Instructor for this course
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How much thought or effort goes into payment runs within your Accounts Payable operation? This is not a trick question. Has it become routine? Some companies spend too much time on tasks that don’t add value and could adversely affect cash flow while not spending enough time performing checks and balances that could reduce the risks of incorrect payments. This is not to say that things are being done wrong but perhaps things can be done more efficiently and effectively. This course covers steps that can be taken throughout the payment process from selecting invoices for payment to setting up a Positive Pay file process with your bank. As details are supplied, benefits are highlighted. Here are a few:

  • Reduce the risk of amounts being paid to the wrong payee.
  • Confirm high dollar invoices were properly approved for processing before payment is made.
  • Improve cash flow - ensure invoices are not being paid too early.
  • Prevent the risk of fraud: secure the check stock and get rid of rubber stamps

Another way to reduce the risk of fraud is to implement a Positive Pay process, which is an automated fraud detection tool offered by most banks. This tool should be seriously considered by any company still issuing payments by check.

Whether a company implements these options or not is up to management but they should at least be aware of available options that can help catch errors or areas of non-compliance before they snow ball into bigger issues such as payment to the wrong vendor or unauthorized spend. 

Course Series

This course is included in the following series:

12 CoursesAccounts Payable

  1. Procure to Pay Work Stream
  2. A Deep Dive into the Responsibilities of Accounts Payable Operations
  3. No PO, No Pay – Can It Work for Your Organization?
  4. What to Consider in an Accounts Payable Workflow Solution
  5. Thinking About Centralizing Accounts Payable? – Due Diligence is Critical
  6. Selecting an Accounts Payable Automation Provider
  7. Creating an Accounts Payable Documentation Management Policy
  8. Benefits of An Accounts Payable Recovery Audit
  9. Strengthening Vendor Relationships - Steps That Can Be Taken by Accounts Payable
  10. The Benefits of Reconciling Purchase Order Goods Receipts Not Yet Invoiced
  11. Payment Process: Selection, Review, Approval, Release
  12. The Vendor Master – Creating A Solid Foundation for Accounts Payable Processing

Learning Objectives

  • Discover steps that could make your Payment Process more efficient and effective
  • Explore benefits related to improving your payment process one might not have considered
  • Discover what Positive Pay is and recognize the benefits
  • Identify the value in using Automatic Clearing House (ACH) to make payments
  • Recognize options for initiating Wire Transfers 

Included In Certifications

This course is included in the following Expert Certifications:

13 CoursesCertified Expert in Accounts Payable

  1. Accounts Payable – Learn the Terminology
  2. Procure to Pay Work Stream
  3. A Deep Dive into the Responsibilities of Accounts Payable Operations
  4. Understanding Non-Purchase Order (PO) Invoice Transactions
  5. Understanding Purchase Order (PO) Invoice Transactions
  6. The Vendor Master – Creating A Solid Foundation for Accounts Payable Processing
  7. No PO, No Pay – Can It Work for Your Organization?
  8. Payment Process: Selection, Review, Approval, Release
  9. The Benefits of Reconciling Purchase Order Goods Receipts Not Yet Invoiced
  10. Strengthening Vendor Relationships - Steps That Can Be Taken by Accounts Payable
  11. The Basics of 1099's
  12. Creating an Accounts Payable Documentation Management Policy
  13. The Basics of Automation for Accounts Payable (AP) Specialists

Prerequisites

Course Complexity: Intermediate

It is suggested participants take the course titled: A Deep Dive into the Responsibilities of Accounts Payable Operations prior to taking this course.

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
INTRODUCTION AND OVERVIEW
  1:18Introduction to The Payment Process
The Payment Process
  3:27Review of a Basic Payment Process
  9:01Reducing Financial Risks
  2:21Scheduling Payments
  8:15Payment Method Options
  7:16Other Processes to Review
CONCLUSION
  1:52Conclusion of The Payment Process
CONTINUOUS PLAY
  33:30Payment Process: Selection, Review, Approval, Release full video
SUPPORTING MATERIALS
  PDFSlides: Payment Process: Selection, Review, Approval, Release
  PDFPayment Process: Selection, Review, Approval, Release Glossary/Index
  PDFBasic Payment Process
  PDFPayment Selection Process Map
REVIEW AND TEST
  quizReview Questions
 examFinal Exam