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Accounts Payable Best Practices for Long-Term Resilience

Icon_Webcast
Webcast
Icon_Level
Basic
Credits
CPE Credits
2 Credits: Accounting

Course Description

If you don’t have strong practices and controls around your accounts payable process, you are apt to find the organization paying invoices twice, paying incorrect invoices, falling victim to frauds, not being able to comply with IRS reporting requirements and running afoul of other regulatory requirements. What’s more, suppliers will be unhappy, turnover will be high and you’ll spend more on inefficient processes; not a good situation for any organization.

In the last few years, fraud, technology and regulatory change have been impacting the accounts payable function at a speed that’s hard to believe. Unfortunately, what worked yesterday may not work today. 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.

We learned this the hard way during the COVID crisis. The presentation includes a number of new best practices that reflect today’s reality of remote working. Additionally, some best practices have changed as the pandemic revealed weak practices that should have been changed a long time ago. And of course, today, many workers work remotely some or all of the time.
Alas, 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!

Learning Objectives

Upon completion of this course, participants will be able to:

  • Identify best practices;
  • Weed out worst practices; and
  • Create an efficient, effective and fraud resistant Accounts Payable process.

Course Specifics

Course ID
WC1123320770
Revision Date
January 5, 2023
Prerequisites

None

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)

Course Instructor

Mary S. Schaeffer Headshot
Mary S. Schaeffer, MBA

Mary S. Schaeffer, MBA, has the inimitable ability to find accounts-payable-related solutions that really work—without making a major dent in the bottom line. Armed with a degree in math and a graduate degree in finance, she takes a “roll up your sleeves and dig into the details” approach to finding solutions to those problems that cause migraines for CFOs, controllers, and managers. Fifteen years spent researching and writing about payment issues gives Mary a unique vantage point. Combine that with an almost equal amount of time spent in the corporate trenches of several large finance and treasury departments, and you’ll understand …

Mary S. Schaeffer, MBA Read More »

Accounts Payable Best Practices for Long-Term Resilience

Expert Instructors
CPE CREDITS
2 Credits: Accounting

$98.00


Webcasts are available for viewing Monday - Saturday, 8am - 8pm ET and Sunday 12pm - 4pm ET.
This webcast is 2 hours in length so you must start it before 06:00 pm ET.
Start within 6 hour(s) and 12 minutes to watch today.

Icon_Webcast
Webcast
Icon_Level
Basic
Credits
CPE Credits
2 Credits: Accounting

Course Description

If you don’t have strong practices and controls around your accounts payable process, you are apt to find the organization paying invoices twice, paying incorrect invoices, falling victim to frauds, not being able to comply with IRS reporting requirements and running afoul of other regulatory requirements. What’s more, suppliers will be unhappy, turnover will be high and you’ll spend more on inefficient processes; not a good situation for any organization.

In the last few years, fraud, technology and regulatory change have been impacting the accounts payable function at a speed that’s hard to believe. Unfortunately, what worked yesterday may not work today. 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.

We learned this the hard way during the COVID crisis. The presentation includes a number of new best practices that reflect today’s reality of remote working. Additionally, some best practices have changed as the pandemic revealed weak practices that should have been changed a long time ago. And of course, today, many workers work remotely some or all of the time.
Alas, 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!

Learning Objectives

Upon completion of this course, participants will be able to:

  • Identify best practices;
  • Weed out worst practices; and
  • Create an efficient, effective and fraud resistant Accounts Payable process.

Course Specifics

Course ID
WC1123320770
Revision Date
January 5, 2023
Prerequisites

None

Advanced Preparation

None

Compliance information

NASBA Provider Number: 103220

CMA Notice: Western CPE makes every attempt to maintain our CMA CPE library, to ensure a course meets your continuing education requirements please visit Insitute of Management Accountants (IMA)

Course Instructor

Mary S. Schaeffer Headshot
Mary S. Schaeffer, MBA

Mary S. Schaeffer, MBA, has the inimitable ability to find accounts-payable-related solutions that really work—without making a major dent in the bottom line. Armed with a degree in math and a graduate degree in finance, she takes a “roll up your sleeves and dig into the details” approach to finding solutions to those problems that cause migraines for CFOs, controllers, and managers. Fifteen years spent researching and writing about payment issues gives Mary a unique vantage point. Combine that with an almost equal amount of time spent in the corporate trenches of several large finance and treasury departments, and you’ll understand …

Mary S. Schaeffer, MBA Read More »

Accounts Payable Best Practices for Long-Term Resilience

Expert Instructors
CPE CREDITS
2 Credits: Accounting

Webcasts are available for viewing Monday - Saturday, 8am - 8pm ET and Sunday 12pm - 4pm ET.
This webcast is 2 hours in length so you must start it before 06:00 pm ET.
Start within 6 hour(s) and 12 minutes to watch today.

$98.00