Accounts Payable Best Practices for Financial Professionals

Author: Mary Schaeffer

Fraud, technology and regulatory changes all impact the accounts payable profession and not always in a good way. They require analysis and change. In the last few years, these issues have been impacting the function at a speed that’s hard to believe. They’ve also increase the visibility most organizations have into their accounts payable function. This is a good thing for without proper attention and focus, the organization could end up with an accounts payable process that is far less efficient than it should be.

Unfortunately, what worked yesterday may not work today. Best practices for the accounts payable function are critical for those organizations concerned about their bottom line. Poor practices result in excess cost, duplicate payments, increased processing expenses, potential fraud, and frayed vendor relationships.

We learned this the hard way during the COVID crisis. The presentation includes a number of new best practices that reflect today’s reality of remote working. Alas, keeping up to speed these days can be like herding cats. While some best practices remain steadfast, others simply no longer work and are being replaced by new practices just now appearing.

The truth is that companies ignore accounts payable best practices at their peril and the impact is felt on your bottom line. It’s that simple—yet some organizations continue to turn a blind eye to the leakage that occurs due to poor or inefficient process in their AP operations. Don’t be one of them!

Publication Date: December 2020

Designed For
Accountants, controllers, accounting managers, auditors (internal and external), Treasurers, CFOs, CEOs, accounts payable professionals, expense reimbursement staff, payroll professionals, procure-to-pay professionals, and travel managers.

Topics Covered

• Invoice handling
• Payment processes
• Regulatory issues affecting the payment process
• Travel and entertainment
• Vendors and vendor file issues
• Staffing

Learning Objectives

• Identify accounts payable best practices
• Identify and weed out worst practices
• Recognize how to create an efficient, effective, and fraud resistant Accounts Payable process
• Recognize the best practice when it comes to proper handling of sales and use tax
• Identify a best practice for delivering checks to the payee
• Describe a best p-card practice

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
None

Advance Preparation
None