Effectively Managing & Organising Accounts Payable

About

Effectively managing & organizing Accounts Payable is designed to equip you with an action plan for increased success and efficiency.  In just two days you will learn how to improve your overall performance and grasp highly effective strategies for managing workloads.

• Fully understand the key issues impacting your day-to-day AP function
• Use effective strategies and techniques to dramatically improve efficiency and productivity of your AP systems and procedures
• Utililse essential strategies to achieve accurate and timely close off
• Gain an insight into how technology is changing AP processes
• Create a smooth-running payment system that saves time, money and resources
• Master effective communication skills for gaining cooperation in the AP process

Agenda

Day one

Accounts Payable: Why is it important and how does it add value to your organisation?
•    The purpose of Accounts Payable
•    Critical factors for successful Accounts Payable teams
•    The importance of authority limits

Accounts Payable: Key areas where performance, efficiency, accuracy and security can be improved
The way AP operations are managed can either pay off or cost too much!  Your AP operation is filled with opportunities for improvement and this session will introduce the key areas of performance for AP.
•    What AP techniques can you implement in your accounts department to increase efficiency?
•    Staffing requirements for Accounts Payable: How can it be made more effective and profitable?
•    Capitalising on technological developments to enhance the operations of your AP department
•    How can you make time for the “value-added” tasks as well as the routine tasks?
•    Techniques for successfully minimising manual work and improving processing methods
•    Developing effective AP management reporting tools within your accounts department
Practical exercise

Integrating purchasing and Accounts Payable to create an efficient procurement process
•    Closing the loop between procurement and AP to create a total procurement process
•    Working with purchasing and your suppliers to cut payment transaction volume and reduce transaction cost
•    Using techniques such as summarised bills for your suppliers
•    Automatic matching of purchase orders, delivery notes and invoices
•    Making the link between capex and AP
•    Re-engineering AP to support your procurement strategies
Practical exercise

Streamlining your expense processing: Making sure your expense processes flow smoothly
•    Key expense processing processes, tips and tricks
•    Learning to quickly identify discrepancies in expense claims
•    Mastering the art of reducing ASAP invoice processing
•    Effective techniques for stopping those “I need a cheque today” interruptions
•    Is the P-card right for your organisation?  An analysis of the pros and cons of purchasing cards
•    Effective checks and balances for avoiding abuse of P-cards
•    Examining the pros and cons of different payment methods
Practical exercise

AP systems: An insight into how technology is changing the operations of AP departments
•    Examining data capture, workflow and document management
•    Integration of placement into electronic format of the purchasing & AP systems
•    Electronic invoices, purchase orders and shipping documentation
•    Effective AP management and how to detect and correct out-of-tolerance transactions
•    Transaction resolution (the end to end process from purchase orders to payments)
•    How to make adjustments that do not wreak havoc to related systems and processes
•    Why it is important to back up AP and other financial data
•    Looking at the current and future trends in transaction processing
Practical exercise

Maximising your time and cash resources
In this session you will discover how to conserve cash resources while still keeping vendors satisfied.
•    The importance of maintaining accurate AP records and its effect on cash flow forecasting
•    Are the results of AP policies and procedures effectively measured and is cash flow maximised?
•    Did you get what you paid for?  How to ensure you don’t pay for goods and services until problems are resolved
•    Techniques for helping to eliminate duplicate payments
•    How to ensure that your agreed payment terms are a “win-win” situation
•    Determining if an early payment discount is a good deal
•    Developing a tracking system that follows an invoice from receipt, through approval and payment
Practical exercise

Day two

Strategies to achieve accurate and timely close-off
Do you find month-end close-offs stressful?  Are you rushing at the last minute to produce your management reports and do you dread the 3-5 days preparing the management accounts?  This session will provide you with practical tips and strategies that will help you to smooth the close-off period, while still providing timely and accurate management reports.
•    Planning for timely month-end and tips to shorten your close-off period
•    Standardising procedures and simplifying the process – getting your files in order
•    Learning how to delegate tasks to other staff members involved in the process
•    Preparing subsidiary information away from the close-off period to free-up more time
•    Using estimates and accruals effectively during your close-off period
•    Looking at the reports that management actually use and eliminating unnecessary information
•    Year end close-offs: Strategies and tips to make it easier
•    How to reconcile the AP ledger to the general ledger
Practical exercise

Techniques for counteracting employee/customer fraud and theft
Learn how to build robust procedures that have correct authorisation techniques that minimise the chances of employee/customer fraud or theft.
•    Successful methods for inserting more checks and balances into AP processes
•    Developing a step-by-step fraud prevention strategy
•    Building an awareness of the consequences of fraud within your organisation
•    Developing effective internal controls within your AP function:
•    Division of responsibilities
•    Rotation of duties
•    Procedures and reviews
•    Management accountability
•    Internal audit
Practical exercise

Effective filing techniques: How to set up a records system that gives you instant access to vital information
Adopting just a few effective organisational and records management techniques will save you valuable time.  Learn how to coordinate related paperwork and master filing techniques that deliver the information you need instantly.
•    How to build a system that coordinates control numbers through the entire payment process
•    Coordinating expenses with accounts and budgets in your business records
•    How to protect confidential records and ensure that they don’t fall into the wrong hands
•    How to make your records available to those who need them, while protecting against lost, misplaced and misused files
•    What are the IRD record keeping requirements?
•    What are cost centre reports and project reports and how is the information collected?
Practical exercise

Key communication techniques: How to gain cooperation and deal with problems if they arise
Today’s AP professional needs more people and communication skills than ever before.  Learn to eliminate the headaches and hassels in your professional dealings with others.  Learn how to get what you need (when you need it!) and work successfully with even the most difficult and demanding people.
•    How to ensure that information flows easily between your department and your entire organisation
•    Techniques for efficiently getting approvals, authorisations and signatures
•    How to deal effectively with the difficult people that you encounter
•    Improving AP’s effectiveness, service and recognition within your organisation
•    Examining potentially difficult situations that can arise in AP
•    Resolving problems while benefiting the employee, the AP department and the organisation as a whole team
Practical exercise

Facilitator

Kevin Lee, Director, Business Skills Training

Kevin Lee BA (Hons), Pg Dip, MBA, ACMA runs a consultancy for business skills development.  He is a Chartered Management Accountant with 20 years experience of Government Agencies, Corporates and SME’s.  Kevin is a member of the New Zealand Association for Training and Development, the Human Resources Institute for New Zealand and accredited as a Belbin Team Role facilitator.  His post-graduate qualifications include a post-graduate diploma in business administration with distinction and an MBA in which he majored in finance.  

Kevin specialises in helping managers and staff to develop practical financial skills and knowledge.  He is passionate about making finance relevant, understandable and fun.  He enables people to develop their business acumen and to apply financial management practices that suit their organisation’s needs and circumstances. 

Kevin’s clients include: Ministry of Justice, Department of Internal Affairs, ANZ National Bank, Meridian Energy, Auckland District Health Board and Auckland City Council.   

Kevin’s approach is highly practical, using only the financial theory that people need to know, and then building skills and knowledge through case studies, examples and small group work.  He is able to provide “real life” advice based on his experience in CFO roles and his experience of managing major Capex projects, implementing financial systems, improving financial processes and procedures and achieving ongoing efficiency savings.   

Kevin’s passion, enthusiasm and commitment result in excellent feedback from participants at all levels: Directors, General Managers, Accountants, Senior Managers, Middle Managers, Supervisors and Support Staff.     

Kevin's passion, enthusiasm and commitment result in excellent feedback from participants. Feedback from past courses includes:
'Excellent facilitator who was able to successfully mix talking and teaching with active listening and responding to audience. Very perceptive about people - didn't miss a trick.'
- Maria Triandafilidis, Executive Officer, MAF

'I liked the way things were used to relate to finance, e.g. pyramid/temple /softball. Excellent course - glad I came!'
- Maria Sialava'a, Executive Assistant, AMP

'All aspects of the course were very valuable. I particularly liked the group discussions and clarification and backing up of topics by giving real examples.'
- Trisha Donovan, EA, Ministry of Health

'Everything was explained clearly and thoroughly.'
- Loree Jellick, PA, Quotable Value

'Excellent gained many tips.'
- Sharyn O' Regan, EA to CFO, Hort Research

'Thank you for a very informative course. I have enjoyed it immensely and do like your teaching style.'
- Dawn Varga, PA, ANZ Business Banking

'I appreciated the clear descriptions of accounting terms and practices. You have a great speaking voice. Everything was relevant - a very good overview."
- Elaine Richmond, PA, Salvation Army

'Excellent presentation by Kevin. Kept a boring topic very interesting.'
- Kerrie Chudleigh, PA/Office Systems Coordinator, NZ Fire Service

Kevin Lee is also facilitating:

• Cash Flow and Liquidity Management for improved performance
• Effectively Managing and Organising Accounts Payable
• Essential Finance Skills for EAs, PAs & Administrators
• Finance & Accounting Skills for Managers in the Health Sector
• Managing Credit, Accounts Receivable and Debt Recovery
• Managing the Numbers: The Financial Skills for Non Financial Managers
• Practical Budgeting and Forecasting for Managers
• The Effective Accounts Assistant

In-house Training

Prices and Registration

* Early bird price available when you register and pay before the dates listed.