Best Practices for Invoice Handling (Completed)

Every organization has bills to pay. It can be a costly operation if handled poorly – and unfortunately in many cases it still is. What’s more, many vendors now email invoices creating a whole raft of new issues. Recent statistics from an AP Now survey on invoices reveal that over one-third of all companies now receive the majority of their invoices by email. This is fine if you have a good process in place to handle them. Many don’t and they are paying for it.

The handling of emailed invoices is not the only issue impacting the invoice process. Alas, many of the traditional headaches continue, with managers still taking too long to approve invoices for payment. What’s more invoice automation is making headway helping and looking into the very near future it is expected that AI (artificial intelligence) and RPA (robotic process automation) will have a radical influence.

Who Should Attend
Accountants, controllers, accounting managers, auditors (internal and external), Treasurers, CFOs, CEOs, accounts payable professionals, expense reimbursement staff, payroll professionals, procure-to-pay professionals, and travel managers.

Topics Covered

• Invoice process and problems compare to others
• Poor invoice handling practices that cause duplicate and erroneous payments (and no, the vendor won't automatically return them)
• Best practice operation for your invoice processing
• Minimize some of the ongoing common problems
• Invoice automation models
• The impact of invoice automation in other countries on North American initiatives
• The role AI and RPA are likely to play in invoice processing in the near future
• How your organization will pay for invoice automation (or AI or RPA)

Learning Objectives

• Recognize how to measure your invoice process and problems compared to others
• Identify poor invoice handling practices that cause duplicate and erroneous payments (and no, the vendor won't automatically return them)
• Describe how to create a best practice operation for your invoice processing
• Identify how to minimize some of the ongoing common problems
• Describe different invoice automation models
• Evaluate the impact of invoice automation in other countries on North American initiatives
• Recognize the role AI and RPA are likely to play in invoice processing in the near future
• Identify how your organization will pay for invoice automation (or AI or RPA)

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (2 hours)

Program Prerequisites
None

Advance Preparation
None