The recordation and payment of accounts payable is a deeply inefficient process. Optimal Accounting for Payables shows how to enhance the basic process, as well as how to sidestep portions of it entirely. The result is a much more efficient and effective payables function. The course also notes the impact of these changes on closing the books, fraud, and the annual audit.
Upon successful completion of this course, participants will be able to:
- State the reasons why a payables system needs to make prompt payments.
- Cite the issues associated with a three-way matching system, and how they can be corrected.
- Recognize the alternatives available for reducing the amount of payables data entry.
- Recognize the advantages and disadvantages of a reverse lockbox system.
- Describe the problems associated with the production of manual checks.
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