Transforming Corporate Spending Processes: T&E and AP Best Practices and Digitization

Part 2 – AP Best Practices and Process Transformation

The accounts payable process can be very complex, but doesn’t have to be with the knowledge and implementation of best practices and automation. Regardless of a company's size, the mission of accounts payable is to pay only the company's bills and invoices that are legitimate and accurate. Best practices, internal controls and automation can reduce the complexity of the process and can ensure that payments are accurately made to a valid and compliant supplier.

This seminar focuses on the end-to-end accounts payable process, considers the linkage to the P2P process, and the impact of digitization. This seminar will also address the current trends in the accounts payable process which include eInvoicing, ePayment, Robotic Process Automation (RPA), Artificial Intelligence (AI) & Machine Learning, and eAccounting. This session will consider the implementation of these trends and how the accounts payable process can be modernized.

The accounts payable process or function is immensely important since it involves nearly all of a company's payments outside of payroll. This seminar will provide the best practices, tools, and internal controls that will help to safeguard a company's cash and other assets. The information and tools provided will establish the foundation required for current internal controls and compliance in order to:

• Ensure that suppliers are validated in the supplier master file to ensure regulatory compliance
• Prevent paying a fraudulent invoice
• Prevent paying an inaccurate invoice
• Prevent paying a supplier invoice more than once
• Be certain that all supplier invoices are properly accounted for to ensure an accurate fiscal close

Learning Objectives

• Understand all the components, dependencies and interdependencies of the T&E process.
• Define the impact of the T&E upon the corporate payment process.
• Determine how the T&E process should be organized for maximum efficiency.
• Define the roles and responsibilities for the T&E process.
• How to develop an embraceable and enforceable T&E policy.
• Understand the types and impact of corporate credit cards.
• Learn when and how to the use of the corporate cardholder’s agreement.
• Define the details of the internal controls for a T&E process.
• Understand what regulatory compliance means to the T&E process.
• Identify the T&E metrics that will work the best for your T&E process.
• Using T&E spend data for decision making
• Learn how to transform empower your T&E team with digitization.
• Define a blueprint for T&E digitization.

• Apply accounts payable best practices in a digitized world.
• Determine how AP is a key component of the Procure to Pay (P2P) process.
• Tap into the value of the AP process with best practices in the areas of metrics, analytics, and spend analysis.
• Determine the process linkages and connection to the P2P process which includes supplier selection, contract & purchase order, supplier master best practices and the impact of good “front end” processes on the payment process.
• Delve into the risks and controls needed to ensure compliance from supplier selection through invoice processing, payment and accounting.
• Review the risks and internal controls for the AP process starting with the supplier onboarding process through the financial close.
• Understand what regulatory compliance means to the AP process.
• Define the key dependencies and the business partnerships needed to make the accounts payable process successful.
• Obtain examples of AP policies and procedures.
• Define blueprints for both AP and P2P digitization.

Who will Benefit:

• Financial Officers
• Controllers
• Assistant Controllers
• Shared Service Executives
• Chief Procurement Professionals
• Procurement Professionals
• Risk Officers
• Internal Auditors
• AP Managers
• AP Supervisors
• AP Associates
• Accounting Managers
• Accountants
• Payment Processors
• T&E Professionals