Accounts Payable - Planning, Organising And Achieving Best Practice
Overview
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. Accounts Payable - Planning, Organising and Achieving Best Practice 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.
Objectives
At the end of Accounts Payable - Planning, Organising and Achieving Best Practice training course, 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
Audience
Accounts Payable - Planning, Organising and Achieving Best Practice training course, is ideal for : Finance Executives and Professionals Accountants 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
Methodology
This course will be delivered through a combination of interactive and practical learning methods designed to equip participants with both conceptual knowledge and hands-on skills in accounts payable management. The methodology will include: Expert-Led Presentations – Providing frameworks, principles, and best practices in accounts payable processes. Case Studies & Real-Life Scenarios – Examining examples of effective and ineffective accounts payable practices to extract key lessons. Group Discussions & Problem-Solving Exercises – Encouraging collaboration and exchange of experiences among participants. Workshops & Practical Exercises – Applying tools and techniques to enhance efficiency, controls, and compliance in AP operations. Role Plays & Simulations – Practicing supplier negotiations, approval workflows, and dispute resolution. Financial Analysis with Tools – Hands-on exercises using Excel and other tools to analyze accounts payable data and improve reporting. Feedback & Reflection Sessions – Allowing participants to consolidate learning and design action plans for implementation in their organizations. This blended approach ensures that participants not only understand the planning, organization, and control aspects of accounts payable but also acquire the skills to achieve best practices in their daily operations. هل ترغب أن أكتب نسخة موازية بالعربية بجانب هذه النسخة الإنجليزية لتكون مناسبة لملف الدورة الرسمي؟
Outline
Day 1 – Accounts Payable, Financial Accounting, and the Supply Chain The role of Accounts Payable within accounting and financial reporting Sources of finance and the impact on AP Accounts Payable and its connection to the supply chain Understanding financial position and performance through AP data Cash flow and working capital management Why cash flow is critical and how AP contributes to its optimization Day 2 – Achieving World-Class Accounts Payable Processes Best practices in invoice processing and operational management Effective invoice handling and approval workflows Techniques for verifying invoice data accuracy Managing “low-value” purchases efficiently Preventing duplicate or fraudulent payments Maximizing efficiency: minimizing non-value-added activities (e.g., excessive calls to AP) The role of petty cash: does it belong under AP? Day 3 – Harnessing Technology in Accounts Payable Master Vendor File management: ensuring accuracy from the start Travel & Entertainment (T&E) expenses and policy compliance Managing cash advances and employee reimbursements Leveraging imaging, automation, and workflow technologies Using the internet and digital tools to enhance AP effectiveness Technology-driven process improvement for AP departments Day 4 – Payments and Vendor Relationship Management Communication strategies with vendors and internal stakeholders Providing timely payment status updates and improving transparency Strengthening supplier relationships through effective AP practices Enhancing the Procure-to-Pay (P2P) cycle Payments and payment solutions: defining roles between Accounts Payable and Treasury Ensuring compliance and efficiency in disbursement processes Day 5 – Defining and Embedding Best Practices in AP Moving beyond traditional P2P towards integrated financial management Identifying and managing risks in AP processes Principles of best practice in Accounts Payable Mapping and optimizing the end-to-end AP process Addressing common challenges and bottlenecks in AP Designing a roadmap for achieving world-class AP performance