Vendor Management and Accounts Payable Training Program
Course Outcomes:
By the end of the training, participants will:
- Identify the role of accounts payable in organizational success
- Use key accounting principles related to AP and vendor management
- Evaluate and recommend improvements for AP operations
- Apply techniques and tools to improve vendor management and AP functions
- Develop strategies for managing vendor relationships and mitigating risks
Day 1: Introduction to Accounts Payable and Vendor Management
- Session 1: The Big Picture: Accounts Payable and the Financial Health of Organisations
- Overview of Accounts Payable (AP) and its impact on financial health
- Understanding the relationship between AP and working capital/cash flow management
- Key accounting principles related to accounts payable
- Role of AP in overall financial operations
- Session 2: What is Vendor Management?
- Definition and scope of vendor management
- Why vendor management is essential for organisational success
- Overview of the vendor management lifecycle
- Introduction to AP’s role in managing vendor relationships
- Session 3: Benefits and Challenges of Vendor Management
- Benefits for organisations and departments
- Common challenges and how to address them
- Vendor management strategies to reduce risks and improve performance
Day 2: Vendor Management Process and Tools
- Session 1: Vendor Management Process
- Steps involved in managing vendor relationships
- Identifying and selecting vendors
- Negotiating terms, pricing, and contracts
- Managing performance and resolving disputes
- Session 2: Grid Analysis Tool for Decision-Making
- Introduction to grid analysis for vendor decision-making
- Practical exercise: Using grid analysis for vendor selection and management
- Best practices for evaluating and comparing vendors
Day 3: Accounts Payable and Vendor Management Integration
- Session 1: The Important Role of Accounts Payable (AP)
- What does it mean to manage accounts payable effectively?
- The critical functions of AP in maintaining financial health
- Aligning AP with organizational goals and cash flow management
- Session 2: Functions of Accounts Payable and the Role of AP Staff
- Responsibilities of AP staff members
- Building a successful AP department and defining roles within it
- Streamlining processes for maximum efficiency
Day 4: Improving AP Operations and Vendor Relationships
- Session 1: Assessing AP Operations and Recommending Improvements
- Identifying inefficiencies in AP processes
- Tools and techniques for evaluating AP operations
- How to implement AP best practices for continuous improvement
- Session 2: Addressing AP Staff Challenges and Improving Productivity
- Common challenges faced by AP staff
- Solutions for increasing efficiency and reducing errors
- Building strong relationships between AP staff and other departments
Day 5: Advanced Vendor Management Strategies and Techniques
- Session 1: Vendor Management Tips for Success
- Top strategies for managing vendor relationships effectively
- Building long-term, mutually beneficial partnerships with vendors
- Leveraging technology to improve vendor management processes
- Session 2: Managing Risk in Vendor Relationships
- Identifying and mitigating risks in vendor contracts and agreements
- Dealing with vendor performance issues
- Creating risk management frameworks for vendors
Target Audience:
- Managers of Accounts Payable (AP)
- AP staff, professionals, clerks, and specialists looking to advance their careers
- Professionals in accounting, finance, purchasing, and procurement who work closely with AP
Vendor Management and Accounts Payable Training Program
This training will help participants elevate their AP and vendor management practices, ensuring greater financial health and stronger vendor relationships.
- Enquiry at : admin@keleaders.com
- Whatsapp: 0044 790 125 9494
- visit : www.keleaders.com
