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100-minute live streaming program
  • January 25
  • 1:00 - 2:40 pm EST

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5 Ways to Improve Accounts Payable Financials

January 25

Come away with 5 effective, simple and inexpensive tips to improve accounts payable financials.

Many organizations already have the technology and talented AP staff to manage payments and prevent fund loss. That's part of the good news. The other is that many AP issues causing fund losses can be avoided by making sure effective processes are in place to avoid duplicate payments, overpayments, lost credits, data entry mistakes, and overcharges. By reducing errors that cause financial loss, organizations also reduce the associated time and labor costs to correct errors and recover funds. This topic provides simple and inexpensive recommendations for corrective actions to improve processes, using real-life examples.

Learning Objectives

- You will be able to recognize the most common areas of AP financial waste.

- You will be able to discuss clear areas to focus on for improving AP financials.

- You will be able to review tips to inexpensively and simply improve the processes that create errors and fund loss.

- You will be able to establish measurements to track the progress of your process improvements.

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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

What Are the Costs of Incomplete or Ineffective AP Processes to an Organization?
  • Financial Costs of Errors
  • Time and Labor Costs to Correct and Recover Funds
Common Areas Where AP Improvements Can Be Made - Simply, Inexpensively, and Effectively
  • Payments (Duplicate Payments to Multiple Vendor Numbers for the Same Vendor)
  • Pricing (Overcharges, Overpayments and Contracts)
  • Data Entry (Miskeying, Inconsistent Data Entry)
  • Credits (Rebates, Returned Goods, or Vendor Cash on Account)
5 Tips to Reduce Payment Errors
  • Improve Communication With Contracts, Purchasing, Shipping/Receiving, and User Departments
  • Regularly Review Vendor Master Files to Eliminate Multiple Vendor Accounts
  • Train and Retrain Staff in Effective Data Entry Practices
  • Request and Review Statements From the Largest Vendors for Credits, and Use Them ASAP
  • Establish Key Performance Indicators (KPIs) to Benchmark AP's Progress
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on January 25, 2017.

Call 1-866-352-9540 for further credit information.

Live Webinar Registration

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • CAPP/CAPA
     
  • This is an IAPP qualifying continuing education activity.
     
  • CPE 2.0 including Taxes 2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www. learningmarket.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.0 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Taxation for 2.0 hours.
     
  • Lorman Business Center, Inc. has registered with the Texas State Board of Public Accountancy as a CPE Sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program. This program qualifies for 2.0 hours of continuing professional education.
     

Audio & Reference Manual

  • CAC 0.5
     

MP3 Download

No credit available.

Who should attend?

This live webinar is designed for accountants, CPAs, accounts payable professionals, bookkeepers, tax managers, CFOs, controllers, business managers and owners, presidents, vice presidents, CEOs, auditors and consultants.

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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

John Weiss, Jr.

The Audit Group

  • CEO and founder of The Audit Group (TAG); TAG was one of the first companies to provide AP recovery audits to hospitals and health care systems and today is one of the only companies still committed exclusively to improving health care accounts payable and supply chain practices and processes
  • TAG has more than 25 years of health care specific auditing experience in procurement-to-payment processes
  • A pioneer in auditing health care payment systems back when vendor payments were primarily manual, Mr. Weiss saw the movement of health care payment systems to incorporate complex ERP processes. TAG’s technological capabilities continue evolving to analyze ERP systems to uncover errors leading to financial loss within health care provider organizations
  • TAG is a national health care consulting company producing guaranteed, measurable results for its clients by recovering funds disbursed in error and recommending corrective actions. Today, TAG provides a variety of project-based and continuous consulting services exclusively committed to large, complex healthcare organization throughout the U.S.
  • John has spoken at seminars and workshops through industry organizations like Association of Healthcare Internal Auditors (AHIA), Association of Human Resource and Materials Management (AHRMM), and the Health Care Compliance Association (HCCA) Compliance Institute
  • Weiss has written for several industry publications; articles include "Identifying Supply Chain Disbursement Errors and Reducing Waste" for Healthcare Financial Management Association (HFMA) Healthcare Cost Containment magazine, October 2013, and the HFMA St. Louis Chapter newsletter
  • TAG has sponsored memberships in HFMA, AHRMM, and AHIA
  • Graduate course work in business management, University of MO-Columbia; B.A. degrees in history and political science, Southeast Missouri State University; executive business leadership seminars sponsored by Entrepreneurs’ Organization and Massachusetts Institute of Technology
  • Can be contacted at 636-536-6333 or [email protected]
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Product ID: 399720
Published 2017
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