2-Days In-Person Seminar

Transforming Corporate Spending Processes: T&E and AP Best Practices and Digitization

Chris Doxey
Philadelphia,PA
Mar 12 - Mar 13 , 2020

Starting at

$1499


Mar 12 - Mar 13 , 2020
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Every business or organization essentially has two financial flows revenue and expenses. Money coming in is, obviously, what keeps a business afloat and allows it to operate for any extended period. However, once the money comes into an organization, there needs to be a surefire way to track expenses and keep costs minimal and manageable. That’s why the spotlight is on transforming the travel and entertainment (T&E) and accounts payable (AP) processes. This two part seminar will explore modern best practices, the impact of digitization and the critical controls to consider for your T&E and AP processes.

Part 1 – T&E Best Practices and Process Transformation

Technology may have opened up new ways for individuals to connect, but there is still no substitute for face-to-face communication. U.S. companies collectively spend hundreds of billions of dollars each year on travel and entertainment. Considering that travel and entertainment spending also represents a big part of the typical company’s budget, the efficiency and effectiveness of managing employee expense reports can have a significant impact on an organization’s financial performance and profitability. And business travel is continuing to increase as evidenced by the statistics below.

  • Business travel is expected to grow to $1.6 trillion in annual spend by 2020 (GBTA).
  • Business travel is expected to grow 6% between 2018 and 2019 (Deloitte).
  • U.S. travelers took 462 million domestic business trips. This figure was forecasted to rise to 499.4 million by 2022. (Statista)
  • In 2017, the United Kingdom spent $50bn USD on business travel (Statista)
  • Business travel is increasing disproportionately. When surveyed in 2018, 77% of travel managers in India expected their company to spend more on business travel in 2019. In Spain, 25% of travel managers shared the same view (Statista)
  • The proportion of women business travelers is growing. In the US, 47% of business travelers are now women (CreditDonkey).
  • Business travel accounts for 22.2% of the contribution of travel and tourism to Europe’s GDP. Business travel in Western Europe grew 4% in 2017 versus 2016 (Spendesk).

Finally, to stress the value and importance of the T&E process, The Economist Intelligence Unit surveyed chief financial officers and other financial managers across the U.S., U.K., France and Germany earlier this year, and found that more than 60 percent lack complete visibility into company expenses. According to Coupa, which commissioned the report, the data revealed the importance of migrating T&E processes to the cloud, enabling digitization of expense data and allowing managers to gain visibility into that data.

Part 2 – AP Best Practices and Process Transformation

The accounts payable process can be very complex, but doesn’t have to be with the knowledge and implementation of best practices and automation. Regardless of a company's size, the mission of accounts payable is to pay only the company's bills and invoices that are legitimate and accurate. Best practices, internal controls and automation can reduce the complexity of the process and can ensure that payments are accurately made to a valid and compliant supplier.

This seminar focuses on the end-to-end accounts payable process, considers the linkage to the P2P process, and the impact of digitization. This seminar will also address the current trends in the accounts payable process which include eInvoicing, ePayment, Robotic Process Automation (RPA), Artificial Intelligence (AI) & Machine Learning, and eAccounting. This session will consider the implementation of these trends and how the accounts payable process can be modernized.

The accounts payable process or function is immensely important since it involves nearly all of a company's payments outside of payroll. This seminar will provide the best practices, tools, and internal controls that will help to safeguard a company's cash and other assets. The information and tools provided will establish the foundation required for current internal controls and compliance in order to:

  • Ensure that suppliers are validated in the supplier master file to ensure regulatory compliance
  • Prevent paying a fraudulent invoice
  • Prevent paying an inaccurate invoice
  • Prevent paying a supplier invoice more than once
  • Be certain that all supplier invoices are properly accounted for to ensure an accurate fiscal close

