Objectives of the Presentation
Why Should you Attend
- Create the “building blocks” of a strong internal control master plan
- Identify best control practices for the entire procure-to-pay process
- Evaluate the efficiency of your existing internal controls
- Evaluate your own processes to identify weak controls that need tightening;
- Fix the questionable controls so fraud and erroneous payments don't sneak through
- Ensure that the segregation of duties regime doesn't fail
- Introduce practices that are often overlooked but strengthen controls
- Introduce internal control best practices
Without strong internal controls around accounts payables, businesses are susceptible to fraud and financial losses. Duplicate and erroneous payments, audit issues and lost vendor credits all have a lethal impact on the bottom line.
Control problems can creep into the procure-to-pay at almost any point in the process. Our speaker Candace Leuck, divides the process into three parts: before the invoice shows up, the processing of the invoice and making of the payment, and the after the invoice is paid processes. Most only focus on the middle part missing a number of opportunities to strengthen controls and eliminate the problems that make a dent in the bottom line. She'll show you how to take advantage of instilling controls across the entire spectrum.
Who will Benefit
- Financial Managers
- Managers required to co-certify
- Financial Controllers
- CFO's and other Company Executives
- Anyone involved in the SOX A/P compliance process
- Accounting and Reporting Managers
- Auditors and staff
- Business and Operations Managers
Because accounts payable is a back-office function, it doesn't always take centre stage as businesses look to grow or build competitive advantage. In fact, often accounts payable takes a back-seat to management's competing priorities.
When it comes to working capital optimization, however, increasing payables should be a core strategy. To be sure, many businesses work this strategy by extending payables as long as possible to maximize free cash flow. Unfortunately, this approach is not always the right one. In some cases, delaying payment can erode supplier goodwill, resulting in slower delivery times, less willingness to fix defects, slower responses to queries and more onerous payment terms. On the flip side, paying early can sometimes yield substantial benefits in situations where suppliers offer discounts or rebates for early payment.
To effectively identify these opportunities and determine the right course of action when facing potentially conflicting outcomes, businesses must take a more strategic approach to accounts payable. The Accounts Payable team, along with the Purchasing and/or Procurement departments, must collaborate with senior management to inject a working capital culture throughout the company. This is about more than ensuring invoices are received and processed in a timely fashion. It's about adopting a management focus that emphasizes the importance of optimizing payables and freeing up working capital to fuel growth.