• Overview of Accounts Payable
  • Definition and scope of accounts payable.
  • The role of AP in the financial management of an organization.
  • Key responsibilities and functions of the AP department.
• Accounts Payable Process Flow
  • Overview of the AP process from invoice receipt to payment.
  • Key stages: invoice receipt, approval, payment processing, and reconciliation.
  • The role of documentation and record-keeping in AP.

• Receiving and Recording Invoices
  • Methods for receiving invoices: mail, email, electronic invoicing.
  • Best practices for recording and tracking invoices.
  • Handling discrepancies and invoice disputes.
• Invoice Approval Workflow
  • The approval process for invoices and purchase orders.
  • Setting up an effective approval hierarchy and workflow.
  • Managing approvals in a decentralized environment.
• Matching and Verification
  • Three-way matching: invoice, purchase order, and receiving report.
  • Strategies for ensuring accuracy and completeness in matching.

Handling exceptions and resolving discrepancies.

• Payment Methods
  • Overview of payment methods: checks, ACH, wire transfers, credit cards.
  • Pros and cons of different payment methods.
  • Selecting the appropriate payment method based on factors such as volume, cost, and security.
• Payment Scheduling and Terms
  • Understanding payment terms and discount opportunities (e.g., early payment discounts).
  • Strategies for optimizing payment schedules and cash flow.
  • Managing payment cycles and deadlines.
• Fraud Prevention and Security
  • Common fraud risks in payment processing.
  • Implementing controls to prevent and detect fraud.
  • Best practices for securing payment information and transactions.

• AP Software and Automation
  • Overview of accounts payable software and automation tools.
  • Key features and benefits of AP software (e.g., invoice processing, approval workflows, reporting).
  • Integrating AP software with other financial systems (e.g., ERP systems).
• Electronic Invoicing and Payments
  • The benefits of electronic invoicing (e-invoicing) and electronic payments.
  • Implementing e-invoicing solutions and managing electronic payments.
  • Challenges and considerations in transitioning to electronic systems.
• Data Analytics and Reporting
  • Utilizing data analytics to improve AP processes.
  • Generating reports for financial analysis and decision-making.
  • Key performance indicators (KPIs) for accounts payable.

• Regulatory Requirements
  • Overview of regulations affecting accounts payable (e.g., tax regulations, anti-bribery laws).
  • Ensuring compliance with local and international regulations.
  • Maintaining accurate and complete records for auditing purposes.
• Internal Controls
  • Implementing internal controls to safeguard assets and ensure accuracy.
  • Segregation of duties and role-based access controls.
  • Regular audits and compliance checks.
• Dispute Resolution and Vendor Management
  • Handling disputes with vendors and suppliers.
  • Strategies for effective vendor management and relationship building.
  • Resolving conflicts and maintaining positive supplier relationships.

• Best Practices in AP Management
  • Streamlining processes for efficiency and accuracy.
  • Implementing automation and technology solutions.
  • Continuous improvement and performance evaluation.
• Common Challenges
  • Managing high volumes of invoices and payments.
  • Addressing fraud risks and compliance issues.
  • Dealing with vendor disputes and payment delays.
• Case Studies
  • Real-world examples of effective accounts payable management.
  • Analyzing case studies to identify best practices and lessons learned.

• Emerging Technologies
  • The impact of blockchain and AI on accounts payable.
  • Innovations in payment processing and invoice management.
  • Future trends in AP technology and automation.
• Strategic Role of AP
  • The evolving role of accounts payable in organizational strategy.
  • Aligning AP with broader financial and business goals.
  • Preparing for changes in the financial landscape and AP practices.

• Review of Key Concepts
  • Recap of major topics covered in the course.
  • Discussion on the future of accounts payable and its role in financial management.
• Final Project
  • Students will develop a comprehensive accounts payable management plan, including process improvements, technology recommendations, and compliance strategies.
• Course Reflection and Next Steps
  • Reflecting on the challenges and opportunities in accounts payable.
  • Exploring career opportunities in AP and financial management.
  • Continuing education and professional development in accounts payable and finance.