The Accounts Payable Function of Tomorrow: The Impact of New Technology (Currently Unavailable)

Author: Mary Schaeffer

Technology is changing the way we live; it’s making our lives easier (and occasionally more stressful) and we are doing things in ways we would never have imagined just a few short years ago. Words like Uber, Airbnb, robotics, and blockchain were not part of our everyday lingo. AI was something science fiction authors wrote about and shared workspaces was an alien concept. But that is the world we live in now. It would be unrealistic to not expect the same changes in our professional lives.

Back in the day, when there was a new innovation or technology for the accounts payable function, it was only the very largest companies that were able to afford it. That is no longer the case. Change now impacts all organizations of all sizes generally without a huge financial expenditure. That’s why it’s critical that every accounts payable and accounting professional learn all there is to know about the changes coming.

Publication Date: June 2019

Designed For
Accountants, controllers, accounting managers, auditors (internal and external), Treasurers, CFOs, CEOs, accounts payable professionals, procure-to-pay professionals, and travel managers.

Topics Covered

• Where your AP function is today
• Issues likely to hold your AP department back
• Determine what the AP Department of Tomorrow will look like (including possible new jobs for AP and Accounting)
• Asses where AP and Accounting will fit in
• New technologies that will be used (including terminology)
• Project your organization's impact of the evolution of invoice handling
• Make changes in you payment process based on the development in payment methodologies
• The needed metrics and what all this data will mean in a new technology-enhanced AP World

Learning Objectives

• Recognize where your AP function is today
• Identify the issues likely to hold your AP department back
• Determine what the AP Department of Tomorrow will look like (including possible new jobs for AP and Accounting)
• Recognize where to asses where AP and Accounting will fit in
• Identify the new technologies that will be used (including terminology)
• Recognize how to project your organization's impact of the evolution of invoice handling
• Describe how to make changes in you payment process based on the development in payment methodologies
• Identify the needed metrics and what all this data will mean in a new technology”enhanced AP World
• Differentiate cryptocurrency
• Recognize the best practice for handling an invoice without a PO number or name of the requisitioner
• Describe ways to sort data when analyzing inaccurate invoices
• Recognize the most in-demand profession
• Recognize the blocks of blockchain consists of
• Describe how many minutes of human work a bot can complete in one minute
• Recognize the most commonly used method for increasing the number of vendors receiving ACH payments, according to the an AP Now survey
• Describe the metrics used by by accounts payable departments is unlikely to come from the ERP system
• Identify the best way to start a benchmarking project
• Recognize the best practice approach, when it comes to learning for work

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
None

Advance Preparation
None