Description
Learn how to transform the accounts payable function for your business.Organizations leak billions of dollars each year stemming from errors made during the procuretopay process. Causes to these leaked funds can often be tricky to pinpoint requiring thirdparty analysis to uncover root causes. This material will review the top five areas that can help accounts payable (AP) departments greatly reduce leaked funds by preventing errors from occurring in the first place. Awareness of these errors is the first step to prevention. Gain insight into these areas and tips to putting prevention methods in place.
Date: 2020-09-23 Start Time: End Time:
Learning Objectives
Tip 1: Improve Communication With Contracts, Purchasing, Shipping/Receiving, and User Departments
• Issues/Recommendations on Collaborating With Contracting/Sourcing
• Focus on Effective Rebate Tracking Process
• Issues/Recommendations on Collaborating With Purchasing
• Focus on POs
• Issues/Recommendations on Collaborating With End User Departments
• Issues/Recommendations on Collaborating With Shipping/Receiving
• Focus on Returned Goods Process
Tip 2: Regularly Review and Update Vendor Master File
• Common Issues Found Within Vendor Master That Cause Payment Errors
• Common Causes of Duplicate Payments
Tip 3: Train and Retrain Staff in Correct Data Entry Practices
• Common Issues That Occur With Incorrect Data Entry
• Client Example on the Types of Errors We Have Found Due to Data Entry
• What to Look for to Identify Errors and Recommendations to Prevent Them
Tip 4: Regularly Review Vendor Statements
• Common Issues With Irregular Statement Review
• Common Causes of Irregular Statement Review
• Consequences of Irregular Statement Review
• Recommendations for Statement Review
Tip 5: Create and Track KPIs
• Recommend KPIs to Be Tracked
CPE ,Additional credit may be available upon request. Contact Lorman at 866-352-9540 for further information.
Andrew Brandenburg-TAG, Inc., Sarah McLaughlin – TAG, Inc., John Weiss, Jr. – TAG, Inc.
