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DTSTART:20210427T130000
DTEND:20210428T130000
CLASS:PRIVATE
DESCRIPTION:
Account Payable Best Practices
\n\nThe accounts paya
ble function is changing at a dizzying pace. Technology\, new frauds and r
egulatory changes are all taking their toll. What worked yesterday may not
work today. Given the current business environment\, mounting regulatory
pressures\, and the increased visibility and importance of the accounts pa
yable function\, best practices are something with which every professiona
l needs to be conversant. Unfortunately\, keeping up to speed these days c
an be like herding cats. While some best practices remain steadfast\, othe
rs simply no longer work and are being replaced by new practices just now
appearing.
\n\nThe talk will include a discussion of the newest best
practice every organization should implement to ensure crooks don'\;t
get their hands on money or sensitive information. This is one session you
might want to invite your colleagues in accounting\, auditing and payroll
to so they implement appropriate best practices and are not bamboozled by
some of the newest frauds.
\n\nThe truth is that companies ignore a
ccounts payable best practices at their peril and the impact is felt on yo
ur bottom line. It'\;s that simple&mdash\;yet some organizations contin
ue to turn a blind eye to the leakage that occurs due to poor or inefficie
nt process in their AP operations. Don'\;t be one of them!
\n\nTh
is inter-active session will be filled with real-life examples and attende
es will have the opportunity to not only interact with other attendees but
see how they&rsquo\;d treat different delicate situations.
\n\nLea
rning Objectives:
\n\nAfter this session\, you will be able to:
\n\n\n - Improve your invoice processing
\n - Implement effect
ive payment technologies
\n - Comply with regulatory issues affectin
g the payment process
\n - Avoid costly mistakes due to spoofed emai
ls
\n - Improve the invoice approval response time
\n - Reduce
the number of invoices submitted more than once
\n - Earn more earl
y payment discounts
\n - Minimize the number of request for Rush pay
ments and checks returned to requisitioners
\n - Avoid costly master
vendor file practices
\n - Deter fraud (both internal and external)
\n - Identify problems within their existing master vendor file pra
ctices
\n - Implement master vendor file best practices that will en
able proper TIN solicitation
\n - Identify best control practices fo
r the entire procure-to-pay process
\n - Evaluate your own processes
to identify weak controls that need tightening\;
\n - Identify frau
ds that can be prevented through good master vendor file practices
\n
- Make their master vendor file fraud-resistant\;
\n - Identify an
d collect all data needed to run an efficient and regulatory compliant AP
function\;
\n - Address the segregation of duties issue correctly\n
- Identify the types of payment frauds likely to impact your organi
zation
\n - Pinpoint seven common myths that often lull an organizat
ion into thinking they don'\;t have to take action against payment frau
d
\n - Evaluate the different fraud protection products offered by t
he banking community
\n - Create the proper controls within your org
anization so you can stop employee fraud
\n - Address corruption and
bribery issues
\n - How to document new vendors
\n - How to h
andle single purchase vendors in the master vendor file
\n - How to
prevent fraud in the master vendor file
\n - What special treatment
should you give critical vendors
\n - Dealing with vendors who make
nuisance calls
\n - Dealing with unpleasant vendors and more
\n<
/ul>\n \;\n\nWho Will Benefit:
\n\n\n - Accounts payable
manager
\n - Accounts payable director
\n - Accounts payable
supervisor
\n - Accounting manager
\n - Controller
\n -
Assistant controller
\n - Accounts payable associate
\n - Acco
untant
\n - Accounting manager
\n - Disbursements manager
\n - Assistant accounts payable manager
\n - Payment professionals
\n - Cash managers
\n - Treasury professionals
\n
\n&
nbsp\;\n\nDAY 01(1:00 PM - 4:30 PM)
\n\n\n - Registration Pr
ocess: 1:00 PM &ndash\; 1:30 PM
\n - Session Start Time: 1:30 PM
\n - 1:45pm - 2:45pm Best Practices Overview\n
\n - Why best pra
ctices matter
\n - Why best practices are changing
\n - Iden
tification of some worst practices
\n - Best invoice handling proce
sses
\n - Best payment processes
\n - Best expense review pr
ocesses
\n
\n \n - 2:45pm - 3:15pm Best Practices Currentl
y in Use at Other Companies\n
\n - See how your invoice handling pr
actices compare
\n - See how your master vendor file practices comp
are
\n - See how your payment practices compare
\n
\n \n - 3:15pm - 3:45pm Invoice Handling Best Practices and Issues\n
\
n - Problems caused when invoices aren&rsquo\;t processed efficiently a
nd how to fix this
\n - Most common invoice problems and how to han
dle them
\n - Less common invoice problems and how to handle them
li>\n
\n \n - 3:45pm &ndash\; 4:00pm The Evolving Payment Proc
ess and How to Adapt\n
\n - The new email dilemmas (BEC\, W2 info e
tc.)
