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Top 5 Tips to Reduce Payment Errors and Improve Processes in Your Accounts Payable

Learn how to transform the accounts payable function for your business. You will get insights into special processing and circumstances along with restrictions. You will learn how to reduce payment errors and how to improve both manual and computerized processes. You will see what information is necessary along with qualifying vendors for inclusion in computerized system. Other topics include bankruptcy and cash flow management.


Runtime: 102 minutes
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Why Lorman?

Over 32 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

Data Entry and the Need to Automate the Process

  • Manual vs. Scanning Invoices
  • Using Software to Manage the Process
  • Developing Templates to Eliminate Errors in Data Entry
  • Training of Staff
  • Coding the Invoices Correctly
  • Paying Invoices Correctly - Why Is It so Important?

Correctly Entering Vendors Into the System

  • Getting All the Required Information (W-9 Forms)
  • Contracts and Purchase Orders
  • Authorization Approvals, Blanket Purchase Orders

Allowing Vendors Access to Your Accounts Payable Systems

  • Prequalifying Vendors for Inclusion Into the System
  • Computer System Integrity
  • Double Checking Payment Terms and ACH Information
  • Limiting Access

Setting up Pay Dates and Submission Deadlines

  • Setting Policy to Pay Vendors, Only Accepting Vendors Who Can Comply
  • Setting Policy for Submission of Invoices, Timetable for Process
  • Outlining Payment Dates Based on Acceptance of Invoices and Approvals

Handling Special Circumstances: Limiting the Number Handled

  • Defining Special Circumstances and How to Handle
  • Process to Follow Regarding Emergency Processing, Timeframes and Outcomes
  • Limit on How Many Special Processing Requests Will Be Allowed per Vendor
  • Cashflow Issues, How to Prioritize Payments
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More Program Information

Why Lorman?

Over 32 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 October 29, 2018.

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

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 32 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

Robert E. Jacob, M.B.A., C.M.A., E.A.

Robert E. Jacob, M.B.A., C.M.A., E.A.

R.E.J.'s Accounting & Tax Service, Inc.

  • Principal of R.E.J.’s Accounting & Tax Service, Inc. serving more than 200 Business clients doing more than 500 1099’s annually and 1,000 individuals
  • Enrolled Agent and National Tax Practice Institute (NTPI) Fellow
  • Certified Management Accountant (C.M.A.)
  • Past President: of the Michigan Society of Enrolled Agents, Detroit and Michigan Institute of Management, Accountant National Board Member Institute of Management Accountants. (I.M.A.)
  • Worldwide Accounts Payable Liaison for Delphi Corporation during their bankruptcy
  • Assisted in transferring all accounts payable from General Motors Corporation to Delphi Corporation, Mexico for the Delphi Corporation. (At the time the largest bankrupt corporation in the world)
  • Member of Stuart Cameron Society, (honorary society of the I.M.A.) Life member Michigan State University Alumni Association, National Association of Enrolled Agents, Institute of Certified Management Accountants, Institute of Management Accountants
  • Can be contacted at 734-284-8833 or [email protected]
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Why Lorman?

Over 32 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.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
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  • MP3 Downloads
  • Course Manuals
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  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 402114
Published 2018
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