Course Code: acctpay
Duration: 7 hours
Prerequisites:

● Basic knowledge of accounting principles 

● Familiarity with AP processes and procedures

Overview:

This one-day online course focuses on enhancing the skills of experienced Accounts Payable professionals. The course will cover core AP topics while emphasizing the integration of automation and AI tools, such as ChatGPT, to improve efficiency and streamline workflows. Attendees will explore how AI can transform routine tasks and decision-making within AP functions.

Learning Outcomes:
●    Master the AP cycle from invoice processing to payment.
●    Implement best practices for managing invoices and payments to avoid errors and fraud.
●    Develop effective AP policies and internal controls.
●    Utilize AI tools, including ChatGPT, to automate routine AP tasks such as vendor communication, invoice matching, and report generation, leading to greater efficiency and reduced manual intervention.
●    Generate real-time AP reports and gain actionable data-driven insights using AI-powered tools to enhance decision-making and improve overall AP performance.
●    Apply advanced prompt engineering techniques to integrate AI seamlessly into daily AP workflows, ensuring that automation tools like ChatGPT can effectively handle common tasks such as invoice tracking, payment scheduling, and dispute resolution.
●    Gain practical skills in vendor management, compliance, and dispute resolution.

Course Outline:

1. Introduction to Accounts Payable 

  • Overview of AP’s role in financial management
  • Challenges faced by experienced AP professionals
  • The evolving landscape of AP: Traditional methods vs. AI and automation

2. AP Process Flow 

  • Key stages of the AP cycle: Invoice receipt to payment approval
  • Best practices for streamlining AP workflows
  • Spotting inefficiencies in the current AP process

3. Invoice Management 

  • Efficient invoice processing
  • Introduction to AI-powered invoice management tools
  • Three-way matching (PO, invoice, and receipt matching)

4. AP Policies and Procedures 

  • Setting up effective AP policies
  • Preventing fraud with internal controls
  • Ensuring compliance with AP regulations

5. AI Integration in Accounts Payable: ChatGPT 101 

  • Overview of AI and its role in automating AP tasks
  • ChatGPT and its practical use in AP
  • Live Demo: Automating invoice processing and managing vendor queries with ChatGPT

6. Prompt Engineering for AP Automation 

  • Crafting effective prompts for AP automation using ChatGPT
  • Hands-On Activity: Participants will practice creating prompts to automate tasks like generating payment schedules, analyzing payment history, or sending vendor communications
  • How prompt engineering increases accuracy and efficiency

7. Leveraging AI for Data-Driven AP Decisions 

  • Using AI tools for real-time analysis: Explore how a variety of AI-powered platforms, including ChatGPT and other analytics tools, can analyze payment trends, vendor performance, and cash flow in real-time.
  • AI-driven predictive analytics: Utilize AI tools to forecast future payment schedules, manage cash flow, and identify potential vendor risks, improving strategic AP decision-making.
  • Live Demo: Demonstrate how AI-powered analytics tools (e.g., ChatGPT, Power BI, or other finance-specific AI platforms) can generate comprehensive AP reports and vendor scorecards, providing actionable insights to drive performance improvements.

8. Future Trends in AP Automation 

  • Exploring the future of digital transformation in AP
  • AI and Machine Learning: Their role in the future of AP
  • Preparing AP teams for AI adoption: Key skills and strategies

Hands-On Activities:

  • Invoice Matching Exercise: Participants will practice matching invoices, POs, and receipts to identify discrepancies using both manual methods and AI-powered tools (e.g., ChatGPT). The goal is to highlight how automation can reduce errors and speed up the process compared to manual approaches.
  • Vendor Management Simulation: Participants will engage in role-play exercises, simulating managing vendor relationships and resolving disputes using AI-driven vendor communication via ChatGPT. The focus will be on creating automated responses to vendor queries, addressing discrepancies, and ensuring compliance with payment terms.
  • AP Metrics Calculation & Interpretation: Using sample data, participants will calculate key AP metrics (e.g., Days Payable Outstanding, Average Payment Cycle) and analyze the results. Participants will also use ChatGPT to generate automated metric reports and interpret the insights, demonstrating how AI can assist in ongoing AP performance tracking.
  • Advanced Prompt Engineering Workshop: Participants will craft, refine, and test prompts designed to automate key AP tasks (e.g., invoice processing, payment scheduling, and report generation). They will learn how to apply prompt engineering techniques to ensure ChatGPT provides accurate, relevant, and efficient outputs tailored to AP-specific workflows.