Summary
In all organisations, it’s important to aim for continuous improvement. Customers in this current economic climate are always asking for more for their money and you’ll be put under pressure to improve your services and products with a limited budget.
In order to focus on your business growth and reputation, while maintaining a low spend, you’ll need to fully understand accounts payable best practices and tools to create efficient and organised processes. Learning how to develop a balance sheet, streamline your processes and reduce your costs while enhancing your service is a tough task, so project planning and strict management and organisation is key.
Accounts payable is just one of the many departments that are responsible for the success of a business. They can assess the financial situation, balance cash flow, and flag up any potential risk areas which may cause concern. This leaves other departments in a more informed position to move forward with new and improved project plans and apply for further investment opportunities to mitigate against risks and support the company’s overall financial position for the future.
- To understand how important accounts payable is in regard to managing a supply chain and other cost functions.
- To create new cost-saving projects based on inventory, stock control, and purchasing to solve budgetary issues.
- To effectively manage cash flow using tools and techniques to maintain working capital.
- To identify financial risks to the organisation and place them in mitigation plans to retain good financial standing.
- To understand the fundamentals of accounts payable processes, tools, and terminology.
- To create accurate forecasting models based on previous accounts payable reporting.
- To maintain secure data and financial records to aid future planning.
- To advise other departments on budgets and financial stability to maintain a positive reputation and increase sales.
This course is designed for anyone who is responsible for the accounts payable department or taking part in project planning and decision-making processes from a financial perspective. It would be most beneficial for:
- Accountants
- Chief Financial Officers
- HR Professionals
- Finance Advisors
- Business Owners
- Accounts Payable Managers
- Accounts Payable Supervisors
- Accounts Payable Personnel
This course uses a variety of adult learning methods to aid full understanding and comprehension. Participants will review current best practices for accounts payable teams and understand how essential accounting practices are to companies through real-world case studies and video examples.
They will learn to utilise financial planning tools and techniques and work in groups to develop an understanding of risk areas and identification using mock scenarios. They will then plan contingency methods and develop projects which work towards cost reductions, brainstorming project ideas that will work to improve business practices, profits, productivity, and reputation within set budgets.
Course Content & Outline
- The context of accounts payable for the wider business.
- Sources of internal and external finance.
- Supply chain management.
- Financial performance management and monitoring.
- Cash flow and working capital tracking.
- Why managing cash flow is so important.
- Determining best practices in accounts payable.
- P2P development and change.
- Identifying and managing financial risk.
- Financial contingency planning.
- End-to-end accounts payable processing.
- Defining accounts payable issues and developing project plans.
- Assessing large financial developments.
- Forecasting and road mapping based on previous financial statements.
- Making the most of your resources.
- Tightening your processes to maintain productivity.
- Travel and entertainment costs.
- Handling invoices and approvals processes.
- Low-value vs. high-value item payments.
- Dealing with new suppliers.
- Petty cash and accounts payable relationships.
- Vendor relationships and file management.
- Spreadsheet transformation.
- IT systems that flag and monitor financial issues.
- Managing expenses.
- Policy changes and tweaks.
- Cash advancement through automation.
- Storing accurate records and personal data.
- Accounts payable cloud services.
- Managing automated workflows and remote teams.
- Communicating your project plans.
- Customer relations and management.
- Payments for internal employees and external stakeholders
- The Procure to Pay (P2P) system and processes.
- Payment solutions for treasury approval.
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Holistique Training draws distinction as one of the pioneers in the field of training and professional development solutions since 2008.