Course Code: acpa1
Duration: 14 hours
Prerequisites:
  • Basic knowledge of accounting principles
  • Familiarity with AP processes and procedures
Overview:

This two-day online training course aims to enhance the skills of the Accounts Payable team by exploring essential AP practices, tools, and emerging technologies. The course will also integrate Artificial Intelligence (AI) tools, such as ChatGPT, to demonstrate how AI can streamline tasks, improve accuracy, and support decision-making in AP roles.

Course Outline:

Day 1: The Foundations of Accounts Payable & Best Practices

1. Introduction to Accounts Payable

  • Overview of AP and its role in financial management
  • Importance of accuracy and timeliness in AP processes

2. AP Process Flow

  • Understanding the end-to-end AP cycle: from invoice receipt to payment
  • Key documents: Purchase Orders, Invoices, Receipts, and Payment Vouchers

3. Invoice Management

  • Best practices for invoice processing
  • Three-way matching: PO, invoice, and receipt matching
  • Automated vs. manual invoice management

4. Payment Processing

  • Overview of payment methods: checks, wire transfers, and electronic payments
  • Managing vendor payments and ensuring compliance with payment terms
  • Avoiding duplicate payments and managing early payment discounts

5. AP Policies and Procedures

  • Establishing effective AP policies
  • Internal controls to prevent fraud and ensure compliance
  • Importance of segregation of duties

6. Introduction to Automation in AP

  • Exploring tools and software to automate AP functions
  • Benefits of AP automation for efficiency and error reduction

7. AI Integration in Accounts Payable: ChatGPT 101

  • Overview of Artificial Intelligence and ChatGPT
  • Understanding how AI can streamline AP processes
  • Live Demo: Using ChatGPT to automate invoice processing and generate standard responses to vendor queries

Day 2: Advanced Accounts Payable Management, AI Tools, and Compliance

1. Vendor Management

  • Building and maintaining strong vendor relationships
  • Vendor master data management
  • Conducting vendor audits to ensure compliance

2. Managing Discrepancies and Disputes

  • Identifying common discrepancies in AP
  • Strategies for resolving payment disputes and discrepancies
  • Collaborating with vendors to resolve issues efficiently

3. Compliance and Regulatory Considerations

  • Understanding regulatory requirements for AP (e.g., tax compliance, VAT, withholding taxes)
  • AP’s role in ensuring financial compliance and avoiding penalties

4. Month-End and Year-End Close in AP

  • Best practices for reconciling AP at month-end and year-end
  • Managing AP accruals and adjustments
  • Preparing for audits: documentation and record-keeping requirements

5. AI and Automation in AP: Prompt Engineering

  • Understanding prompt engineering: how to craft effective prompts for ChatGPT in the AP workflow
  • Activity: Crafting prompts to automate common AP tasks, such as generating payment schedules or analyzing payment history
  • Enhancing data analysis and reporting using AI tools
  • Case Study: AI-driven invoice management and its impact on AP efficiency

6. Fraud Prevention in AP

  • Recognizing the most common types of AP fraud
  • Implementing internal controls to prevent fraudulent activities
  • Red flags and warning signs to watch for

7. Leveraging AI for Data-Driven AP Decisions

  • Using ChatGPT and AI tools to analyze payment trends and vendor performance
  • Predictive analytics in AP: forecasting payment schedules, cash flow, and vendor risks
  • Live Demo: Using AI for real-time AP analytics and vendor scorecards

8. Future Trends in Accounts Payable

  • The impact of digital transformation on AP
  • Emerging technologies: Artificial Intelligence and Machine Learning in AP
  • Preparing for the future of AP: building a resilient, AI-enabled AP team

Hands-On Activities:

  • Invoice Matching Exercise: Participants will practice matching invoices, POs, and receipts to identify discrepancies using manual and automated methods.
  • Vendor Management Simulation: Role-play exercises for managing vendor relationships and resolving disputes using ChatGPT for vendor communications.
  • AP Metrics Calculation: Participants will calculate key AP metrics (e.g., Days Payable Outstanding) based on sample data and learn how to interpret the results.
  • Prompt Engineering Activity: Participants will craft and refine prompts to automate AP tasks using ChatGPT.