Well-run accounts payable operations are very cost effective. They don't get this way by cutting corners or taking shortcuts. Generally speaking, these organizations have implemented strong internal controls across the P-2-P chain.
They do this by paying close attention to every last detail. They know that although this might appear to take a little extra time, at the end of the day, it saves them from other costly troubles.
Learning Objectives:
- Create the "building blocks" of a strong internal control master plan
- Identify best control practices for the procure-to-pay process
- Evaluate the efficiency of your existing internal controls
- Strengthen questionable controls to minimize the risk of fraud and erroneous payments
- Ensure that the segregation of duties regime doesn't fail
- Introduce internal control best practices
Why Should You Attend:
Without strong internal controls around accounts payables, businesses are susceptible to fraud and financial losses. Duplicate and erroneous payments, audit issues and lost vendor credits all have a lethal impact on the bottom line. In this webinar, you'll learn how to implement robust internal controls across the payables function.
Control problems can creep into the procure-to-pay at almost any point in the process, before the invoice shows up, the processing of the invoice and making of the payment, and the after the invoice is paid.
Most only focus on the middle part missing a number of opportunities to strengthen controls and eliminate the problems that make a dent in the bottom line. This session will show you how to take advantage of instilling controls across the entire spectrum.
Areas Covered
- Identifies problems created unintentionally
- Addresses a growing segregation of duties issue becoming more common
- Identifies approval issues that create huge potential losses
- Payment control issues
Instructor
Mary S. Schaeffer is the author of 18 business books, a monthly newsletter, and a free bi-weekly e-zine, as well as several CPE courses for CPAs. She runs AP Now, a boutique publishing and consulting firm focused on accounts payable issues. She also serves as the Education Director for the Institute of Financial Operations.
Before turning to writing and consulting she worked in the corporate world as an Assistant Treasurer for the Equitable Life Assurance Society, a Financial Risk Manager for O&Y and a Corporate Cash Manager for Continental Grain. A frequent and popular speaker at both live and online events, she has an MBA in Finance and a BS in Mathematics.