Workshop
Mastering Accounts Payables and Disbursements
Wednesday, November 20, 2024 at 8:30am – 5:30pm
Fee
USD 750 per person. Workshop is limited to 20 people.
Workshop Overview
This workshop aims to provide participants with a comprehensive understanding of the accounts payable (AP) process and effective disbursement management. By the end of the workshop, participants will have gained practical knowledge and tools to streamline AP operations, maintain strong vendor relationships, ensure compliance, and optimize cash flow.
Objectives
The objectives for the workshop include:
Understand the fundamentals of Accounts Payables (AP) and the disbursement process.
Learn key AP concepts, terms, and workflows.
Gain practical skills for managing invoices, payments, and vendor relationships.
Explore best practices for optimizing AP processes and minimizing errors.
Target Audience
The target audience for this workshop on Accounts Payables and Disbursements would typically include:
Accounts Payable Clerks and Specialists: Individuals who handle day-to-day processing of invoices, payments, and other AP tasks.
Accounting and Finance Staff: Team members responsible for managing financial transactions, maintaining financial records, and ensuring compliance with financial policies and regulations.
Business Owners and Managers: Especially those from small to medium-sized enterprises who need to understand and manage their AP processes effectively.
Controllers and Financial Managers: Professionals overseeing the accounting department, who need to implement best practices, optimize AP workflows, and ensure proper controls are in place.
Internal Auditors and Compliance Officers: Individuals involved in monitoring financial compliance and auditing financial practices.
Procurement and Purchasing Personnel: Staff involved in purchasing decisions and vendor management who need a strong understanding of the AP process.
New Graduates and Entry-Level Accountants: Individuals looking to gain foundational knowledge and skills in accounts payable.
Workshop Schedule
8:30 AM - 9:00 AM: Registration and Welcome
Participant check-in
Welcome and introductions
Overview of workshop objectives and agenda
9:00 AM - 10:00 AM: Fundamentals of Accounts Payables
Definition and importance of Accounts Payables
Key components and workflow (invoice receipt, verification, approval, payment)
Common AP terms and concepts (e.g., net payment terms, early payment discounts)
Overview of internal controls in the AP process
10:00 AM - 10:15 AM: Break
10:15 AM - 11:30 AM: Invoice Management and Processing
Types of invoices (PO-based, non-PO-based)
Steps in invoice receipt and verification
Common errors in invoice processing and how to avoid them
Demonstration: Handling an invoice from receipt to approval
11:30 AM - 12:30 PM: Payment Processing and Vendor Relations
Methods of payment (checks, ACH, wire transfers)
Timing of payments and cash flow management
Managing vendor relations and communications
Handling disputes and discrepancies with vendors
Best practices for maintaining accurate records
12:30 PM - 1:15 PM: Lunch Break
1:15 PM - 2:15 PM: Disbursement Controls and Compliance
Importance of internal controls and segregation of duties
Policies and procedures for approving payments
Ensuring compliance with laws and regulations (e.g., tax, fraud prevention)
Common challenges and solutions in AP compliance
2:15 PM - 2:30 PM: Break
2:30 PM - 3:45 PM: Optimizing Accounts Payables Processes
Use of technology and automation in AP (e.g., AP software, ERP systems)
Strategies for streamlining AP processes
Case studies on AP process improvements
KPIs and metrics for measuring AP performance
3:45 PM - 4:45 PM: Interactive Activity and Q&A
Group activity: Review and analyze a sample AP process
Open Q&A session
4:45 PM - 5:00 PM: Wrap-Up and Evaluation
Recap of key points
Distribution of workshop materials and resources
Workshop evaluation and feedback