\n - Same Day ACH: Where does it fit into your process
\n
- Best practices when converting vendors to ACH
\n
\n \n
- 4:00pm &ndash\; 4:30pm TIN Solicitation BP\n
\n - Colleting TIN
s
\n - Using IRS TIN Matching
\n - When should you request a
new TIN
\n - New best practice for verifying TIN information
\
n
\n \n
\n \;\n\nDAY 02(8:30 AM - 4:00 PM)
\n\n<
h3> \;\n\n\n - 8:30 - 9:00 Greet\, review previous day&rsqu
o\;s topics/answer questions
\n - 9:00 &ndash\; 9:45 Master Vendor F
ile\n
\n - Identify problems within their existing master vendor fi
le practices
\n - Implement master vendor file best practices that
will enable proper TIN solicitation
\n - Identify frauds that can b
e prevented through good master vendor file practices
\n - Make the
ir master vendor file fraud-resistant
\n - Address the segregation
of duties issue correctly
\n
\n \n - 9:45 &ndash\; 10:15 V
endor issues and Problems\n
\n - How to deal with operational issue
s related to vendors
\n - Addressing master vendor file problems\n
- Dealing with 5 types of difficult vendor situations
\n
\n \n - 10:15 &ndash\; 11:00 Internal Controls Master Plan\n
\n
- Why internal controls are critical to preventing fraud and duplicate
payments
\n - How control problems are created
\n - The 7 b
uilding blocks for your internal control master plan
\n
\n \
n - 11:00 &ndash\; 11: 40 Internal Controls in AP: Step-by-Step\n
\n
- Identify best control practices for the entire procure-to-pay proces
s
\n - Evaluate your own processes to identify weak controls that n
eed tightening
\n - Fix the questionable controls so fraud and erro
neous payments don'\;t sneak through
\n
\n \n - 11:40 &
ndash\; 12:00 Internal Controls: Often-Overlooked Control Weaknesses
\
n - 12:00 - 1:00 Lunch
\n - 1:00 - 1:45 Common Regulatory Issues D
irectly Impacting the Accounts Payable and Payment Process\n
\n - O
verview of the Regulatory Compliance Issue
\n - 1099 Reporting Requ
irements
\n - Unclaimed Property reporting requirements
\n - Sales and Use tax reporting
\n - How you are supposed to verify pa
yments under OFAC
\n - Your responsibilities under FCPA
\n - Conflict Mineral Reporting
\n
\n \n - 1:45 &ndash\; 2:45
Payment Fraud Prevention/Detection Best Practices\n
\n - Check frau
d prevention best practices
\n - P-card fraud prevention best pract
ices
\n - ACH fraud prevention best practices
\n - Wire tran
sfer fraud prevention best practices
\n
\n \n - 2:45 &ndas
h\; 3:30 Evolving Issues Impacting Fraud\n
\n - Technology&rsquo\;s
impact on the payment process and Fraud
\n - BEC fraud and how to
identify and stop it
\n - Identifying situations where fraudsters a
re trying to get unauthorized information for fraudulent purposes
\n <
/ul>\n
\n - 3:30 - 3:50 Best Practices to Curtail Fraud and Keep Ex
penses Down\n
\n - Identify weaknesses in your own accounts payable
function that may expose your business to fraud
\n - Detect potent
ial external fraudulent situations early so you can prevent losses
\n
- Why time is not your friend in the fight against fraud
\n - Be
st practices that prevent and detect fraud
\n
\n \n - 3:50
&ndash\; 4:00 Concluding Remarks
\n
\n\nSpeaker
\n\n<
img alt="Mary Schaeffer" src="https://s.evbuc.com/https_proxy?url=http%3A%
2F%2Fstatic.complianceonline.com%2Fimages%2Fpanelists%2F180546%2FMary_Scha
effer_90_112.jpg&\;sig=ADR2i7_xlbrmQLeFMFchZ0ffRmNPzMANyw" />
\n\n<
p>Mary Schaeffer
\nAccounts Payable Best Practice Trainer\, Writer/Co
ntent Creator\, Consultant and Program Developer\n\nMary S. Schaeff
er\, a nationally-recognized account payable expert\, is the author of 18
business books\, a monthly newsletter\, and a free bi-weekly e-zine\, as w
ell as several CPE courses for CPAs. She runs AP Now\, a boutique publishi
ng and consulting firm focused on accounts payable issues. She also serves
as the Education Director for the Institute of Financial Operations. Befo
re turning to writing and consulting she worked in the corporate world as
an Assistant Treasurer for the Equitable Life Assurance Society\, a Financ
ial Risk Manager for O&\;Y and a Corporate Cash Manager for Continental
Grain. A frequent and popular speaker at both live and online events\, sh
e has an MBA in Finance and a BS in Mathematics.
\n\nPlease contact
the event manager Marilyn (marilyn.b.turner(at)nyeventslist.com ) below fo
r: \;
\n- Multiple participant discounts \;
\n- Price qu
otations or visa invitation letters \;
\n- Payment by alternate c
hannels (PayPal\, check\, Western Union\, wire transfers etc) \;
\n- Event sponsorship \;
\n
\nNO REFUNDS ALLOWED ON REGISTRA
TIONS \;
\nPrices may go up any time. Service fees included in pr
icing. \;
\n-----------------------------------------------------
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\n
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ist.com \;
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SUMMARY:Account Payable Best Practices (com) A
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SUMMARY:Account Payable Best Practices (com) A
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