Accounts Payable
Course Description
The Accounts Payable training is designed to provide best practices for accounts payable workers, controllers and managers. Technology and the Internet are causing a complete re-thinking of the way accounts payable departments operate.
New developments in tracing, electronic payments email communications, fraud and privacy laws all require accounts payable personnel be up-to-date on the newest processes and procedures.
This training program is presented in an engaging and hands-on style, and will be delivered by veteran accounts payable practitioners.
For Whom
The course is written for people in the below positions:
- Accounts payable professionals
- AP beginners & AP support staff
- Accounting supervisors & managers
- Supply chain staff
- Small business owners
Learning Objectives
Upon completion of this crash course, the participant will be able to:
- Apply the best practices for an efficient accounts payable department
- Evaluate and streamline your accounts payable process with the use of the latest technology
- Prepare and streamline the required information gathered
- Recognise issues to avoid costly mistakes
- Transform accounts payable into a profit centre instead of a cost centre
- Build cooperation between accounts payable and other departments
- Recognise the legal consequences of accounts payable
- Verify that your company in compliance
- Develop plan to avoid the end of the year panic
- Recognise how to be “audit ready”
Topical Outline
The student will be taught the below subjects:
- 3-Way matching and payment process
- Spotting errors and mistakes promptly and avoiding duplicate payments
- Claiming settlement discounts
- Reviewing the ‘aged creditors listing’
- Performing supplier statement reconciliation
- Identify what to do about the 80/20 rule that applies to accounts payable
- Capital and revenue expenditure
- Determine when a business expense reimbursement is taxable income
- Processing expense claims and credit-card statements
- Introduction to VAT and non-deductible items
- Processing pro-forma invoices & VAT-payment schedules
- Apply economic reality test
- Apply other tests for IC-status
- Introduction to month-end and year-end procedures
- Recognize the latest technology in accounts payable
- Distinguish independent contractors: benefits vs. risks
- Identify steps for hiring independent contractors and compare independent contractor agreements
- Identify tax implications of misclassifying workers as independent contractors
Summary
Course Title: Accounts Payable
Type of Course: Crash Course
Number of Sessions: 3 sessions (5 hours each)
Language: Dutch; English
Course Materials: ICC Course Reader
Certificate: Professional Development Certificate
Fees: EUR 750.- per participant