Who should attend?
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.
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.
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.
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”.
- Identifying under-performing areas to increase customer satisfaction.
Day 2: Customers and trading terms
- Terms of trading and Trend Analysis.
- 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.
- 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.
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.
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.
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.
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.
- 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.
- 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?
- Case-Study.
Language: English
Place: London – UK
Venue (TBC): Radisson Edwardian Sussex Hotel (Address: 19-25 Granville Pl, Marylebone, London W1H 6PA).