Learning Objectives

Part 1 – T&E Best Practices and Process Transformation

  • Understand all the components, dependencies and interdependencies of the T&E process.
  • Define the impact of the T&E upon the corporate payment process.
  • Determine how the T&E process should be organized for maximum efficiency.
  • Define the roles and responsibilities for the T&E process.
  • How to develop an embraceable and enforceable T&E policy.
  • Understand the types and impact of corporate credit cards.
  • Learn when and how to the use of the corporate cardholder’s agreement.
  • Define the details of the internal controls for a T&E process.
  • Understand what regulatory compliance means to the T&E process.
  • Identify the T&E metrics that will work the best for your T&E process.
  • Using T&E spend data for decision making
  • Learn how to transform empower your T&E team with digitization.
  • Define a blueprint for T&E digitization.

Part 2 – AP Best Practices and Process Transformation

  • Apply accounts payable best practices in a digitized world.
  • Determine how AP is a key component of the Procure to Pay (P2P) process.
  • Tap into the value of the AP process with best practices in the areas of metrics, analytics, and spend analysis.
  • Determine the process linkages and connection to the P2P process which includes supplier selection, contract & purchase order, supplier master best practices and the impact of good “front end” processes on the payment process.
  • Delve into the risks and controls needed to ensure compliance from supplier selection through invoice processing, payment and accounting.
  • Review the risks and internal controls for the AP process starting with the supplier onboarding process through the financial close.
  • Understand what regulatory compliance means to the AP process.
  • Define the key dependencies and the business partnerships needed to make the accounts payable process successful.
  • Obtain examples of AP policies and procedures.
  • Define blueprints for both AP and P2P digitization.

Who will Benefit:

  • Financial Officers
  • Controllers
  • Assistant Controllers
  • Shared Service Executives
  • Chief Procurement Professionals
  • Procurement Professionals
  • Risk Officers
  • Internal Auditors
  • AP Managers
  • AP Supervisors
  • AP Associates
  • Accounting Managers
  • Accountants
  • Payment Processors
  • T&E Professionals

DAY 01(8:30 AM - 4:00 PM)

8:30 - 9:00 - Registration Process

9:00 - 9:30 - Session Start Time, Attendee Expectations and Agenda Review

9:30 - 10:30 - An Overview of The T&E Process and Where to Digitize

  • The T&E Process Flow: Manual vs. Digitized
  • T&E Process Benchmarks and Statistics
  • Applying T&E Policy Best Practices
  • Where, How and Why to Digitize Your Manual Process
  • Blueprints for Success

10:30 - 10:45 - Morning Coffee Break

10:45 - 12:00 - T&E, The IRS, and Other Regulatory Compliance Requirements

  • T&E Expenses: Tip for IRS Compliance
  • IRS Deduction Rules
  • IRS Publication 463 (2018), Travel, Gift, and Car Expenses
  • The Impact of FCPA on the T&E Process
  • Other Regulatory Compliance Considerations

12:00 - 12:45 - Lunch

12:45 - 1:45 - Developing a T&E Policy that Works

  • T&E, Ethics and Code of Conduct
  • Organize Your T&E Process for Maximum Efficiency.
  • Roles and Responsibilities for the T&E process.
  • How to Develop an Embraceable and Enforceable T&E policy.
  • Defining and Dealing with the Exceptions
  • Examples of T&E Policies

1:45 - 2:45 - Metrics, Analytics, and Trends in Travel Expenses

  • Processing T&E Expenses in a Digitized World
  • Key Metrics and Analytics
  • Measuring Process Efficiency
  • Analyzing T&E Spend Data
  • Examples of T&E Metrics and Analytics

2:45 - 3:45 - Managing Risk in Your T&E Process

  • The Three Critical Corporate Controls
  • What are the Red Flags: Identifying Cash Leakage in the T&E Process
  • Your T&E Internal Controls Program
  • The Top 20 Controls for Your T&E Process
  • Case Studies - What Went Wrong?

