Course Overview:
This course offered at IRES is designed to provide participants with a comprehensive understanding of the accounts payable (AP) process, from invoice processing to payment management and reconciliation. The course focuses on streamlining AP operations, enhancing internal controls, and ensuring compliance with regulatory requirements. Participants will learn how to manage vendor relationships, avoid common AP pitfalls, implement best practices, and leverage technology to improve the efficiency of the AP function. This course is ideal for finance professionals looking to strengthen their expertise in accounts payable and ensure accuracy and timeliness in payment processing.
Course Duration:
5 Days
Target Audience:
- Accounts payable officers and clerks
- Finance and accounting professionals
- Accounts payable managers and supervisors
- Procurement and supply chain professionals involved in payment processes
- Business owners and entrepreneurs handling AP tasks
Personal Impact:
- Enhance your understanding of the entire accounts payable cycle.
- Improve your ability to process invoices accurately and efficiently.
- Learn to implement best practices in payment processing and vendor management.
Organizational Impact:
- Streamline the accounts payable process to improve efficiency and reduce errors.
- Strengthen internal controls to prevent fraud and duplicate payments.
- Ensure compliance with financial regulations and improve vendor relationships.
Course Level:
Course Objectives:
By the end of this course, participants will be able to:
- Understand and manage the full accounts payable process from invoice to payment.
- Implement internal controls to safeguard the accounts payable function.
- Use technology to automate and streamline AP processes.
- Reconcile accounts payable balances with vendor statements.
- Improve communication with vendors and resolve payment disputes.
Course Outline:
Module 1: Overview of the Accounts Payable Function
- Introduction to the accounts payable cycle
- Key roles and responsibilities in the AP process
- Understanding invoice types and approval workflows
- Practical Exercise: Mapping the AP process for a typical organization
Module 2: Invoice Processing and Payment Management
- Invoice receipt, validation, and approval
- Managing purchase orders, receipts, and vendor invoices
- Payment processing methods: checks, electronic payments, and wire transfers
- Practical Exercise: Invoice processing and payment scheduling
Module 3: Internal Controls and Compliance in AP
- Establishing internal controls to prevent fraud, errors, and duplicate payments
- Ensuring compliance with financial regulations, tax laws, and reporting requirements
- AP audit preparation and best practices for audit readiness
- Case Study: Implementing internal controls in the AP process
Module 4: Vendor Management and Communication
- Building and maintaining strong vendor relationships
- Handling vendor disputes and payment delays
- Best practices for vendor communication and reconciliation
- Practical Exercise: Vendor statement reconciliation and dispute resolution
Module 5: Technology and Automation in Accounts Payable
- Leveraging technology to automate the AP process: ERP systems and AP software
- Integrating AP with procurement and financial systems
- Benefits of electronic invoicing and payment automation
- Real-life Project: Implementing an automated AP system in a business scenario
Related Courses
Course Administration Details:
METHODOLOGY
The instructor-led trainings are delivered using a blended learning approach and comprise presentations, guided sessions of practical exercise, web-based tutorials, and group work. Our facilitators are seasoned industry experts with years of experience, working as professionals and trainers in these fields. All facilitation and course materials will be offered in English. The participants should be reasonably proficient in English.
ACCREDITATION
Upon successful completion of this training, participants will be issued an Indepth Research Institute (IRES) certificate certified by the National Industrial Training Authority (NITA).
TRAINING VENUE
The training will be held at IRES Training Centre. The course fee covers the course tuition, training materials, two break refreshments, and lunch. All participants will additionally cater to their travel expenses, visa application, insurance, and other personal expenses.
ACCOMMODATION AND AIRPORT PICKUP
Accommodation and airport pickup are arranged upon request. For reservations contact the Training Officer.
- Email: [email protected]
- Phone: +254715 077 817
TAILOR-MADE
This training can also be customized to suit the needs of your institution upon request. You can have it delivered in our IRES Training Centre or at a convenient location. For further inquiries, please contact us on:
- Email: [email protected]
- Phone: +254715 077 817
PAYMENT
Payment should be transferred to the IRES account through a bank on or before the start of the course. Send proof of payment to [email protected]
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