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5 Ways to Improve Accounts Payable Financials - Webinar

  • ID: 3989393
  • Webinar
  • 100 Minutes
  • Lorman Business Center, Inc.
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Come away with 5 effective, simple and inexpensive tips to improve accounts payable financials.

Many organizations already have the technology and talented AP staff to manage payments and prevent fund loss. That’s part of the good news. The other is that many AP issues causing fund losses can be avoided by making sure effective processes are in place to avoid duplicate payments, overpayments, lost credits, data entry mistakes, and overcharges. By reducing errors that cause financial loss, organizations also reduce the associated time and labor costs to correct errors and recover funds. This topic provides simple and inexpensive recommendations for corrective actions to improve processes, using real-life examples.

Learning Objectives
  • You will be able to recognize the most common areas of AP financial waste.
  • You will be able to discuss clear areas to focus on for improving AP financials.
  • You will be able to review tips to inexpensively and simply improve the processes that create errors and fund loss.
  • You will be able to establish measurements to track the progress of your process improvements.
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What Are the Costs of Incomplete or Ineffective AP Processes to an Organization?
- Financial Costs of Errors
- Time and Labor Costs to Correct and Recover Funds

Common Areas Where AP Improvements Can Be Made - Simply, Inexpensively, and Effectively
- Payments (Duplicate Payments to Multiple Vendor Numbers for the Same Vendor)
- Pricing (Overcharges, Overpayments and Contracts)
- Data Entry (Miskeying, Inconsistent Data Entry)
- Credits (Rebates, Returned Goods, or Vendor Cash on Account)

5 Tips to Reduce Payment Errors
- Improve Communication With Contracts, Purchasing, Shipping/Receiving, and User Departments
- Regularly Review Vendor Master Files to Eliminate Multiple Vendor Accounts
- Train and Retrain Staff in Effective Data Entry Practices
- Request and Review Statements From the Largest Vendors for Credits, and Use Them ASAP
- Establish Key Performance Indicators (KPIs) to Benchmark AP's Progress
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John Weiss Jr., The Audit Group
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This webinar is designed for accountants, CPAs, accounts payable professionals, bookkeepers, tax managers, CFOs, controllers, business managers and owners, presidents, vice presidents, CEOs, auditors and consultants.
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