Handling Your Accounts Payable Function in Times of Crisis (Completed)
Date: Tuesday, April 14, 2020
Instructor: Mary Schaeffer
||9:00am Pacific Time
10:00am Mountain Time
11:00am Central Time
12:00pm Eastern Time
||1 hour 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.
This brand-new session was created by AP Now’s founder, 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.
- 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
- Identify areas where your current accounts payable function might need adjustment to deal with a crisis, like the Coronavirus (COVID-19)
- Recognize and develop practices that will help handle the masses of paper invoices that many are still receiving
NASBA Field of Study
Accounting (1 hour)