3:45 - 4:00 - Concluding Remarks - Day 1

DAY 02(8:30 AM - 4:00 PM)

8:30 - 9:00 - Session Start Time, Attendee Expectations and Agenda Review

9:00 - 10:00 - Accounts Payable (AP) Process Review

  • The Key Components of the AP Process
  • AP Process Dependencies and Interdependencies
  • How AP Fits into the Procure to Pay (P2P) Process
  • Case Studies - The Changing Role of AP

10:00 - 10:15 - Morning Coffee Break

10:15 - 11:00 - Best Practices in the Supplier Onboarding Process

  • Supplier Master Best Practices: Are Your Supplier's Real?
  • An Overview of Regulatory Compliance Requirements for Your Supplier Master
  • A Look at OFAC, OIG, FCPA, AML, KYC and SOX 404 Requirements
  • Supplier Master Best Practices
  • Your Supplier Master Checklist

11:00 - 12:00 - AP Policies and Procedures

  • AP Policies and Procedure Examples from Supplier Master to the Monthly Close
  • Spotlight on P-Card Best Practices
  • Roles and Responsibilities and Sample Job Descriptions

12:00 - 12:45 - Lunch Break

12:45 - 1:45 - Measuring AP Process Performance

  • Your AP Scorecard: A Look at Key Metrics and Analytics
  • Implementing Results Driven Metrics
  • A Look at P2P Metrics
  • Examples of AP Analytics

1:45 - 2:45 - Managing Risk in Your AP Process

  • The Three Critical Corporate Controls
  • Identifying Cash Leakage in the AP and P2P Processes
  • What are the Red Flags?
  • The Top Twenty AP Controls that will Detect and Prevent Risk
  • AP's Impact on the Financial Close
  • Spotlight on Payment Risk and Controls
  • Case Studies - What Went Wrong?

2:45 - 3:00 - Afternoon Break

3:00 - 3:45 - Where, How and When to Digitize Your AP Process

  • Map Digitization Opportunities to the AP Process Flow
  • Examples of AP Digitization
  • Your AP Digitization Blueprint

3:45 - 4:00 - Concluding Remarks

Seminar (Price/Register)
Mar 12 - Mar 13 , 2020 (2 Days) Philadelphia,PA

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Special Group Discount Register for Six attendees


Seminar Fee Includes:
Lunch
AM-PM Tea/Coffee
Seminar Material
Attendance Certificate
$100 Gift Cert for next seminar

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Speaker: Chris Doxey, Owner and President, ChrisDoxey, Inc.

Chris has held senior finance and controller positions at Digital Equipment Corporation, Compaq Computer Corporation, Hewlett Packard, MCI, APEX Analytix, and BSI Healthcare. She has a bachelor's degree in English, a bachelor's in accounting, a master's in business administration, and a graduate certificate in project management. As a management consultant, Chris uses her foundation of experience to provide Leading practices and solutions to her clients in the areas of compliance, auditing, internal controls, and fraud prevention. Chris also serves as the Executive Director of the Controller Certification Program for the IOFM. Chris is a Certified Accounts Payable Professional (CAPP), holds a Certification in Controls Self- Assessment (CCSA), is a Certified Internal Controls Auditor (CICA), and is a Certified Professional Controller (CPC). She has authored The Controller's Leading Practices Guide and The Controller's Leading Practices Guide to the Financial Close for the IOFM and IMA. Chris has also published two handbooks: AP Leadership Skills and Implementing a Controls Self -Assessment Program for Accounts Payable. She writes articles, blogs, and whitepapers for professional organizations and solution providers. She also provides several webinar and presentations throughout the year. Chris is a member of the Institute of Internal Auditors (IIA), the Institute for Internal Controls (The IIC), the Institute of Financial Operations (IFO), the Institute of Management Accountants (IMA), and the National Association of Procurement Card Professionals (NAPCP). She is on the board of the IMA's Ethics Committee and Research Foundation. She is also a faculty member for the IMA's Leadership Academy. She is also a member of the advisory board for The IIC and is president of the Washington DC area chapter for both the IFO and The IIC organizations.


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