Managing The Accounts Payable Function

1. Introduction
   
2. Agenda 00:01:22
3. Introduction 00:02:01
4. Worst Practice 00:03:20
5. AP Department’s Today 00:05:03
6. Invoice Handling Today 00:08:15
7. Today’s Reality 00:10:07
8. ACH for B2B Payments 00:11:56
9. Today’s Reality 00:13:59
10. Still Lots of Room for Improvement 00:17:46
11. Managing The Process 00:19:33
12. A Word about AI and Your Team 00:19:36
13. The Macro View 00:21:33
14. The Challenge 00:24:11
15. Best Practices 00:25:23
16. The Internal Control Feature 00:29:37
17. The New Control Example 00:30:27
18. Duplicate Invoices 00:30:50
19. How Bad is the Duplicate Problem 00:33:01
20. Fraud 00:34:04
21. Data 00:34:42
22. Managing The Individual Tasks 00:36:20
23. The Challenge 00:36:22
24. The Details Matter 00:36:36
25. EPD, Visibility, and Data 00:37:36
26. The New Detail: Confirmations 00:38:20
27. New Best Practice 00:39:23
28. Easy Ways to Spot Phony Requests 00:40:16
29. Managing The Staff 00:41:41
30. The Challenge 00:41:54
31. The Basic Overview 00:43:22
32. Training and Directions 00:47:16
33. Communicating Expectations 00:49:55
34. Acknowledge Contributions 00:
35. Motivate and Delegate 00:51:21
36. Another Term for a Good Manager 00:52:59
37. Managing Up: Dealing Effectively With Management 00:53:11
38. A Word about AI and Management 00:53:30
39. AI and Management: Today’s Reality 00:55:28
40. AP’s Moment in the Sun 00:59:01
41. The Challenge 00:59:39
42. Listen 01:00:44
43. Make Your Boss Look Good 01:02:04
44. Their Communication Style 01:03:59
45. The Problem and A Solution 01:05:07
46. Communicate Up 01:06:05
47. Managing Vendor Expectations 01:09:36
48. The Challenge 01:10:01
49. The Basics 01:10:26
50. Setting The Stage 01:11:21
51. Updates 01:12:18
52. Keeping up Your End of the Bargain 01:13:29
53. Good Vendor Relations 01:14:53
54. Dealing With Ap’s Internal Customers 01:15:56
55. The Challenge 01:16:02
56. Expense Report Issue 01:16:49
57. The New Expense Report Issue 01:18:20
58. The Two Basic Areas 01:19:39
59. Data 01:20:00
60. Payments 01:21:01
61. Moving Forward 01:21:46
62. The AP Department Of Tomorrow 01:24:39
63. Reality of AI: Part 1 01:24:48
64. Reality of AI: Part 2 01:27:06
65. Reality of AI: Part 3 01:29:13
66. The AP Department of the Future 00:30:41
67. The Challenge 01:33:34
68. The Technology 01:34:39
69. The Data 01:36:57
70. The People 01:38:01
71. Flexibility 01:38:48
72. A Word About Fraud 01:39:28
73. Concluding Thoughts 01:41:38
74. Tomorrow 01:41:47
75. Thank You/Questions/Comments 01:43:21
76. Presentation Closing 01:48:15

• Accounts Payable (AP) 00:01:23, 00:05:20, 00:09:09, 00:20:43, 00:24:18, 00:25:44, 00:37:52, 00:42:20, 00:50:44, 00:53:18, 01:19:49, 01:30:45
• ACH Debit 00:12:49
• Artificial Intelligence (AI) 00:19:42, 00:53:33, 01:32:07
• Audit 00:33:54
• Enterprise Resource Planning (ERP) 00:36:14
• Expense 00:18:09, 01:18:26
• Expense Reimbursement 01:18:33
• Expense Report 01:16:42
• Form W-2 00:39:34
• From W-9 00:39:49
• Invoice 00:09:11, 00:10:52, 00:35:15
• NACHA 00:12:30
• P-Card 00:35:42
• SOX -Sarbanes Oxley Act 00:29:46
• Supplier 00:10:33, 00:12:16, 00:15:17, 00:22:59, 00:32:01, 01:10:09, 01:15:03
• Unclaimed Property 00:18:25
• Vendor 00:01:37, 00:56:13, 01:15:25

ACH Debit : An ACH debit transaction occurs when the originator of a transaction authorizes the recipient to “pull” funds from his or her account. For example, say a customer wants to pay an electric bill via ACH debit.

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

Artificial Intelligence (AI): Artificial intelligence is intelligence demonstrated by machines, as opposed to the natural intelligence displayed by humans or animals.

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

Enterprise Resource Planning (ERP): Refers to a type of software that organizations use to manage day-to-day business activities such as accounting, procurement, project management, risk management and compliance, and supply chain operations.

Expense: Offset (an item of expenditure) as an expense against taxable income.

Expense Reimbursement: Expense reimbursement is a method for paying employees back when they spend their own money on business-related expenses. These expenses generally occur when an employee is traveling for business but can occur in other work-related situations. (www.thebalancecareers.com)

Expense Report: A report that tracks expenses incurred during the course of performing necessary job functions. Examples include charges for gas, meals, parking or lodging. If your employees spend a lot of money in cash, you need to make sure you have them list these expenditures on an expense report form.

Form W-2: Form W-2 is an Internal Revenue Service tax form used in the United States to report wages paid to employees and the taxes withheld from them. Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. - 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/)

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.

NACHA: National Automated Clearing House Association manages the development, administration, and governance of the ACH Network, the backbone for the electronic movement of money and data in the United States. It is funded by the financial institutions it governs.

P-Card: A PURCHASING CARD (also abbreviated as PCard or P-Card) is a form of company charge card that allows goods and services to be procured without using a traditional purchasing process. In the UK, purchasing cards are usually referred to as procurement cards

SOX -Sarbanes Oxley Act: The Sarbanes-Oxley Act of 2002 is a federal law that established sweeping auditing and financial regulations for public companies. Lawmakers created the legislation to help protect shareholders, employees, and the public from accounting errors and fraudulent financial practices.

Supplier: A supplier is an entity that supplies goods and services to another organization. A supplier is usually a manufacturer or a distributor. A distributor buys goods from multiple manufacturers and sells them to its customers. Similar Terms. A supplier is also known as a vendor.

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.

Vendor: A vendor is a person or business that supplies goods or services to a company. Another term for the vendor is the supplier. In many situations, a company presents the vendor with a purchase order stating the goods or services needed, the price, delivery date, and other terms.