COVID-19 Accounts Payable Action Plan - Necessary Tactics after a Crisis

COVID-19 Accounts Payable Action Plan - Necessary Tactics after a Crisis
$9.00 each

  • Credits:  1
  • Format: Interactive Self Study Video-
  • Field of Study: Accounting | Auditing
  • Author/Speaker: Mary Schaeffer
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Advanced Preparation:None
Experience Level:Overview
Program Prerequisites:General Understanding of Accountancy
Course ID:MS-117.23-SV
Published Date:Registered for 2023

AP Now statistics reveal that 85% of all companies had their accounts payable staff working remotely during the coronavirus crisis. For most, the transition from office to remote usually took place over a few short days and was anything but pretty or smooth. With the possibility of returning to the office at some point in the near future, organizations need to start planning for that event. Hopefully, we have all learned something from going through this episode. The return to a new normal will require additional efforts around the accounts payable function. Organizations will need to review what happened while working remotely and plan for the future. For the likelihood of this happening again is, unfortunately, high. The next time vendors are not so likely to be understanding about late payments and crooks will be even better situated to take advantage. Every organization needs to prepare. This session identifies 20 different steps every organization should take with regard to its accounts payable function. Its not hard, you just have to do it.

Learning Objectives:

After reading the course material, you will be able to:

  • Identify potential weaknesses that may have facilitated fraud or led to duplicate payments.
  • Pinpoint any responsibilities that may have fallen through the cracks during the crisis.
  • Create new processes for the future so the next time the transition will not be so harsh.
  • Evaluate interim policies that may need to be implemented as the country goes through the reopening process.
  • Start the transition with motivated employees.

Who Should Attend:
  • All Certified Public Accountants (CPAs)

Qualifies and Approved with all State Boards of Accountancy and the following sponsorships: