Accounting Processing Best Practices

Fundamentals of Accounts Payable: Payments

Course Overview
The payment process is fraught with opportunities to make mistakes - errors that will directly impact your company’s bottom line. For the most part, they are easy to avoid. The key is knowing what they are and then devising best practice processes to make sure you don’t inadvertently make them. You’d be surprised how frequently this happens, even at the best run organizations.

In this course, we examine the common problems of losing early payment discounts (very expensive), incurring late fees, making too many rush payments (inefficient and costly), and the problems associated with the practices of making rush payments and returning checks to requisitioners. Both demonstrate weak internal controls and make the payment process inefficient. Strategies for minimizing or eliminating these issues are included.

We close by taking a look at inaccurate payments and payment audits. Although many organizations have made huge strides in minimizing duplicate and other improper payments, they continue to be an issue. What’s more, some organizations stick their head in the sand and refuse to believe this is an issue. It is. Saying you never make a duplicate payment is like saying you never make a mistake.




Learning Objectives:

After completing this course, the course participant should be able to:

  • Identify best practices for taking advantage of early payment discounts
  • Define strong processes to avoid returning checks to requisitioners and issuing rush checks
  • Determine how to eliminate all late fees
  • Identify duplicate payments
  • Determine a process for performing an in-house payment audit
  • Identify best practices when hiring a recovery firm

  • Content Partner:

    SmartPros Ltd.

    SmartPros Ltd. is a leader in online and offline continuing education for
    accounting, finance and engineering professionals. With over 2,000 hours of
    content, SmartPros has been providing mandatory continuing education
    products since 1981. SmartPros provides services and content to its
    professional and corporate clients, in a variety of media including Web, CD
    ROM, and video. In the accounting market, SmartPros also has a predominant
    news and information portal which receives 200,000+ visits per month and
    provides services to over 100,000 subscribers. SmartPros' customers include
    50% of the Fortune 500, as well as the major firms and associations in each
    of its professional markets.


    Prerequisites/Advanced Preparation:

    None

    Speaker / Author:

    Mary S. Schaeffer is editorial director of CRYSTALLUS, Inc., which publishes the Accounts Payable Now & Tomorrow newsletter and the e-zine e-AP news. After working in the finance and treasury departments of several large companies for 15 years, she turned to writing and consulting full time. She is the author of 17 business books, including 101 Best Practices for Accounts Payable, is a nationally recognized accounts payable expert and consultant and a frequent speaker at seminars, conferences and online events. She is the creator of the Institute of Financial Operations Accounts Payable Innovation Certificate program and several self-study courses for CPAs. Mary Schaeffer has a B.S. in Math from York College and a M.B.A. in Finance from New York University. She is a member of the Authors Guild and the New York Financial Writers' Association.

    Software & Hardware Requirements:

    • 56k or Greater Internet Connection
    • Adobe Acrobat® Reader for the .pdf files
    • Adobe® Flash® Player 9 or higher
    • Modern DHTML Compatible Browser
    • Ram: 256 MB minimum
    • Windows or Mac OS

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    Price (USD)

    Standard Rate: $24.95

    Details

    Course Code : 99SCH14-tx

    Release Date : 03/22/2018
    Expire Date : 03/22/2020
    Credits :
    CPE 1.00
    QAS 1.00

    Length : 50min
    Course Level : Overview
    Course Type : Self-Study
    Passing Grade : 70%
    Format Type : eLearning
    Mobile Compatible
    Field Of Study : Accounting

    Theme : Accounting Processing Best Practices

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