training Institute
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