Handling Your Accounts Payable Function in Times of Crisis (Completed)

Date: Friday, May 14, 2021
Instructor: Mary Schaeffer
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs

Many organizations take their accounts payable function (along with most others) for granted until suddenly, they can’t get an invoice to a critical vendor paid. Or, as many are finding out the hard way, their accounts payable team can’t get into the office to pick up all the paper invoices that need to be processed.

This has happened for a few days in the past, mainly due to weather-related incidents. But they pass fairly quickly and it’s easy to play catch up. This time is different, and it has highlighted the areas where the current process is not sufficient. What’s more, for many this crisis has led to a new way of working. While some are returning to the old ways, many are now working remote full-time or are in a hybrid situation.

This session was created by Mary Schaeffer and is based on the real-life experiences of many of her readers, who are accounting and accounts payable professionals as well as interviews with experts. They shared practices that are working, those that are not, and lessons learned.

Who Should Attend
Accountants, controllers, accounting managers, auditors (internal and external), Treasurers, CFOs, CEOs, accounts payable professionals, procure-to-pay professionals, and travel managers.

Topics Covered

  • Areas where your current accounts payable function might need adjustment to deal with a crisis
  • Practices that will help handle the masses of paper invoices that many are still receiving
  • Manage staff and a management team working remotely
  • Convert many of your vendors to receiving electronic payments instead of paper checks
  • Create processes for those who must go into the office
  • Deal with potentially fraudulent "change of bank account requests"
  • Keep up morale of staff not used to working remotely
  • Plan for future crisis's

Learning Objectives

  • Identify areas where your current accounts payable function might need adjustment to deal with a crisis, like the Coronavirus
  • Recognize how to develop practices that will help handle the masses of paper invoices that many are still receiving
  • Recognize how to manage staff and a management team working remotely
  • Describe how to convert many of your vendors to receiving electronic payments instead of paper checks
  • Recognize how to create processes for those who must go into the office
  • Recognize how to deal with potentially fraudulent "change of bank account requests"
  • Identify how to keep up morale of staff not used to working remotely
  • Recognize how to plan for future crisis's

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
None

Advance Preparation
None

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