Description
Learn how to transform the accounts payable function for your business.
You will get insights into special processing and circumstances along with restrictions. You will learn how to reduce payment errors and how to improve both manual and computerized processes. You will see what information is necessary along with qualifying vendors for inclusion in computerized system. Other topics include bankruptcy and cash flow management.
Learning Objectives
– You will be able to identify special circumstances.
– You will be able to discuss data entry the need to automate the process.
– You will be able to explain how to set up pay dates and submission deadlines.
– You will be able to review how to correctly enter vendors into the system.
Presenter: Robert E. Jacob, M.B.A., C.M.A., E.A., R.E.J.’s Accounting & Tax Service, Inc.
Credits*: AIPB, CPE
Time of program 100 min, 1 pm ET
Date of program July 29
Tip 1: Improve Communication With Contracts, Purchasing, Shipping/Receiving, and User Departments
• Issues/Recommendations on Collaborating With Contracting/Sourcing
• Focus on Effective Rebate Tracking Process
• Issues/Recommendations on Collaborating With Purchasing
• Focus on POs
• Issues/Recommendations on Collaborating With End User Departments
• Issues/Recommendations on Collaborating With Shipping/Receiving
• Focus on Returned Goods Process
Tip 2: Regularly Review and Update Vendor Master File
• Common Issues Found Within Vendor Master That Cause Payment Errors
• Common Causes of Duplicate Payments
Tip 3: Train and Retrain Staff in Correct Data Entry Practices
• Common Issues That Occur With Incorrect Data Entry
• Client Example on the Types of Errors We Have Found Due to Data Entry
• What to Look for to Identify Errors and Recommendations to Prevent Them
Tip 4: Regularly Review Vendor Statements
• Common Issues With Irregular Statement Review
• Common Causes of Irregular Statement Review
• Consequences of Irregular Statement Review
• Recommendations for Statement Review
Tip 5: Create and Track KPIs
• Recommend KPIs to Be Tracked
AIPB ,CPE ,IAPP ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Andrew Brandenburg-TAG, Inc., John Weiss, Jr. – TAG, Inc., Bradley Wright – TAG, Inc.
