The New Accounts Payable Toolkit

Christine H. Doxey

• Publisher: Wiley
• Year: 2021
• Print ISBN: 9781119700500
• eBook ISBN: 9781119700524
• Edition: 1
• Topic: Business
• Subtopic: Accounting
• Index: Business

THE NEW ACCOUNTS PAYABLE TOOLKIT

In The New Accounts Payable Toolkit, accomplished entrepreneur, consultant, and finance expert Christine H. Doxey delivers a unique and powerful approach to the accounts payable process and discusses the impact of the automation of the Procure to Pay (P2P) process. The toolkit explores all aspects of the accounts payable process, from the establishment of the contract and the purchase order to the supplier validation process, invoice processing and payment, accounting, and fiscal close.

You'll learn the key metrics and analytics needed for the accounts payable process. This comprehensive toolkit provides the best practices, tools, and internal controls that can help safeguard your company's cash and other assets. You'll obtain a variety of tools to create the foundation required for current internal controls and compliance to ensure that suppliers are correctly validated in the supplier master file to maintain regulatory compliance.

Avoid paying fraudulent or inaccurate invoices and avoid paying a supplier's invoice more than once. Be certain that all supplier invoices are properly accounted for to ensure an accurate fiscal close. Finally, stay up to date with all current and coming trends in the accounts payable process, including eInvoicing, ePayment, Robotic Process Automation (RPA), Artificial Intelligence (AI), Machine Learning, and eAccounting.

The New Accounts Payable Toolkit provides guidance for the implementation of AP automation solutions that can streamline and modernize your own systems and processes to take advantage of new digital developments.

Perfect for controllers, chief financial officers, and finance managers, The New Accounts Payable Toolkit will also earn a place in the libraries of students and professionals who seek to better understand the components of an optimal accounts payable.

UNCOVER A UNIQUE AND POWERFUL NEW APPROACH TO ACCOUNTS PAYABLE PROCESSES

The New Accounts Payable Toolkit offers readers a comprehensive and timely new way of handling their accounts payable systems and processes. You'll discover how to implement new digital technologies in every aspect of the accounts payable process, from the establishment of the initial contract and purchase order to the supplier validation process, invoice processing and payment, accounting, and fiscal close.

You'll learn to validate suppliers in the master list to ensure regulatory compliance, prevent multiple payments for a single invoice, keep from paying fraudulent, inaccurate, or incomplete invoices, and apply best practices to help safeguard your company's assets. You'll also discover how to measure and record key metrics and analytics to maintain an effective accounts payable process. Finally, you'll read about new and upcoming trends in accounts payable, like artificial intelligence, machine learning, and robotic process automation that you can implement today to realize new efficiencies and savings.

Ideal for chief financial officers, finance managers, and controllers, The New Accounts Payable Toolkit is an invaluable guide to modernizing and optimizing your own company's accounts payable processes and systems.

SECTION 1
Introduction

Welcome to The New Accounts Payable Toolkit! This toolkit is a guide for “everything AP.” As we look at all the processes that impact AP and procure to pay (P2P), the author will present best practices and current trends. As we drill down into the pertinent process details, an overview will be provided, followed by a process flow diagram with additional insights. Standards of internal controls are also presented for the AP and P2P processes explored in this toolkit.

CHAPTER 1
About This Toolkit

The New AP Toolkit is an excellent reference book for anyone new to the AP or P2P space. It can be used to evaluate current processes and identify improvements. This book also serves as a reference for AP managers and directors, P2P managers and directors, shared services managers and directors, external and internal auditors, internal control professionals, CPOs, controllers, and CFOs. Here's how the book is organized.

How This Toolkit Is Organized
Section Number	Title	Chapter Number	Chapters
1	Introduction	1	About This Toolkit
2	The New AP Department	2	The New AP Department
		3	Automating the AP Process
3	Dissecting the P2P Process	4	What is the P2P Process?
		5	Transforming the P2P Process
		6	Structuring the AP Process
4	How Procurement and Receiving Impact AP	7	Supplier Selection and Management
		8	Contract Management
		9	Purchasing and Ordering
		10	Receiv...

Table of contents

• Cover
• Table of Contents
• Title Page
• Copyright
• SECTION 1: Introduction
• SECTION 2: The New AP Department
• SECTION 3: Dissecting the P2P Process
• SECTION 4: How Procurement and Receiving Impact AP
• SECTION 5: A Laser Focus on AP
• SECTION 6: Other AP Business Processes
• SECTION 7: Addendum
• Glossary
• Index
• End User License Agreement