Introduction video
Accounts Payable Processing
Why Account Payable is important, and how it adds value to your business
This Course Includes
- Course Instructor Biz Facility Pty Ltd
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Description
Need to know how to Allocate and Manage Business Expenses? Why this is vital to add Value for Efficient Business Workflow? How to streamline Management Reports?
Accounts payable and its management is a critical business process through which an entity manages its payable obligations effectively.
The accounts payable process or function is immensely important since it involves nearly all of a business’s payments outside of payroll, regardless of size.
The object of accounts payable is to pay only business expenses, and invoices that are legitimate and accurate.
It also enables business entities to manage better cash flows i.e. making payments only when due, using the credit facility provided by vendors, etc.
Additionally, a bookkeeping and accounting system needs good accounts payable internal controls in order to minimize the risk of fraud, error and loss.
The purpose of accounts payable internal controls is to ensure that valid supplier and vendor invoices are properly recorded and promptly paid by the business.
What you’ll learn
- Accounts Payable management reporting tools
- Accruals & Provisions - to effectively use methods during close-off periods
- Data Capture, workflow processes and document control management
- Electronic invoices, purchase orders and shipping documentation
- How to prevent duplicate payments
- How to reduce unallocated payments, Procurement policies and procedures with overview
- Methods of ensuring consistency with your Accounts Payable functions
- Organizational Accounts Payable Policy
- Processes, systems and procedures
- Processing Methods
- Reconciling your Accounts Payable accounts
- Simplifying standard internal procedures
- Streamline management reports and reducing unnecessary information
- Transactions from initiating purchase order to completing invoice payment
- Vendor information you are required to have
- Why is Account Payable important, and how it adds value to your business
- Year-end close-offs & the importance of a check list
- Your filing system - ensuring your information is ready for your auditors
Requirements
- No Prerequisites
Here is exactly what we cover in this course:
During the video the following topics will be discussed:
• Why is Account Payable important, and how it adds value to your business
• Key Accounts Payable Controls
• Processes, systems and procedures
• Organizational Accounts Payable Policy
• Year-end reporting requirements
• Methods of ensuring consistency with your Accounts Payable functions
• Processing Methods
• Accounts Payable management reporting tools
• Data Capture, workflow processes and document control management
• Electronic invoices, purchase orders and shipping documentation
• Transactions from initiating purchase order to completing invoice payment
• Simplifying standard internal procedures
• Accruals & Provisions - to effectively use methods during close-off periods
• Streamline management reports and reducing unnecessary information
• Year-end close-offs & the importance of a check list
• Reconciling your Accounts Payable accounts
• How to prevent duplicate payments
• How to reduce unallocated payments
• Your filing system - ensuring your information is ready for your auditors
• Vendor information you are required to have
• Procurement policies and procedures with overview
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Course Curriculum
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Finance and Accounting
- Accounts Payable Processing - Part 1
- Accounts Payable Processing - Part 2
- Accounts Payable Processing - Part 3
- Accounts Payable Processing - Part 4
- Accounts Payable Processing - Part 5
- Accounts Payable Processing - Part 6
- Accounts Payable Processing - Part 7
- Accounts Payable Processing Course Notes
- Accounts Payable Processing - Online Assessment
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Finance and Accounting
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