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Live Webinar

100-minute live streaming program
  • September 23
  • 1:00 - 2:40 pm EST

Also available as:

OnDemand Course

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

September 23

Learn how to transform the accounts payable function for your business.

Organizations leak billions of dollars each year stemming from errors made during the procure-to-pay process. Causes to these leaked funds can often be tricky to pinpoint requiring third-party analysis to uncover root causes. This material will review the top five areas that can help accounts payable (AP) departments greatly reduce leaked funds by preventing errors from occurring in the first place. Awareness of these errors is the first step to prevention. Gain insight into these areas and tips to putting prevention methods in place.

Learning Objectives

  • You will be able to explain the importance of clear and consistent communication between supply chain and AP to reduce errors causing leaked funds.
  • You will be able to identify errors in your AP workflow that leads to lost funds.
  • You will be able to recognize when errors occur or are about to occur to prevent or quickly fix them before your organization loses funds.
  • You will be able to review your payment data for errors to recover lost funds internally.

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Why Lorman?

Over 33 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

Tip 1: Improve Communication With Contracts, Purchasing, Shipping/Receiving, and User Departments
  • Issues/Recommendations on Collaborating With Contracting/Sourcing
    • Focus on Effective Rebate Tracking Process
  • Issues/Recommendations on Collaborating With Purchasing
    • Focus on POs
  • Issues/Recommendations on Collaborating With End User Departments
  • Issues/Recommendations on Collaborating With Shipping/Receiving
    • Focus on Returned Goods Process
Tip 2: Regularly Review and Update Vendor Master File
  • Common Issues Found Within Vendor Master That Cause Payment Errors
    • Common Causes of Duplicate Payments
Tip 3: Train and Retrain Staff in Correct Data Entry Practices
  • Common Issues That Occur With Incorrect Data Entry
  • Client Example on the Types of Errors We Have Found Due to Data Entry
  • What to Look for to Identify Errors and Recommendations to Prevent Them
Tip 4: Regularly Review Vendor Statements
  • Common Issues With Irregular Statement Review
  • Common Causes of Irregular Statement Review
  • Consequences of Irregular Statement Review
  • Recommendations for Statement Review
Tip 5: Create and Track KPIs
  • Recommend KPIs to Be Tracked
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Why Lorman?

Over 33 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 Course

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.

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 Accounting 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: https://www.nasbaregistry.org/cpas/complaints. 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: Accounting for 2.0 hours. Prerequisite: basic knowledge of taxation. 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, LLC. 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.
     

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, and auditors.

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Why Lorman?

Over 33 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

Andrew Brandenburg

TAG, Inc.

  • Manager, Business Development at TAG, Inc.
  • Founded in 1988 by the current owner and CEO, John Weiss, TAG, Inc. (formerly The Audit Group, Inc.); the company is now a leader in the industry, focused on helping health care systems save by taking them beyond a standard AP recovery audit by offering Procure-to-Pay (P2P) consulting and process optimization services; serving more than 1,000 hospitals and health systems, our goal is to stop our clients’ funds from leaking, create opportunities for future savings, and optimize their business processes by adopting Lean principles
  • Bachelor’s degree in business and finance, Columbia College of Missouri; pursuing M.B.A. degree in project management, Lindenwood University
  • Can be contacted at 573-418-4731 or [email protected]

John Weiss, Jr.

TAG, Inc.

  • CEO and founder of TAG, Inc.; 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 30 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, he 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 health care organization throughout the U.S.
  • Has spoken at seminars and workshops through industry organizations like Association of Health Care Internal Auditors (AHIA), Association of Human Resource and Materials Management (AHRMM), and the Health Care Compliance Association (HCCA) Compliance Institute
  • 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 coursework 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]

Bradley Wright

TAG, Inc.

  • Manager of Client Solutions at TAG, Inc. and has been with TAG for over 7 years
  • Specializes in delivering cost savings to a wide array of clients as well as comprehensive consulting in the P2P space; in his career he has delivered over $20M in cost savings for his clients
  • He is an expert in assessing the functionality of returned goods processes in the health care space and developed TAG’s returned goods implementation service
  • Also very well versed in assisting health systems with ERP system conversions and the often-complicated go-live process
  • Written blogs and given presentations on returned goods and also presented at national conferences, such as AHIA 2019, on the power of using data analytics to mitigate risk within a health care organization
  • M.B.A. degrees, B.A. degree in accounting, and B.A. degree in finance, University of Central Missouri
  • Can be contacted at 636-219-6359 or [email protected]
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Why Lorman?

Over 33 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.

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Product ID: 407591
Published 2018, 2020
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