Instructor for this course
more

Begin by learning the terminology and acronyms. After all, how can you understand how to optimize AP if you don’t understand the lingo?

Next you’ll learn why the Vendor Master Record is so critical to the execution of Purchase Orders and related Accounts Payable processes and how to keep it complete and accurate.

Discover the Procure to Pay workstream to help you better understand how it fits into AP as a whole, and how the payment process factors into the efficiency of your AP workflow.

Learn how to create a policy for managing, storing, and retaining documentation so you don’t have to deal with a black hole of paperwork — or the headache that comes with losing important information.

Next explore Purchase Orders vs Non-Purchase Order invoice transactions and how they are processed differently, as well as how to reconcile aged open payables and outstanding checks.

Learning Objectives

  • Recognize the definitions of acronyms commonly used in Accounts Payable (AP), the meaning of widely used terms as they relate to the Procure to Pay Work Stream which includes Accounts Payable, and the benefits of creating a Glossary of terms used within your company for the benefit of AP staff members and others working with the team.
  • Identify what roles Purchasing and Accounts Payable can play in the maintenance of Vendor Records and the key data points that should be included in any Vendor Record.
  • Identify the components of the Procure to Pay work stream and the benefits of creating a Purchase Order (PO)
  • Discover steps that could make your Payment Process more efficient and effective
  • Identify suggested steps to be taken when creating an Accounts Payable Documentation Management policy.
  • Recognize the difference between Purchase Order (PO) and Non-PO invoices.
  • Explore how aged Open Payables can impact a Company’s financials and the benefits of reconciling aged Open Payables.
  • Explore what an Accounts Payable (AP) Recovery Audit is and recognize what can be covered.
  • Discover Key Performance Indicators (KPIs) for use in Accounts Payable (AP) and the benefits of tracking KPIs for AP processes.
Last updated/reviewed: November 11, 2019

4 Reviews (18 ratings)Reviews

3
Anonymous Author
I thought this course was just okay. It was kind of choppy and the layout and flow left some to be desired. It did have some good content, however.
5
Member's Profile
I did not like this course the material vs the exam questions for KPI and many other sections was not clear. Would not recommend this course.
4
Member's Profile
Overall great course, a bit monotonous, but very clear and detailed, Good coverage of various issues that AP faces.
5
Anonymous Author
This was not as great as the other courses I have taken. The slides were not very helpful.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
Accounts Payable Learn the Terminology
  23:04Accounts Payable – Learn the Terminology Full Video
  quizREVIEW QUESTIONS: Accounts Payable - Learn the Terminology
The Vendor Master - Creating A Solid Foundation
  43:08The Vendor Master - Creating A Solid Foundation for Accounts Payable Processing
  quizREVIEW QUESTIONS: The Vendor Master - Creating A Solid Foundation for Accounts Payable Processing
Procure to Pay Work Stream
  47:35Procure to Pay Work Stream
  quizREVIEW QUESTIONS: Procure to Pay Work Stream
Payment Process
  33:30Payment Process: Selection, Review, Approval, Release
  quizREVIEW QUESTIONS: Payment Process: Selection, Review, Approval, Release
Creating an Accounts Payable Documentation
  37:49Creating an Accounts Payable Documentation Management Policy
  quizREVIEW QUESTIONS: Creating an Accounts Payable Documentation Management Policy
Understanding Non-(PO) Invoice Transactions
  34:18Understanding Non-Purchase Order (PO) Invoice Transactions
  quizREVIEW QUESTIONS: Understanding Non-Purchase Order (PO) Invoice Transactions
Understanding (PO) Invoice Transactions
  32:59Understanding Purchase Order (PO) Invoice Transactions
  quizREVIEW QUESTIONS: Understanding Purchase Order (PO) Invoice Transactions
Reconciling Aged Open Payables
  39:45Reconciling Aged Open Payables and Outstanding Checks
  quizREVIEW QUESTION: Reconciling Aged Open Payables and Outstanding Checks
Strengthening Vendor Relationships
  44:12Strengthening Vendor Relationships - Steps That Can Be Taken by Accounts Payable
  quizREVIEW QUESTIONS:Strengthening Vendor Relationships - Steps That Can Be Taken by Accounts Payable
Benefits of An Accounts Payable Recovery Audit
  36:38Benefits of An Accounts Payable Recovery Audit
  quizREVIEW QUESTIONS:Benefits of An Accounts Payable Recovery Audit
KPIs and metrics for AP Manual Processes
  31:17KPIs and metrics for Accounts Payable Manual Processes
  quizREVIEW QUESTIONS:KPIs and metrics for Accounts Payable Manual Processes
KPIs and Metrics for AP Operations Using Workflow
  37:06KPIs and Metrics for Accounts Payable Operations Using Workflow Systems
  quizREVIEW QUESTIONS:KPIs and Metrics for Accounts Payable Operations Using Workflow Systems
SUPPORTING MATERIALS
  ZIPAccounts Payable Optimization (Combined Course)
FINAL EXAM
 examFINAL EXAM