Training on Account Receivable and Payable Best Practices

Course Overview

This ten day Accounts Receivable and Payable course will provide a leading edge forum for you to significantly improve your working capital management skills. You will gain a comprehensive range of very practical and highly effective tools and approaches that can immediately be implemented upon your return to work.

By attending this PROTRAIN Accounts Receivable and Payable Best Practices training course, delegates will understand:

The importance of credit to the company and the economy
The “cost of credit” and its impact on company profitability
Practical steps that reduce bad debt losses and “uncollectible” debtors
How to use different tools and techniques to maximize cash collection effort
How to effectively manage cash and working capital to reduce costs and improve cash flow
How lending companies from across the globe are achieving best practices in Accounts Receivable
The importance of the accounts payable function with regard to its links with the supply chain and cash flow
The integrated systems of purchase order processing , stock, (inventory) control, purchase ledger and cash payments and their links with the general ledger
How to effectively manage cash and working capital to reduce costs and improve cash flow
The impact of risk and uncertainty on the business and its impact on account payable and cash flow
How lending companies from across the globe are achieving best practice in accounts payable

Target Participants

This POTRAIN Accounts Receivable and Payable Best Practices training course provides user-friendly environment to develop the knowledge and techniques related to both accounts receivable and accounts payable that are valuable for:

Finance Executives
Accountants
Others who are working within Transactional Finance, Accounts Payable or Accounts Receivable process or wish to develop a practical toolkit to complement their existing professional or technical skills

This 10-day Accounts Receivable and Payable Best Practices training course is also ideal for those wishing to develop their understanding of how Working Capital efficiencies can make a significant improvement to profitability or you may already be employed in any of these functions within the business.

Course Duration

5Days

Training Objectives

Work effectively with the fundamentals of accounts payable, accounts receivable, financial accounting and supply chain
Understand and apply the fundamentals of effective transactional management systems
Review and comment on payment methods and cash management
Understand the need to incorporate risk and uncertainty into transactional processing and cash flow management
Identify best practice across all industries by examining case studies from across the globe

Training Outline

Module 1: Accounts Receivable

Day 1: An Introduction to Accounts Receivable

Working Capital and Cash Management
Understanding “the cost of credit”
The “order to cash” process
Understanding “risk” in “credit”
Accounts Receivable and effective customer service
Identifying under-performing areas to increase customer satisfaction

Day 2: Customers and Trading Terms

Terms of trading
Tools and techniques of financial analysis: ratios; trends; common size analysis
The best performance measure – cash or profit?
Financial distress and the Altman’s Z score-type analysis
Value added analysis of financial statement

Day 3: Developing Effective Strategies to Maximize Cash Collection

Identifying effective “pre-delinquency” collection campaigns
Defining “post-delinquency” activities
Customer sensitive collection strategies
Collection techniques and letter cycles
Appropriate internal and external escalation steps
Using work flow management to maximize collector performance

Day 4: Practical Collection Tools and Techniques

Eliminating barriers to payment
Recognizing excuses and delaying tactics
Providing solutions to non-payment
Telephone collection techniques
Negotiation skills for successful collections
Building relationships with customers

Day 5: Managing the Receivable Ledger

Developing effective internal relationships to maximize performance
Setting targets and tracking performance
Managing information that dazzles
Defining meaningful KPI’s
Latest Development in Accounts Receivable

Module 2: Accounts Payable

Day 6: The Big Picture: Accounts and the Financial Health of Organizations

The important Role of Accounts Payable (AP)
The meaning of Managing Accounts Payable
The Functions of Management
The Functions of Accounts Payable Department and Role of AP Staff
Accounts Payable Impact on Working Capital and Cash Management

Day 7: Accounting for Accounts Payable

Accounting Essentials for Accounts Payable
Accounts Payable Terminology
General Ledger and Sub-Ledger
Month End Accounting Entries and Accruals
Control Account Reconciliations
Developing a Reconciliation Plan for the Sub-Ledger

Day 8: Key Topics in Accounts Payable Management

Applying Best Practices in your Organization
Identifying Proper Internal Controls
The Annual Audit as an Added Value
Impact of AP Outsourcing
Detecting Fraud in Accounts Payable

Day 9: The Behavioral side of Managing Accounts Payable Department

Improving the image of Accounts Payable Department
Ways to Motivate Accounts Payable Staff
Organizing the AP Department
Closing the Communication Gap
Providing Customer Service to Vendors

Day 10: Using excel in Managing Accounts Payable

Interface between Accounts Payable System and Excel
Using Pivot Table to Extract Valuable Information
Preparing and Analyzing Accounts Payable Dashboard
Developing your Accounts Payable Dashboard

Training Approach

The instructor-led trainings are delivered using a blended learning approach and comprise of presentations, guided sessions of practical exercises, web-based tutorial and group work. Our facilitators are seasoned industry experts with years of experience, working as professional and trainers in these fields. All facilitation and course materials will be offered in English.

Accreditation

Upon successful completion of this training, participants will be issued with a PROTRAIN institute certificate

Tailor-Made

This training can be customized to suit the needs of your institution upon request.

TRAINING DATE

VENUE

Register, Physical or Online Training

14/09/2024 to
19/09/2024

Nakuru

14/09/2024 to
19/09/2024

Nairobi

14/09/2024 to
19/09/2024

Nairobi

14/09/2024 to
19/09/2024

Nairobi