A Back to Work Accounts Payable Plan (Completed)

Tactics Every Organization Should Use when Returning from Crisis

AP Now statistics reveal that 85% of all companies had their accounts payable staffs working remotely during the coronavirus crisis. For most, the transition from office to remote usually took place over a few short days and was anything but pretty or smooth. With the possibility of returning to the office at some point in the near future, organizations need to start planning for that event. Hopefully, we’ve all learned something from going through this episode.

The return to a new normal will require additional efforts around the accounts payable function. Organizations will need to review what happened while working remotely and plan for the future. For the likelihood of this happening again is, unfortunately, high. The next time vendors are not so likely to be understanding about late payments and crooks will be even better situated to take advantage. Every organization needs to prepare. This session identifies 20 different steps every organization should take with regards to its accounts payable function. It’s not hard, you just have to do it.

Topics Covered

• Potential weaknesses that may have facilitated fraud or led to duplicate payments
• Responsibilities that may have fallen through the cracks during the crisis
• New processes for the future so the next time the transition will not be so harsh
• Interim policies that may need to be implemented as the country goes through the reopening process
• Start the transition with motivated employees.

Learning Objectives

• Identify potential weaknesses that may have facilitated fraud or led to duplicate payments
• Recognize responsibilities that may have fallen through the cracks during the crisis
• Identify how to create new processes for the future so the next time the transition will not be so harsh
• Recognize how to evaluate interim policies that may need to be implemented as the country goes through the reopening process
• Identify how to start the transition with motivated employees

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (1 hour)

Program Prerequisites
None

Advance Preparation
None