Accounts Payable Control and Cash Management is an essential tool for the proper functioning of the business entity.
Effective Accounts Payable Control and Cash Management can strengthen the Company’s negotiating power with suppliers, i.e. strong credit and long-term relationship with the vendors.
The Company is able to maximise the usage of cash flow through extended payment terms, trade discounts, increased warranty periods, or even special holds on inventory.
Brochure
— Course Fee: RM 790.00 (Inclusive of 8% Service Tax) —
Module 1: Introduction to Accounts Payable
- Introduction of Supply Chain Management & the Role of Procurement, Accounting & Finance in the entire chain
- Purchasing and accounting process flow
- Business expenditures (trade and non-trade)
Module 2: Accounts Payable System
- Roles and responsibilities of accounts payable
- Understanding of requisitions and identifying suppliers/service providers, selection of suppliers or service providers, e.g. methods to procure, select and evaluate suppliers
- Register of new supplier or service provider, prepare and maintain latest list of approve supplier/service provider
- Periodical review of supplier/service providers
- Communication channel for updated supplier/service provider list
Module 3: Effective Control Measures of Accounts Payable
- Matching of supplier’s invoices with supporting documents before posting into accounting system
- Perform monthly supplier reconciliation of accounts
- Monitoring of payments in the bank accounts (perform bank reconciliation of account)
- Inventory level control, assist in keeping appropriate stocks level (Inventory Control – JIT, Outsourcing, 3PLs [3rd Party Logistics])
Module 4: Cash Management and Payment Process
- To clarify and understand the Company’s payment process
- To identify the various methods of payment with proper accounting treatment
- How to mitigate duplicate payments
- How to develop corporate payment policy – SOP flow chart
- Cash management and banking facilities utilization (creation of payment schedule, handling of ad hoc payment and etc.)
- How to handle contra payments of accounts
Lunch Break (1.00pm to 2.00pm)
Module 5: Types of Reports and Ledger
- Linkage of accounts payable and General Ledger
- Supplier ledger
- Supplier aging analysis, how business analyse aging and actions required from findings
- Important of supplier purchase history, graft analysis
- Local versus overseas suppliers or service provider, e.g. imported services and withholding tax, import duty, sales tax
- Accounting treatment for foreign currency exchange, e.g. realised and unrealise forex gain/loss, MFRS and MPERS requirements
- Supplier payment history
- Group discussion on recommendations to improve the efficiency and effectiveness of accounts payable
Module 6: Cost saving measures
- Benefit of on time/ prompt payment
- Negotiation skill for best payment term
- Achieving economic of skill
Module 7: Other areas of concern
- No gift or entertainment policy
- Identifying areas of fraud/negligence in accounts payable management (Companies Act 2016 Section 539, 591, 592 and 593)
- Proper record keeping to ensure satisfaction of tax authorities audit purposes
- Section 113 (1)(b) of Income Tax Act 1967 – Give any incorrect in formation in matters affecting the tax liabilities of a taxpayer or any other person
- Sales tax and Services tax exemption for purchases/acquisition of goods/services
- Q & A