Who should attend this program?
This programme provides a user-friendly environment to develop the knowledge and techniques related to both accounts receivable and accounts payable that are valuable for:
- Finance Executives
- Accountants
- Others who are working within Transactional Finance, Accounts Payable or Accounts Receivable process or who wish to develop a practical toolkit to complement their existing professional or technical skills.
This programme is also ideal for those wishing to develop their understanding of how Working Capital efficiencies can make a significant improvement to profitability or you may already be employed in any of these functions within the business.
Program Objectives:
- Work effectively with the fundamentals of accounts payable, accounts receivable, financial accounting and the supply chain
- Understand and apply the fundamentals of effective transactional management systems
- Review and comment on payment methods and cash management
- Understand the need to incorporate risk and uncertainty into transactional processing and cashflow management
- Identify best practice across all industries by examining case studies from across the globe.
Training Methodology:
The instructor engages all of the delegates, both in the presentation of the material and the programme sessions, so that everyone leaves with a working knowledge of the material and the ability to use them immediately.
Program Summary:
Working capital management influences both a firm’s risks and its expected returns. After completing this programme, you will be aware of the risk return trade-offs that are implied in financial forecasting, know the process of financial planning, the importance of managing cash inflows and outflows, how to finance short-term assets, and make the right decisions on financing and investment for your firm.
Day 1: An introduction to Accounts Receivable
- Working Capital and Cash Management.
- Understanding “the cost of credit”.
- The ‘order to cash’ process.
- Understanding “risk” in “credit”.
- Accounts Receivable and effective customer service.
- Identifying under-performing areas to increase customer satisfaction.
Day 2: Customers and trading terms
- Terms of trading.
- Tools and techniques of financial analysis: ratios; trends; common size analysis.
- The best performance measure – cash or profit?
- Financial distress and the Altman’s Z score-type analyses.
- Trend analysis.
- Value added analysis of financial statement.
Day 3: Developing effective strategies to maximise cash collection
- Identifying effective “pre-delinquency” collection campaigns.
- Defining “post-delinquency” activities.
- Customer sensitive collection strategies.
- Collection techniques and letter cycles.
- Appropriate internal and external escalation steps.
- Using work flow management to maximize collector performance.
Day 4: Practical collection tools and techniques
- Eliminating barriers to payment.
- Recognizing excuses and delaying tactics.
- Providing solutions to non-payment.
- Telephone collection techniques.
- Negotiation skills for successful collections.
- Building relationships with customers.
Day 5: Managing the Receivables Ledger
- Developing effective internal relationships to maximize performance.
- Setting targets and tracking performance.
- Managing information that dazzles.
- Defining meaningful KPI’s.
- Latest Developments in Accounts Receivable.
Day 6: Accounts Payable, Financial Accounting and the Supply Chain
- Accounting and financial information: Accounts Payable in context.
- Sources of finance.
- The supply chain.
- Financial position and financial performance.
- Cash flow and Working Capital.
- Why is cash flow so important?
Day 7: Achieving World Class in Accounts Payable Processes
- Defining Best Practice in AP.
- Moving beyond P2P.
- Managing Risk.
- Principles of Best Practice.
- End to End AP Process.
- Defining the issues in Accounts Payable.
Day 8: Improving Invoice Processing and Operational Management
- Invoice Handling and Approval Processes.
- Verifying invoice data.
- Paying “low value” items.
- How to avoid duplicate payments.
- Making the best use of staff time: limiting telephone calls to AP.
- Does Petty cash management belong in Accounts Payable?
Day 9: Harnessing Technology in Accounts Payable Processes
- Master Vendor File Management – getting it right from the start.
- Travel & Entertainment.
- Policy management.
- Cash advances and employee reimbursement.
- Process improvement through imaging and workflow.
- Using the internet for AP effectiveness.
Day 10: Making the Payments and Maintaining the Relationships
- Communications & Customer Relations.
- Payments status information for vendors and internal customers.
- Improving Procure to Pay(P2P) Cycle.
- Payments and Payment Solutions: Accounts Payable or Treasury?
The programme will conclude with an interactive case study exercise to allow participants an opportunity to apply the learning of the week and define a practical solution.
PLACE: London (UK)
VENUE (TBC): INDUSTRIOUS (1 and 2, 245 Hammersmith Road Floors, London W6 8PW)
LANGUAGE: English