Accounts Payable Best Practices (Currently Unavailable)

Author: Mary Schaeffer

Best practices for the accounts payable function are critical for those organizations concerned about their bottom line. Poor practices result in excess cost, duplicate payments, increased processing expenses, potential fraud, and frayed vendor relationships.

Unfortunately, what worked yesterday may not work today. Given the burgeoning technology, mounting regulatory pressures, and the increased visibility and importance of the accounts payable function, best practices are something with which every company needs to focus on. Unfortunately, keeping up to speed these days can be like herding cats. While some best practices remain steadfast, others simply no longer work and are being replaced by new practices just now appearing.

The truth is that companies ignore accounts payable best practices at their peril and the impact is felt on your bottom line. It’s that simple—yet some organizations continue to turn a blind eye to the leakage that occurs due to poor or inefficient process in their AP operations. Don’t be one of them!

Publication Date: September 2016

Designed For
Accountants, controllers, accounting managers, auditors (internal and external), accounts payable professionals, and procure-to-pay professionals.

Topics Covered

• Invoice delivery and processing
• Payment technologies
• Regulatory issues affecting the payment process
• Travel and entertainment
• Master vendor file
• Staffing

Learning Objectives

• Identify best practices for invoice delivery and processing
• Recognize best practices for payment technologies
• Identify how to create an efficient, effective and fraud resistant Accounts Payable process
• Differentiate regulatory issues affecting the payment process
• Describe travel & entertainment best practices
• Recognize master vendor file best practices
• Identify best practices to implement to staffing

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
None

Advance Preparation
None