9.5 CPE Begin by learning the terminology and acronyms. After all, how can you understand how to optimize AP if you don’t understand the lingo?
Next you’ll learn why the Vendor Master Record is so critical to the execution of Purchase Orders and related Accounts Payable processes and how to keep it complete and accurate.
Discover the Procure to Pay workstream to help you better understand how it fits into AP as a whole, and how the payment process factors into the efficiency of your AP workflow.
Learn how to create a policy for managing, storing, and retaining documentation so you don’t have to deal with a black hole of paperwork — or the headache that comes with losing important information.
Next explore Purchase Orders vs Non-Purchase Order invoice transactions and how they are processed differently, as well as how to reconcile aged open payables and outstanding checks.
Learning Objectives
- Recognize the definitions of acronyms commonly used in Accounts Payable (AP), the meaning of widely used terms as they relate to the Procure to Pay Work Stream which includes Accounts Payable, and the benefits of creating a Glossary of terms used within your company for the benefit of AP staff members and others working with the team.
- Identify what roles Purchasing and Accounts Payable can play in the maintenance of Vendor Records and the key data points that should be included in any Vendor Record.
- Identify the components of the Procure to Pay work stream and the benefits of creating a Purchase Order (PO)
- Discover steps that could make your Payment Process more efficient and effective
- Identify suggested steps to be taken when creating an Accounts Payable Documentation Management policy.
- Recognize the difference between Purchase Order (PO) and Non-PO invoices.
- Explore how aged Open Payables can impact a Company’s financials and the benefits of reconciling aged Open Payables.
- Explore what an Accounts Payable (AP) Recovery Audit is and recognize what can be covered.
- Discover Key Performance Indicators (KPIs) for use in Accounts Payable (AP) and the benefits of tracking KPIs for AP processes.
Last updated/reviewed: March 18, 2024
32 Reviews (126 ratings)
Reviews
Anonymous
(Director of Accounting)
Course was very dry, but overall helpful in providing a good overview of the AP process, procedures and best practices. A lot of these items, while useful, just honestly won't apply to small businesses as there is only so much time in the day and most don't have a dedicated AP person but provides good risk framework to consider at least some minimal controls to put in place.
Anonymous
(Controller)
Some of the information was repetitive but overall, I thought this had great reminders on why we have some processes set up as we do. The "Creating an AP documentation management policy" was excellent and I would revisit this if having to start from scratch on a policy.
Anonymous
()
This course was very detailed and provided a lot of great information to take back to my team. I am looking forward to developing an AP Documentation policy and standardizing that across the company.
Anonymous
(Accounting Manager)
Hard to stay focused - presentation needs more practical examples and more human descriptions of terms and principles. Feels a little bit like a course is being read aloud from a textbook.
Anonymous
(Advisor)
The Accounts Payable Optimzation was a helpful refresher for employees in both the Accounts Payable group and outside the group, such as Treasury and Procurement.
Anonymous
(CAO)
content was a little dry and the wording of the final exam questions was terrible...please get a 3rd party to review for clarity, consistency and understandability
Anonymous
(VP of Finance and Accounting)
I thought this course was just okay. It was kind of choppy and the layout and flow left some to be desired. It did have some good content, however.
Sheila Mehta
(N/A at PSSI group)
I did not like this course the material vs the exam questions for KPI and many other sections was not clear. Would not recommend this course.
Anonymous
(CPA/Investment Advisor)
Course materials not very relevant to the exam. Long course overall, but would be decent if AP is a good portion of your job responsibilities
Anonymous
(Senior Associate)
This was a long course but overall, it was good. AP is a must-know business process and I liked the KPI section which is not often covered.
Anonymous
(Sr. Accounting Manager)
Good in depth components around AP. I found the KPI section helpful.
There was some overlap in the modules but overall well done.
Anonymous
(Accounting Manager)
Very thorough explanation of the AP Process. The slides could offer more details, especially on things like best practices.
Eugene Rura
(Manager Finance at Saputo DF USA)
Overall great course, a bit monotonous, but very clear and detailed, Good coverage of various issues that AP faces.
Nanette Strennen
( at Certco, Inc.)
I would recommend this training for AP staff with some experience and are seeking a developing opportunity.
Joseph Stevens
( at O'Neil & Associates)
The automation of AP is increasing in importance so its critical to understand thoroughly the process.
Amy Myers
(VP of Corporate Treasury at University of Maryland Medical System)
Some information was repeated/spread across multiple lessons - could have been organized better.
Anonymous
(President)
This was not as great as the other courses I have taken. The slides were not very helpful.
Maxwell Hassenstein
( at NeoGenomics)
greed breadth on best practices for AP and I appreciated the focus on automation and audits
Anonymous
(-)
This is a very substantial deep dive into AP. I found that the quizzes were very "deep".
Anonymous
()
A comprehensive review of large scale accounts payable department. Covers best practices.
Craig Ledford
(accounting manager at Standard Utility Construction)
Too many topics wrapped in one. I'd recommend doing each separately and then testing.
Anonymous
(CEO)
good overview, nice to learn more about AP Recovery Audits and measuring KPIS
Anonymous
()
Extremely thorough presentation of the comprehensive Accounts Payable process.
Daniel Shiller
( at Progressive Quality Care)
There was some overall duplication but overall this course met the objectives.
Anonymous
(Semi-retired)
Excellent presenter. Very comprehensive insight into large a/p environments.
Anonymous
()
I learned some things and I have managed AP for over 20 years. Thank you!
Anonymous
()
Great review. Very thorough and great topics to recommend to others.
Anonymous
()
Great course. Thank you. Enjoyed the content and learned a bit.
Evan McClelland
(Controller at Promanas)
wonderful course. Very difficult. Great questions and insight.
Anonymous
(Field Accountant)
The course provided a good overview of the AP process.
Anthony Imburgia
( at None)
This is a great course. She is such an A/P expert.
Shiri Wertman
(SVP Corporate Finance at Finaro)
Very useful presentation, goes into a lot of detail.
Education Provider Information
Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA
95113
Contact:
For more information regarding this course, including complaint and
cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to
.
Course Questions and Answers( Questions)
There are no questions. Answers to Frequently Asked Questions (FAQs)
Anne WheelerOwner of CS Process Flows - Consulting and Project Management
About Illumeo
Platform
Resources
Contact Us
- Email: info@illumeo.com
- Phone: 408-400-3993
- Adress: 1608 W Campbell
- Av #221, Campbell, CA 95008
© 2024 Illumeo, Inc.