Best Vendor Accounts Payable Policies and Practices (Completed)

Date: Monday, April 29, 2019
Instructor: Mary Schaeffer
Begin Time:  9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
CPE Credit:  2 hours for CPAs

Without a doubt, most organizations could not operate without their vendors. Yet, in many organizations, the accounts payable department rarely gives vendor processes and relations a second thought unless a problem arises. This is unfortunate because good processes with regards to vendors can make the accounts payable function more efficient and effective while simultaneously making it more difficult for vendor fraud to be perpetrated. And vendor fraud, to the horror of those it has happened to can come from internal as well as external sources.

This webinar is designed to help attendees create strong vendor processes from soup to nuts. By starting on the right foot, the accounts payable department will encounter fewer problems, reduce compliance costs and stop fraud. The session will begin with an in-depth discussion of best practices related to the master vendor file and vendor communications. It will then go on to address common problems organizations run into with vendors and offer solutions for addressing them. Finally, it will take an in-depth look at the different types of fraud and offer insights on how to prevent it as well as how to detect it once it has occurred.

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

Topics Covered

  • Delineate best practices for onboarding new vendors
  • Problems within their existing master vendor file practices
  • Implement master vendor file best practices that will enable proper TIN solicitation
  • Frauds that can be prevented through good master vendor file practices
  • Address the segregation of duties issue correctly
  • Create best practice processes for vendor credits
  • Build good documentation processes for new vendors
  • Critical vendors and design appropriate processes for them
  • Deal with unpleasant and nuisance vendors
  • Handle vendors who fudge the due dates or promises made by other
  • Pinpoint many types of vendor fraud
  • Red flags when evaluating invoices
  • Craft strong vendor fraud prevention tactics
  • Create routines to help detect vendor fraud
  • How to react to one of the newest types of vendor fraud

Learning Objectives

  • In-depth discussion of best practices related to the master vendor file and vendor communications
  • Address common problems organizations run into with vendors and offer solutions for addressing them
  • In-depth look at the different types of fraud
  • Insights on how to prevent it as well as how to detect it once it has occurred

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
None

Advance Preparation
None

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