On Demand Webinar

Creating an Efficient Accounts Payable Policy & Procedures Manual

Webinar Details $219

  • Rated:
  • Webinar Length: 60 Minutes
  • Guest Speaker:   Mary Schaeffer
  • Topic:   Taxation and Accounting
  • Credit:   HRCI 1.0, SHRM 1.0, CPE 1.0
All Access Membership

A good policy and procedures manual should provide a roadmap for how any accounts payable function is run. It will help your staff avoid making duplicate or erroneous payments. It can provide assistance in shortening audits and help with training.

In this webinar, you'll learn how to create and update your accounts payable policy and improve the efficiency of your accounts payable function. Upon completion of this course, you will be able to:

  • Create an accounts payable policy from scratch without sidelining a staffer
  • Update an existing policy that hasn't been changed in years
  • Utilize your policy to run a more efficient accounts payable function
  • Avoid errors and fraud by correctly setting up the policy
  • Explain how to make the policy more user-friendly

Added Bonus Value: Each attendee will receive a three-page outline they can use to create a policy and procedures manual for their own organization.

Learning Objectives:

  • You will learn to create an accounts payable policy from scratch
  • You will learn to avoid errors and fraud
  • You will learn to make the policy more user-friendly
  1. Instructions 00:25:54
  2. Shareable Pages 00:27:49
  3. Just AP Processes or More 00:22:20
  4. Addendums 00:30:02
  5. Getting Started 00:31:43
  6. When You Have Nothing 00:31:51
  7. Borrow 00:32:20
  8. Using Someone Else’s Policy 00:33:07
  9. Creating From Scratch 00:35:23
  10. After the Outline 00:37:17
  11. When the First Draft is Completed 00:39:09
  12. Reviewing Accuracy Comments 00:40:05
  13. Creating the Final Document 00:40:45
  14. The Final Manual 00:41:21
  15. Tips on Creating a User-Friendly Manual 00:43:27
  16. Don’t Be Overwhelmed 00:43:30
  17. Where to Start 00:44:41
  18. Making the Policy Readable 00:46:24
  19. Making the Policy User-Friendly 00:47:31
  20. Things to Avoid 00:47:50
  21. The Importance of a Table of Contents 00:49:53
  22. Sample Information for Each Section 00:50:43
  23. Should the Manual Be Printed? 00:51:52
  24. Updating the Policy 00:52:37
  25. Frequency 00:52:41
  26. The Annual Review 00:53:43
  27. Reality Check: Frequency of Updates 00:54:46
  28. Timing of Review 00:55:16
  29. Best/Worst Practices 00:55:57
  30. Best Practices 00:55:59
  31. Worst Practices 00:56:37
  32. Worst Practices (cont’d) 00:57:19
  33. Concluding Thoughts 00:58:42
  34. Don’t’ Forget 00:58:43
  35. Thank You/Questions/Comments 00:58:57
  36. Presentation Closing 00:59:24
  • Accounts Payable (AP) 00:02:11, 00:19:17, 00:29:27
  • Addendum 00:30:06
  • Audit 00:22:09
  • Form 1099 00:21:09, 00:29:51
  • Form 1099-NEC 00:57:17
  • Form W-9 00:29:48
  • GL Code 00:17:59
  • Invoice 00:18:40
  • Policy and Procedures Manual 0006:17, 00:15:54, 00:21:24
  • Unclaimed Property 00:30:34

Accounts payable (AP): The amount of money a company owes creditors (suppliers, etc.) in return for goods and/or services they have delivered.

Form 1099: Form 1099 is one of several IRS tax forms used in the United States to prepare and file an information return to report various types of income other than wages, salaries, and tips (for which Form W-2 is used instead). - Wikipedia (https://en.wikipedia.org/)

Form W-9: Form W-9 (officially, the "Request for Taxpayer Identification Number and Certification") is used in the United States income tax system by a third party who must file an information return with the Internal Revenue Service (IRS). It requests the name, address, and taxpayer identification information of a taxpayer (in the form of a Social Security Number or Employer Identification Number). - Wikipedia (https://en.m.wikipedia.org/)

Unclaimed Property: Unclaimed property (sometimes referred to as abandoned) refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for one year or a longer period. Common forms of unclaimed property include savings or checking accounts, stocks, uncashed dividends or payroll checks, refunds, traveler's checks, trust distributions, unredeemed money orders or gift certificates (in some states), insurance payments or refunds and life insurance policies, annuities, certificates of deposit, customer overpayments, utility security deposits, mineral royalty payments, and contents of safe deposit boxes.

Audit: A formal examination of an organization's or individual's accounts or financial situation

Form 1099-NEC: In the context of 1099 tax filing, NEC stands for “Nonemployee Compensation” (the first letters of the three words None, Employee and Compensation). Most tax payers recognize NEC as box 7 on Form 1099-MISC. NEC is used to report income paid to independent-contractors / the-self-employed (referred to as 1099 employees for simplification purposes). So, while employers report income that gets paid to employees on Box 1 (Wages, tips, other compensation) of the W2 form, payers report income that gets paid to none-employees on Box 7 (NEC) of the 1099-MISC form. As an individual, if you received form 1099-MISC instead of Form W-2 then the payer did not consider you an employee and did not withhold income tax or social security and Medicare tax.

Invoice: An invoice, bill or tab is a commercial document issued by a seller to a buyer, relating to a sale transaction and indicating the products, quantities, and agreed prices for products or services the seller had provided the buyer. Payment terms are usually stated on the invoice.

Policy and Procedures Manual: A policies and procedures manual is a comprehensive text that details every aspect of company policy, the procedures for following those policies and the forms needed to complete each process. A policies and procedures manual is a reference tool for managers and supervisors.

GL Code: The general ledger is an accounting document that provides a general overview of an organization's financial transactions. An account, or general ledger (GL) code, is a number used to record business transactions in the general ledger.


Guest Speaker

  • Mary Schaeffer

HRCI Credit

Human Resource Certification Institute
This program has been approved for credit hours through the HR Certification Institute. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.

SHRM Credit

Society for Human Resource Management
Aurora Training Advantage is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.

CPE Credit

Continuing Professional Education

Aurora Training Advantage is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.

For more information regarding administrative policies such as complaint and refund, and cancellation please contact our offices at 407-542-4317 or training@auroratrainingadvantage.com.

You must answer all questions during the webinar, view the recording completely and pass the test at the end with 70% correct answers to receive CPE credit.