Course Overview:
This Accounting Operations / Payable and Receivable Management training course covers essential skills such as applying basic accounting principles towards business transactions, to prepare and interpret financial statements, develop key skills to manage costs and prepare budgets effectively. It focuses on enhancing efficiency, reducing costs, managing risks, and improving cash flow. Through hands-on exercises, case studies, and expert guidance, participants will gain the ability to manage AP and AR processes effectively, ensure accuracy in financial reporting, and apply best practices in optimizing the payment and collection cycles.
Duration
5 Days
Who Should Attend
This course is suitable for:
- Accounts payable and receivable professionals
- Finance and accounting personnel
- Treasury professionals
- Financial controllers
- Business managers and executives responsible for overseeing financial operations
- Auditors and consultants interested in understanding AP/AR processes
- Anyone looking to enhance their knowledge in AP and AR management
Course Objectives
By the end of this course, participants will be able to:
- Understand the fundamentals and best practices in managing accounts payable and receivable.
- Implement effective strategies to optimize AP/AR workflows and reduce financial risks.
- Improve cash flow management through efficient payment and collection systems.
- Identify and mitigate common errors and fraud risks in AP and AR processes.
- Use technology and automation tools to streamline accounts operations.
- Ensure accurate financial reporting and compliance with regulatory standards.
Course Outline:
Module 1: Introduction to Accounts Payable & Receivable
- Overview of AP and AR processes
- The importance of AP and AR in the overall financial health of an organization
- Key terminologies and concepts
- Roles and responsibilities of AP and AR departments
- Case studies of effective AP/AR management
Module 2: Best Practices in Accounts Payable
- The AP workflow and process flowchart
- Managing supplier relationships and contracts
- Early payment discounts and cost-saving strategies
- Invoice management and approval processes
- Avoiding common mistakes and preventing AP fraud
- Case study: Streamlining the AP process in a global organization
Module 3: Best Practices in Accounts Receivable
- The AR workflow and process flowchart
- Customer credit management and policies
- Strategies to accelerate cash collections
- Handling disputes and ensuring timely payments
- Identifying high-risk customers and reducing bad debts
- Case study: Improving AR collections in a fast-growing company
Module 4: Technology and Automation in AP/AR Management
- Overview of ERP and accounting software for AP/AR management
- The role of automation in streamlining AP and AR processes
- E-invoicing, electronic payments, and digital solutions
- How to leverage AI and machine learning for AP/AR optimization
- Case study: Implementing automation in AP/AR systems
Module 5: Financial Reporting, Compliance, and Risk Management
- Ensuring accurate and timely financial reporting of AP and AR
- Compliance with regulatory standards and internal controls
- Fraud detection and prevention in AP/AR processes
- Managing financial risks associated with AP and AR
- Course review, Q&A, and final assessment
