Account Payable Best Practices Seminar: Latest Best Practice Every Organization Should Implement - New York, NY, United States - June 27-28, 2019

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Jun 13, 2019, 13:45 ET

DUBLIN, June 13, 2019 /PRNewswire/ -- The "Account Payable Best Practices" conference has been added to ResearchAndMarkets.com's offering.

The accounts payable function is changing at a dizzying pace. Technology, new frauds and regulatory changes are all taking their toll. What worked yesterday may not work today. Given the current business environment, mounting regulatory pressures, and the increased visibility and importance of the accounts payable function, best practices are something with which every professional needs to be conversant. Unfortunately, keeping up to speed these days can be like herding cats. While some best practices remain steadfast, others simply no longer work and are being replaced by new practices just now appearing.

The talk will include a discussion of the newest best practice every organization should implement to ensure crooks don't get their hands on money or sensitive information. This is one session you might want to invite your colleagues in accounting, auditing and payroll to so they implement appropriate best practices and are not bamboozled by some of the newest frauds.

The truth is that companies ignore accounts payable best practices at their peril and the impact is felt on your bottom line. It's that simple - yet some organizations continue to turn a blind eye to the leakage that occurs due to poor or inefficient process in their AP operations. Don't be one of them!

This interactive session will be filled with real-life examples and attendees will have the opportunity to not only interact with other attendees but see how they'd treat different delicate situations.

Learning Objectives:

After this session, you will be able to:

Improve your invoice processing
Implement effective payment technologies
Comply with regulatory issues affecting the payment process
Avoid costly mistakes due to spoofed emails
Improve the invoice approval response time
Reduce the number of invoices submitted more than once
Earn more early payment discounts
Minimize the number of request for Rush payments and checks returned to requisitioners
Avoid costly master vendor file practices
Deter fraud (both internal and external)
Identify problems within their existing master vendor file practices
Implement master vendor file best practices that will enable proper TIN solicitation
Identify best control practices for the entire procure-to-pay process
Evaluate your own processes to identify weak controls that need tightening;
Identify frauds that can be prevented through good master vendor file practices
Make their master vendor file fraud-resistant;
Identify and collect all data needed to run an efficient and regulatory compliant AP function;
Address the segregation of duties issue correctly
Identify the types of payment frauds likely to impact your organization
Pinpoint seven common myths that often lull an organization into thinking they don't have to take action against payment fraud
Evaluate the different fraud protection products offered by the banking community
Create the proper controls within your organization so you can stop employee fraud
Address corruption and bribery issues
How to document new vendors
How to handle single purchase vendors in the master vendor file
How to prevent fraud in the master vendor file
What special treatment should you give critical vendors
Dealing with vendors who make nuisance calls
Dealing with unpleasant vendors and more

Who Should Attend:

Accounts payable manager
Accounts payable director
Accounts payable supervisor
Accounting manager
Controller
Assistant controller
Accounts payable associate
Accountant
Accounting manager
Disbursements manager
Assistant accounts payable manager
Payment professionals
Cash managers
Treasury professionals

Agenda:

Day 1

Best Practices Overview

Why best practices matter
Why best practices are changing
Identification of some worst practices
Best invoice handling processes
Best payment processes
Best expense review processes

Best Practices Currently in Use at Other Companies

See how your invoice handling practices compare
See how your master vendor file practices compare
See how your payment practices compare

Invoice Handling Best Practices and Issues

Problems caused when invoices aren't processed efficiently and how to fix this
Most common invoice problems and how to handle them
Less common invoice problems and how to handle them

The Evolving Payment Process and How to Adapt

The new email dilemmas (BEC, W2 info etc.)
Same Day ACH: Where does it fit into your process
Best practices when converting vendors to ACH

TIN Solicitation BP

Collecting TINs
Using IRS TIN Matching
When should you request a new TIN
New best practice for verifying TIN information

Day 2

Greet, review previous day's topics/answer questions

Master Vendor File

Identify problems within their existing master vendor file practices

Implement master vendor file best practices that will enable proper TIN solicitation
Identify frauds that can be prevented through good master vendor file practices
Make their master vendor file fraud-resistant
Address the segregation of duties issue correctly

Vendor issues and Problems

How to deal with operational issues related to vendors
Addressing master vendor file problems
Dealing with 5 types of difficult vendor situations

Internal Controls Master Plan

Why internal controls are critical to preventing fraud and duplicate payments
How control problems are created
The 7 building blocks for your internal control master plan

Internal Controls in AP: Step-by-Step

Identify best control practices for the entire procure-to-pay process
Evaluate your own processes to identify weak controls that need tightening
Fix the questionable controls so fraud and erroneous payments don't sneak through

Internal Controls: Often-Overlooked Control Weaknesses

Common Regulatory Issues Directly Impacting the Accounts Payable and Payment Process

Overview of the Regulatory Compliance Issue
1099 Reporting Requirements
Unclaimed Property reporting requirements
Sales and Use tax reporting
How you are supposed to verify payments under OFAC
Your responsibilities under FCPA
Conflict Mineral Reporting

Payment Fraud Prevention/Detection Best Practices

Check fraud prevention best practices
P-card fraud prevention best practices
ACH fraud prevention best practices
Wire transfer fraud prevention best practices

Evolving Issues Impacting Fraud

Technology's impact on the payment process and Fraud
BEC fraud and how to identify and stop it
Identifying situations where fraudsters are trying to get unauthorized information for fraudulent purposes

Best Practices to Curtail Fraud and Keep Expenses Down

Identify weaknesses in your own accounts payable function that may expose your business to fraud
Detect potential external fraudulent situations early so you can prevent losses
Why time is not your friend in the fight against fraud
Best practices that prevent and detect fraud

Concluding Remarks

For more information about this conference visit https://www.researchandmarkets.com/r/uky1x8

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

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SOURCE Research and Markets