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Best Practices for Accounts Payable

Instructional MethodAdvanced PreparationProgram PrerequisitesField Of Study Interactive Self Study NONE NONE Accounting Experience LevelCourse IDCPE CreditsAuthor Overview MS-103 13 Mary Schaeffer, CPA Best Practices for Accounts Payable Course Description:  Best practices for the a ...Read more
  • Description
Instructional Method Advanced Preparation Program Prerequisites Field Of Study
Interactive Self Study NONE NONE Accounting
Experience Level Course ID CPE Credits Author
Overview MS-103 13 Mary Schaeffer, CPA

Best Practices for Accounts Payable

Course Description: 

Best practices for the accounts payable function are critical for those organizations concerned about their profitability. For poor practices result in excess cost, duplicate payments, increased processing expenses, fraud and frayed vendor relationships. And, of course there is the growing issue of regulatory compliance as the Feds and states look for their fair share. This course presents information the professional can use to identify best practice problems as well as regulatory concerns. Industry expert Mary S. Schaeffer explains the issues related to the accounts payable function to auditors, controllers, and managers. She then reveals the best practices for a myriad of these issues as well as identifying almost best practices for those cases where it is not possible to use the best practice and the worst practices which are likely to cause trouble.

Who Should Attend: CPAs

Topics Covered:
CHAPTER 1 Managing the AP Function
CHAPTER 2 Master Vendor File
CHAPTER 3 Invoice Processing
CHAPTER 4 Invoice Problems
CHAPTER 5 Checks
CHAPTER 6 ACH (Electronic Payments)
CHAPTER 7 P-cards
CHAPTER 8 Payment Strategy
CHAPTER 9 Policy and Procedures Manual
CHAPTER 10 Operational Aspects
CHAPTER 11 Duplicate Payment Issues
CHAPTER 12 Internal Controls
CHAPTER 13 Fraud Prevention: General
CHAPTER 14 Fraud Prevention: Checks
CHAPTER 15 Travel and Entertainment Policy
CHAPTER 16 Travel and Entertainment Issues
CHAPTER 17 Regulatory Issues: Information Reporting
CHAPTER 18 Regulatory Issues: Unclaimed Property
CHAPTER 19 Regulatory Issues: Other
CHAPTER 20 Technology
CHAPTER 21 Communications/Vendor Relations
CHAPTER 22 Cash Management

Learning Objectives:

 Establish strong master vendor file practices
 Incorporate appropriate segregation of duties into master vendor file process
 Create effective invoice receipt practices
 Construct best practice invoice handling routines
 Define effective practices when short-paying invoices
 Establish a process for managing discrepant invoices
 Design an suitable process for storing check stock
 Understand the benefit of paying electronically
 Develop a process to weed out fraudulent change of bank account requests
 Develop strong controls in a p-card program
 Identify ways to pay small dollar invoices without issuing a check
 Identify lost funds through an effective supplier statement review policy
 Integrate the concept of segregation of duties across the payment process
 Uncover practices that will eliminate weak control points
 Understand the importance of having a separate computer for online banking
 Integrate check fraud prevention practices into the accounts payable process
 Create a strong travel and entertainment policy the is compliant with IRS guidelines for the entire organizations
 Develop policies for handling travel issues created when employees leave
 Understand what is required for information reporting to the IRS for independent contractors
 Integrate use of IRS TIN Matching into the new vendor setup function
 Create a policy that will enable the organization to report and remit unclaimed property in all instances
 Incorporate regular OFAC checking into the payment process to ensure payments are not made to terrorists
 Identify potential situations where a payment may actually be a bribe to a foreign official in conflict with FCPA regulations
 Understand how payment timing can both help and hurt the organization
 Create procedures to ensure all early payment discounts are earned 

 


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