Accounting Processing Best Practices

Fundamentals of Accounts Payable: Payments v1.1

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, participants 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 payment.
  • Determine a process for performing an in-house payment audit.
  • Identify best practices when hiring a recovery firm.


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.

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Price (USD)

Standard: $24.95

Details

Course Code : 99SCH14-txA1

Release Date : 11/17/2023
Expire Date : 12/31/2025
Credits :
CPE 1.00
QAS 1.00
Length : 50min
Course Level : Overview
Course Type : QAS Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Accounting

Theme : Accounting Processing Best Practices

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