WOW has there been a lot of change in the standard way the accounts payable function operates in the last few years. 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 now 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. And of course, remote or hybrid work is now common place, rather than a privilege for a special few.
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 change coming.
Publication Date: September 2022
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
- The AP Department of Tomorrow
- What the AP Department of Tomorrow Will Look Like
- Where AP & Accounting Will Fit in
- A Look at the New Technology that Will be Used
- The Evolution of Invoice Handling
- Changes in the Payment Process
- Metrics and What All This Data Will Mean
- Section Prepare to Be A Super Star in the Accounting World of Tomorrow
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)
- Asses where AP and Accounting will fit in
- Identify the new technologies that will be used (including terminology)
- Project your organization's impact of the evolution of invoice handling
- Make changes in your payment process based on the development in payment methodologies
- Understand the needed metrics and what all this data will mean in a new technology-enhanced AP World
- Identify an example of a soft skill
- Identify what percent of respondents noted that they are less than 50% automated with respect to invoice automation based on the referenced AP Now Survey
- Identify the referenced technology that is resistant to modification of the data by design
- Identify the referenced company that has used Blockchain to trace cobalt to its sources from the Democratic Republic of the Congo to ensure ethical sourcing
- Identify the same day limit with respect to ACH payments
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Accounting (2 hours)
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.