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Validity : 17th Sep'24 to 27th Sep'24
Top 5 Tips to Reduce Payment Errors and Improve Processes in Your Accounts Payable
Data Entry and the Need to Automate the Process
- Manual vs. Scanning Invoices
- Using Software to Manage the Process
- Developing Templates to Eliminate Errors in Data Entry
- Training of Staff
- Coding the Invoices Correctly
- Paying Invoices Correctly - Why Is It so Important?
Correctly Entering Vendors Into the System
- Getting All the Required Information (W-9 Forms)
- Contracts and Purchase Orders
- Authorization Approvals, Blanket Purchase Orders
Allowing Vendors Access to Your Accounts Payable Systems
- Prequalifying Vendors for Inclusion Into the System
- Computer System Integrity
- Double Checking Payment Terms and ACH Information
- Limiting Access
Setting up Pay Dates and Submission Deadlines
- Setting Policy to Pay Vendors, Only Accepting Vendors Who Can Comply
- Setting Policy for Submission of Invoices, Timetable for Process
- Outlining Payment Dates Based on Acceptance of Invoices and Approvals
Handling Special Circumstances: Limiting the Number Handled
- Defining Special Circumstances and How to Handle
- Process to Follow Regarding Emergency Processing, Timeframes and Outcomes
- Limit on How Many Special Processing Requests Will Be Allowed per Vendor
- Cashflow Issues, How to Prioritize Payments
Overview of the webinar
Learn how to transform the accounts payable function for your business.You will get insights into special processing and circumstances along with restrictions.You will learn how to reduce payment errors and how to improve both manual and computerized processes.You will see what information is necessary along with qualifying vendors for inclusion in computerized system.Other topics include bankruptcy and cash flow management.
Who should attend?
- CFOs
- Controllers
- Procurement Professionals
- Accounts Payable Managers and Directors
- Internal Auditors
- Treasury Leadership
Why should you attend?
Accounts payable (AP) is money owed by a business to its suppliers shown as a liability on a company's balance sheet. It is distinct from notes payable liabilities, which are debts created by formal legal instrument documents. This session will teach on:
- Data Entry the need to automate the process
- Correctly entering vendors into the system
- Allowing vendors access to your Accounts Payable systems
- Setting up pay dates and submission deadlines
- Handling special circumstances: Limiting the number handled
Faculty - Mr.Robert E. Jacob, M.B.A., C.M.A., E.A.
Principal of R.E.J.’s Accounting & Tax Service, Inc. serving more than 200 Business clients doing more than 500 1099’s annually and 1,000 individuals. Enrolled Agent and National Tax Practice Institute (NTPI) Fellow. Certified Management Accountant (C.M.A.). Past President: of the Michigan Society of Enrolled Agents, Detroit and Michigan Institute of Management, Accountant National Board Member Institute of Management Accountants. (I.M.A.). Worldwide Accounts Payable Liaison for Delphi Corporation during their bankruptcy. Assisted in transferring all accounts payable from General Motors Corporation to Delphi Corporation, Mexico for the Delphi Corporation. (At the time the largest bankrupt corporation in the world). Member of Stuart Cameron Society, (honorary society of the I.M.A.) Life member Michigan State University Alumni Association, National Association of Enrolled Agents, Institute of Certified Management Accountants, Institute of Management Accountants.