Accounts Payable

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