Accounting payable Tracking and Budget control Best Practices
September 03 – September 07 \ 2023 : Amman
October 08- October 12\ 2023 : Kuwait
November 05 - November09\2023 : Dubai
Introduction
This IACT Accounting payable Tracking & Budget control Best Practices training course provides businesses and other organizations with a strong sense of where they stand against industry leaders and shows them how to take their services and organizational processes to state-of-the-art levels.
The organisation of the accounts payable & Budget control function and the management of the accounts payable role are of vital importance to the effective control of working capital and therefore cash flow. Documented strategies and tactics employed by highly admired companies are presented both successful and unsuccessful to illustrate the real-world functionality of each process and approach.
By attending this training course, delegates will understand:
Þ The importance of the accounts payable function and the need for
effective and efficient controls
Þ The role of Accounts Payable Management in the control of the Working Capital of an organization
Þ How to create effective Accounts Payable Dashboards to track and present department KPI’s
Þ How to motivate and engage Accounts Payable Staff
Þ The importance of reviewing international “best practices” to continual improve Accounts Payable operating performance
Þ Identify the principal factors required to produce a successful business case
Þ Develop budgeting and financial skills required for better decision-making
Þ Identify sources of financial and business data to support the budgeting process
Objectives
At this program's conclusion, participants should be able to:
Þ Identify the function of accounts payable and its role in organizations
Þ Use accounting principles related to accounts payable
Þ Describe how to take a successful lead in the management of accounts payable
Þ Assess AP operations and processes and recommend improvements using the latest best practices
Þ Apply tools and techniques in Microsoft Excel to effectively manage and monitor accounts payable performance
Þ Understand the importance of a well-defined budget process
Þ Learn costing and budgeting terminology used in business
Þ Master techniques for cost-benefit analysis
Þ Learn how to construct profit, cash and balance sheet plans and budgets
Þ Learn how to evaluate variances from plan and identify corrective actions
WHO SHOULD ATTEND?
This IACT training programme is suitable to a wide range of professionals but will greatly benefit:
Þ Finance Executives
Þ Accounts Payable Managers and Supervisors
Þ Accounts Payable Staff
Þ Others who are working within accounts payable process or who wish to develop a practical toolkit to complement their existing professional or technical skills
Course Methodology
The course uses self-assessments and a wide mix of business cases that promote healthy discussions around the importance of managing multiple tasks, deadlines and priorities. Participants will benefit from role plays covering workplace challenges related to handling tasks, deadlines and priorities. They will learn how to deal with conflicts that may arise as a result. Interactive team exercises are also used with each team presenting their findings and comments.
Each module covers different aspects of using Game-Based Learning and Gamification in education. Coursework will incorporate your existing knowledge and experience and provide helpful learning environment with a good mix of theoretical and practical knowledge. On all outlines will apply Skills for Game-Based Learning and Gamification and practiced in hands-on, collaborative way within an international group setting.
This interactive training course includes the following training methodologies as a percentage of the total tuition hours:
- 30% Lectures, Concepts, Role Play
- 30% Workshops & Work Presentations, Techniques
- 20% Based on Case Studies & Practical Exercises
- 20% Videos, Software & General Discussions
Pre and Post Test
Outline
DAY 1:
The Big Picture: Accounts Payable and the Financial Health of Organizations
Þ The Important Role of Accounts Payable (AP)
Þ The Meaning of Managing Accounts Payable
Þ The Functions of Management
Þ The Functions of Accounts Payable Department and Role of AP Staff
Þ Accounts Payable Impact on Working Capital and Cash Management
DAY 2:
Accounting for Accounts Payable
Þ Accounting Essentials for Accounts Payable
Þ Accounts Payable Terminology
Þ General Ledger and Sub-Ledger
Þ Month End Accounting Entries and Accruals
Þ Control Account Reconciliations
Þ Developing a Reconciliation Plan for the
Sub-Ledger
DAY 3:
Key Topics in Accounts Payable Management
Þ Applying Best Practices in your Organization
Þ Identifying Proper Internal Controls
Þ The Annual Audit as an Added Value
Þ Impact of AP Outsourcing
Þ Detecting Fraud in Accounts Payable
Þ The Behavioural Side of Managing Accounts Payable Department
Þ Using Excel in Managing Accounts Payable
Þ Interface between Accounts Payable System and Excel
DAY 4 :
Capital Budgeting and Investment Appraisal
Þ The time value of money
Þ Understanding Appraisal Techniques – Net Present Value (NPV), Internal Rate of Return (IRR) and Payback period
Þ Selecting an appraisal technique
Þ The use of Sensitivity analysis in evaluating projects
Þ Strategic considerations in assessing capital projects
Þ Creating an effective Capital Budgeting framework
Þ Cost Analysis and Management
Þ Costs as a relationship to outputs – cost/volume/price relationship
Þ Benefit-cost analysis
DAY 5
Budget Construction and Control
Þ Nature and purpose of budgets for planning and control
Þ Types of budgets and budgeting
Þ Creating Key Performance Indicators for financial and non financial performance
Þ Building a budget
Þ Budgetary control and variance analysis
Þ Budgeting for non-financial measures -introducing the Balanced Scorecard
Þ Full Costing, Marginal Costing and Activity Based Costing
Þ Comparing full and marginal costing
Fees:
The Fee for the seminar, including instruction materials, documentation, lunch, coffee/tea breaks & snack is:
3,750 USD$
Schedule:
08:30 – 10:15 First Session
10:15 – 10:30 Coffee Break
10:30 – 12:15 Second Session
12:15 – 12:30 Coffee Break
12:30 – 14:00 Third Session