Online Class: Accounts Payable Training

Managing Accounts Payable: A Comprehensive Guide for New Managers

Stepping into the role of a manager for an accounts payable (A/P) department requires more than just a familiarity with invoicing or check processing. In today's rapidly evolving financial landscape, it demands an integrated understanding of multiple facets, from customer relations and vendor management to the nuances of modern technologies shaping the field. This course aims to provide a robust foundation for budding A/P managers, enriched with expert insights and best practices.

Why This Course?

Accounts payable is the backbone of a company's financial operations. However, it's not merely about disbursing payments. It's about establishing robust internal controls, fostering healthy vendor relationships, ensuring seamless transactions, and navigating the intricacies of contemporary technologies. Our course goes beyond traditional learning, offering guidance from seasoned professionals who have navigated the complexities of the A/P world for years.

What You Will Learn:

• Lesson 1: What Is a Manager?
  Dive into the realm of management, exploring the responsibilities and expectations from an A/P department leader. Understand the balance between leadership and teamwork, and the pivotal role a manager plays in optimizing operations.

• Lesson 2: Handling Invoices
  Discover best practices in invoice management. From accurate recording to timely approvals, learn how to ensure a smooth invoicing process.

• Lesson 3: Checks
  Understand the intricacies of check processing, from issuance to reconciliation. Explore modern alternatives and the evolving landscape of digital transactions.

• Lesson 4: Preventing Errors
  Errors can be costly. Delve into meticulous procedures and checks that can be implemented to minimize discrepancies.

• Lesson 5: Customer Service, Internal Controls, and the Annual Audit
  Grasp the importance of impeccable customer service, the establishment of robust internal controls, and preparations for the annual audit to ensure transparency and trust.

• Lesson 6: Fraud: Vendor, Employee, and Check
  In a world where frauds are becoming increasingly sophisticated, arm yourself with knowledge and preventive measures to shield your organization.

• Lesson 7: How Companies Use Technology in Accounts Payable
  From AI to automation, understand how modern technologies are reshaping A/P processes, offering efficiency and accuracy.

• Lesson 8: Traditional Functions and the 21st Century
  While we embrace new methodologies, the core functions remain vital. Revisit traditional A/P roles and understand their relevance today.

• Lesson 9: Using the Internet in Accounts Payable
  Harness the power of the internet for vendor communication, online transactions, and more, while ensuring security and compliance.

• Lesson 10: Master Vendor Files
  Master the art of maintaining comprehensive vendor databases, ensuring seamless transactions, and optimizing vendor relations.

• Lesson 11: Problems Caused by Discounts and Other Deductions
  Learn to navigate challenges posed by early payment discounts, rebates, and other deductions, ensuring mutual benefit and maintaining vendor relationships.

• Lesson 12: Independent Consultants
  In the gig economy, working with freelancers and consultants is commonplace. Understand the financial nuances and compliance requirements associated with such engagements.

• Lesson 13: 1099 Income Tax Forms
  Dive into tax implications and the importance of accurate 1099 form submissions, ensuring compliance and transparency.

• Lesson 14: High-level Accounts Payable Concepts
  Wrap up your learning with a dive into advanced A/P concepts, preparing you for the strategic aspects of accounts payable management.

Expertise at Your Fingertips:
Benefit from the wisdom of our guest lecturer, a veteran disbursement manager with a wealth of A/P experience. Their expert tips, real-life examples, and best practices will provide invaluable insights.

Embark on this comprehensive journey and arm yourself with the knowledge and skills required to lead an A/P department effectively in the modern business world. This isn't just a course; it's your roadmap to success in the world of accounts payable management. Join us and shape your future as a competent, forward-thinking A/P manager.

There is a key to managing an accounts payable department that will set you apart. It will set you apart from other accounts payable departments, it will set you apart from the managers who ran the department before you, and it will set you apart from other departments in the company. It is this: Remember that you are part of the sales and customer service process. Do not think of yourself as just a rubber stamp department that doles out money to invoices. Become actively involved in resource-saving (not "cost-cutting") measures to make your department valuable.

 

 

 

Many accounts payable department associates forget that they often serve as the face of the company. When your vendors receive a check from your department, you represent the company. When employees get reimbursement or, if applicable, their wages from your department, you represent the company. When a customer receives a check for an overpaid account from your department, you represent the company. In these ways and more, you touch the key players in your company and thus are part of the sales and service team. With this mindset, encourage your staff to improve systems within the department, answer the telephone quickly and in an upbeat manner, process invoices quickly and efficiently, and recommend resource-saving ideas in order to improve the overall finances of the company. 

 

 

You will go a long way toward gaining the respect of the owner and upper management in the company if you make sales and service your department's goal and mindset.

 

 

This course will provide you with everything that you need to know about being a successful Accounts Payable manager.  Some of the information might be familiar to you but there's a very good chance that you'll come across some invaluable new material.  If you are a new Accounts Payable manager or are about to become one, you might find yourself filled with reservations but after taking this course, you'll discover that the entire process was not nearly as frightening as you might have thought.