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.
Publication Date: May 2020
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
- Identify the steps when considering a back to work AP plan
- Identify a best practice of using personal cards for business expenses
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (1 hour)
Program Prerequisites
None
Advance Preparation
None
Instructor
Mary Schaeffer
Mary Schaeffer, founder of AP Now, is a nationally recognized accounts payable and payments expert. She is the author of 20 business books, including 127 Best Practices for Accounts Payable, the host of the AP Now podcast and YouTube channel and recipient of the 2021 Accounts Payable Association’s Wellbeing for Others Award.
Before starting AP Now, a B2B media firm focused on sharing the latest business intelligence on the accounts payable and payment functions, she worked in the corporate trenches of several large finance and treasury departments. She was a Corporate Cash Manager at Continental Grain, a Financial Risk Manager at O&Y, and an Assistant Treasurer at Equitable Life (now part of AXA). She also held the position of Executive Editor for several business publications. Ms. Schaeffer has a BS in Mathematics from York College (CUNY) and an MBA in Finance from New York University.