In today’s business climate, organizations in every sector are under pressure to do more with less. That means businesses cannot afford to squander opportunities to free up their working capital. By giving you greater availability to the cash trapped on your balance sheet, a formal working capital strategy can deliver the added liquidity you need to fund growth, streamline processes, reduce costs, enhance service levels and seize new investment opportunities as they arise.
The management of the accounts payable (creditors) of an organization is essentially just one aspect of the management of the cash flow of that organization. Since organizations cannot survive without adequate cash flows, it follows that the management of accounts payable is a vital aspect of cash flow management. This training course provides businesses and other organizations with a strong sense of where they stand against industry leaders and shows them how to take their services and organizational processes to state-of-the-art levels. Documented strategies and tactics employed by highly admired companies are presented both successful and unsuccessful to illustrate the real-world functionality of each process and approach.
Objectives and target group
Finance Executives and Professionals
Accounts Payable Managers
Accounts Payable Supervisors
Accounts Payable Personnel
Others who are working within accounts payable process or who wish to develop a practical toolkit to complement their existing professional or technical skills
Accounts Receivable (AR) Managers.
AR Staff, AR and Revenue Accountants.
Billing and Collection Officers, AR Specialists and Professional accounting and finance staff who interact with Accounts Receivable Operators.
After completion of the programme, delegates will be able to understand:
The importance of the accounts payable function with regard to its links with the supply chain and cash flow .
The integrated systems of purchase order processing, stock (inventory) control, purchase ledger and cash payments and their links with the general ledger .
How to effectively manage cash and working capital to reduce costs and improve cash flow .
The impact of risk and uncertainty on the business and its impact on accounts payable and cash flow .
How leading companies from across the globe are achieving best practice in Accounts Payable.
Work effectively with the fundamentals of accounts payable, financial accounting and the supply chain
Understand and apply the fundamentals of accounts payable systems
Review and comment on payment methods and cash management
Analyse the need to incorporate risk and uncertainty into accounts payable analysis
Identify best practice across all industries
The Accounting Environment
Achieving Best Practice
The role of auditors and what you can do to prepare for their visit
Internal checks and controls; error and fraud prevention and detection
Setting up new supplier accounts
Performing supplier statement reconciliations
Processing expense claims and credit card statements