This course reviews the definition of liabilities as it pertains to Accounts Payable before exploring the different responsibilities of many Accounts Payable operations.
We discover the different types of documents an Accounts Payable operation may be involved in processing; Invoices, Credit Memos, adjustments to Accrued Purchase Order (PO) Receipts, review of Aged Accounts Payable and Outstanding Checks, identification of Funds to be Accrued, etc. We identify the differences between processing a Purchase Order invoice and an invoice that does not reference a PO. We discover some of the challenges Accounts Payable can face with each classification. We identify the most critical components of the vendor’s invoice and discover solutions on how to address the issue of missing data. We explore the risks of processing the same invoice more than once and what can be done to mitigate this risk. We also identify the difference between a duplicate invoice and a duplicate billing. Discussions include explanation of the accounting transactions resulting from the posting of an invoice, by type, and the posting of a credit memo. Batch processing will also be addressed.
Finally, we identify the responsibilities of the Accounts Payable operation in monitoring common business specific rules; Payment Terms, Payment Methods, and Sales and Use Tax to name a few.
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I started CS Process Flows, LLC in April of 2016 after a 30+ year career working in various accounting areas. My career in accounts payable started when I was hired as a processor. Then I worked my way through accounts receivable and general accounting before coming back to accounts payable as a manager. The challenges presented in Accounts Payable and all of the exciting changes going on in this area over the last few years and into the future are my passion.
My experience includes building new AP operations, identiifying ineffecienies and implementing solutions in existing teams and being involved with other areas of the Procure to Pay work stream. I have success in establishing and strengthening relationships with team members within Procurement, IT, and other areas of finance when working on AP related projects and with management of outsourced delivery centers overseas.
Needless to say, I have learned a lot and I want to share my knowledge with companies that may be just starting to explore some of the options now available. or simply what to improve their current operations.
My experience includes managing up to 25 AP staff members processing upwards of 30K invoices a month, so I am very aware of what it takes to manage transations. I have also managed the implementation of several different types of AP workflow systems over the years, a Concur Travel and Expense reporting system, different Corporate Card programs, including both Purchasing and T & E cards, and ACH payment programs. My experience also includes a project to outsource check printing and the transition of 7 Tyco Business Units to an outsourced delivery center in India.
I am an Accredited Payables Manager (APM).
I hope by sharing what I have learned, I can help you.