Instructor for this course
more

Wouldn’t it be great to hear the following from a vendor?  “We show a past due invoice on your account.  We must have made a mistake.  Can you help us figure it out”?  Believe it or not, it can happen. 

This course covers Credit Holds - what they are, why they happen (it may not have anything to do with past due amounts) and how to have them removed. We also explore the pros and cons of Vendor Statement Reconciliations and some of the ways inquiries from vendors can be managed.

We also look at some of the connections between vendors and the company. Things like: What information should be supplied to or requested from the vendor when onboarding them?  Does the information to be supplied to the vendor include Accounts Payable’s (AP) requirements? How does your Accounts Payable staff feel about calls from Accounts Receivable teams - Especially when the funds are not yet due? 

Establishing strong working relationships with vendors can take a great deal of time in the beginning but once protocols are developed, the number of issues should go down and working on any remaining issues should take less time. And taking this course is the first step to strengthen those relationships.

Course Series

This course is included in the following series:

5 CoursesProcure to Pay Purchasing

  1. Procure to Pay Work Stream
  2. No PO, No Pay – Can It Work for Your Organization?
  3. The Vendor Master – Creating A Solid Foundation for Accounts Payable Processing
  4. Strengthening Vendor Relationships - Steps That Can Be Taken by Accounts Payable
  5. The Benefits of Reconciling Purchase Order Goods Receipts Not Yet Invoiced

Learning Objectives

  • Discover how to initiate and strengthen a working relationship with a vendor.
  • Investigate how employees outside of Accounts Payable (AP) can impact relationships with vendors; good and bad.
  • Identify what a Credit Hold is and how one can be avoided or removed.
  • Explore the benefits of performing Vendor Statement Reconciliations and how to complete them more efficiently.
  • Consider options on how an Accounts Payable Operation can manage inquiries from Vendors more effectively.
Last updated/reviewed: September 23, 2017

Included In Certifications

This course is included in the following Expert Certifications:

13 CoursesAccounts Payable Certification

  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

16 CoursesAccounts Payable Management Certification

  1. Accounts Payable – Learn the Terminology
  2. A Deep Dive into the Responsibilities of Accounts Payable Operations
  3. The Vendor Master – Creating A Solid Foundation for Accounts Payable Processing
  4. The Basics of 1099's
  5. Prioritizing Accounts Payable Workload – Divide and Conquer
  6. Strengthening Vendor Relationships - Steps That Can Be Taken by Accounts Payable
  7. The Benefits of Reconciling Purchase Order Goods Receipts Not Yet Invoiced
  8. Reconciling Aged Open Payables and Outstanding Checks
  9. Benefits of An Accounts Payable Recovery Audit
  10. No PO, No Pay – Can It Work for Your Organization?
  11. What to Consider in an Accounts Payable Workflow Solution
  12. Creating an Accounts Payable Documentation Management Policy
  13. Communicating the Role of Accounts Payable to Others
  14. Justifying and Presenting the Needs of Accounts Payable Operations
  15. The Basics of Project Management for Accounts Payable
  16. KPIs and Metrics for Accounts Payable Manual Processes

1 Review (13 ratings)Reviews

3
Anonymous Author
the course would help an beginner to understand relationships flow with AP and vendor.

Prerequisites

Course Complexity: Intermediate

No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.

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
  2:51Introduction to Strengthening Vendor Relationships
Steps That Can Be Taken by Accounts Payable
  10:56Understanding and Building the Foundation
  8:22The Love/Hate Relationship
  5:10Accounts Payable is in The Middle
  6:21Credit Holds and Their Impact
  7:58Identifying Issues
CONCLUSION
  2:34Conclusion
Continuous Play
  44:12Strengthening Vendor Relationships
SUPPORTING MATERIALS
  PDFSlides: Strengthening Vendor Relationships
  PDFStrengthening Vendor Relationships Glossary/Index
REVIEW and TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM