Receivable or debts arise on a day-to day basis in most transactions in both the public and private sectors as goods services are provided and received. It is also common knowledge that debtors are usually not willing or able to pay their debts. When debts come due for settlement, the debtor comes up with all the excuses in this world and, in a while, the debt becomes sticky. The workshop is designed to get you up to speed fast on the nuts-and-bolts issues involved with collecting overdue money. Filled with invaluable tips, how- tops and legal dos and don’ts, this essential workshop is for any professional whose job involves collecting money form debtors.

Accounts payable on the other hand are not just processing checks, mailing them, and then filing the backup paperwork. To manage accounts payable truly and effectively, one must understand the AP department's building blocks including, but not limited to customer service, vendor management, check requests and Purchase Orders (POs).

This course will discuss how to handle invoices, process checks, prevent errors, conduct annual audits, and use technology in the department. You will also learn the best practices to adopt in your AP department and how to develop your department into an effective business partner.

Course Methodology

This course demonstrates theoretical and practical core topics in addition to introducing Excel in managing accounts payable. The course also features role playing and presentations by participants.

Course Objectives

By the end of the course, participants will be able to:

• Identify the function of Accounts Payable (AP) and its role in organizations.
• Use accounting principles related to accounts payable.
• Describe how to take a successful lead in the management of accounts payable.
• Assess AP operations and processes and recommend improvements using the latest best practices.
• Evaluate main issues affecting AP staff to increase their efficiency and productivity.
• Apply tools and techniques in Microsoft Excel to effectively manage and monitor AP performance.

Target Audience

Managers of accounts payable, AP staff and professionals as well as clerks and specialists who wish to advance their career. The course is also beneficial to professionals in accounting, finance, purchasing and procurement who work closely with Accounts Payable. Executive Management, Credit Policy Make, Accountants, Customer service managements, Collection Managers, Sales Managers, Marketing Managers, Financial Managers Lawyers Auditors, and other Management staff who perform related functions in the public and private sectors including Banks, Oil Companies, Trading organizations, Government Ministries, Parastatals, Agencies, Commissions, Local Governments, etc.

Target Competencies

• Examine the role of accounts payable.
• Perform month-end accruals.
• Realize the value added of three-way matching.
• Prepare and analyze accounts payable aging.
• Prevent accounts payable fraud.
• Apply accounts payable best practices.
• Implement early payment discount.
• Utilize Excel functions.

Contents:

Day 1

• Identify and avoid potential bad debtors from the beginning.
• Get accounts current while still maintaining good will with valued Customers.
• Overcome debtor’s excuses, lies and complaints.
• Soothe irate and irrational customers with techniques that work like a charm.
• Keep our organization out of legal hot water by knowing exactly what your legal rights and limits are.
• Bring in more money with your collection of letters.
• Deal with abusive, angry customers without losing your cool
• Use instant rapport builders to win debtors over to your way of thinking.
• Make your job easier and less stressful with dozens of practical tips.
• Get your receivables organized and keep track of them with less effort.

Day 2

• Access the Internet for current developments Stay in control of the telephone conversation when debtors try to steer you off track.
• Avoid mistakes commonly made by those who aren’t skilled in the art of collecting.
• Work successfully with outside collection agencies
• Understand the legal issues involved in debt collection.
• Maintain accurate and up-to-date records of debtors.
• Partner with the debtors to ensure that debtors are paid as at when due.
• How to steer clear of the collection mistakes made most often.
• Develop your company’s credit policy to ease collections.
• Prevent many accounts from becoming past due.
• Be more effective in collecting if you make it as painless as possible for the debtor.
• To handle” special” collections situations-including when a debtor writes a bad cheque. How to get full payment from someone who thinks a partials payment is enough, and more.
• Determine when-if ever should you agree to settle a balance for less than the total amount owed.
• Restructure a payment Programme when there is difficulty.
• To get past the gatekeepers who prevent you from speaking with your debtor.
• How to handle every excuse under the sun.

.Day 3

• The important role of Accounts Payable (AP)
• The meaning of managing accounts payable
• The big picture: accounts payable and the financial health of organizations
• The functions of the accounts payable department and the role of AP staff
• Accounts payable impact on working capital and cash management
• Accounting essentials for accounts payable
• Accounts payable terminologies
• General ledger and sub-ledger
• Preparing for month-end close and accruals
• Accounts payable processes and best practices
• Invoice handling and routing
• The three-way matching
• Methods of payment processing
• Maintaining the vendor master file
• Travel and Entertainment (T and E)
• Procurement Cards (P-Cards)

Day 4

• Key topics in accounts payable management
• Continuous process improvement
• Developing performance metrics
• Applying best practices in your organization
• Identifying proper internal controls
• The annual audit as an added value
• Detecting fraud in accounts payable
• The behavioral side of managing accounts payable department.
• Improving the image of the AP department
• Ways to motivate AP staff.
• Organizing the AP department
• Closing the communication gap
• Dealing with internal and external disputes
• Importance of internal customer service
• Providing customer service to vendors

Day 5

• Accounts payable department as a real business partner
• When should we pay our suppliers?
• Understanding cost of funds
• Evaluating early payment discount
• Pros and cons of early or late payments
• Relationship with the treasury department
• Using Microsoft Excel in managing accounts payable
• Interface between the accounts payable system and Excel
• Using pivot-tables to extract valuable information.
• Preparing and analyzing accounts payable aging
• Account payable role in improving suppliers.