43A Abba Johnson Crescent, Ikeja, Lagos.

FIN151 - Vendor Invoice Management Solutions (VIM)


The Accounts Payable invoice process is a key area requiring new technology and continuous process improvements for high performing Organizations. There is the urgent need for a change from the current manual processing method to a more efficient and automated approach for maximum efficiency and customer relations.

The manual invoice process has the following challenges:

  • Multiple invoice submission points

  • Delayed payments and sometimes loss of Invoices

  • Difficulty tracking invoices and booking of accruals

  • Duplicate payments

  • Possible internal control compromises through manual interventions

  • Financial reporting challenges

  • Unhappy vendors and the attendant costs

Vendor Invoice Management Solutions (VIM) The above is an electronic process designed to replace the inefficient and expensive manual processes and eliminate the associated challenges. It is structured along the following concepts:

  • Centralized invoice collection for proper accountability, tracking and status reporting,

  • Vendor Invoice submission

  • through electronic data and capture in the system through character recognition (OCR)
  • Electronic (paperless) approval process

  • Invoice matching with purchase orders and contracts

  • Invoice routing and electronic (paperless) approval processes

  • Full Integration with accounting software

  • Vendor invoice management Process and work flow documentation

  • Financial reporting

  • Customer management skills

  • Internal Control Compliance

Our VIM Training

In the light of these challenges and the suggested solutions, we hereby request for the opportunity to provide the training on the above topic as well as Customer Service skills to help your Company reap the abundant benefits of the new technology and service delivery.

Our Training objectives:

We expect that at the end of the training, Participants would be able to fully understand and implement the Vendor Invoice Management Solutions and achieve the following benefits for their organizations:

  • Coordinated Accounts Payable operations

  • Full Invoice accountability

  • Improvement in Invoice processing efficiency

  • Timely payments and reduced contract prices

  • Reduced cost per invoice

  • Compliance with Company internal controls

  • Cash Flow improvements

  • Improved vendor relations

  • Improved accuracy of accounting reporting

Training Methodology:

Our teaching method will include process demonstrations, analytical presentations, case studies, brain storming and problem-solving exercises, question and answer sessions, group discussions and exchange of knowledge and ideas. We will encourage full participation as much as possible to enable participants maximize the course benefits

Who should attend

The training will be beneficial to:

  • Accountants, Auditors and cost reviewers

  • Project Managers and Engineers,

  • Supply chain and contracts group,

  • All other employees associated with invoice management.

FIN162 - Vendor Contract(electronic) Management Solutions

Course Objectives

Contract Center enables companies to take an enterprise-wide, best-practices approach to the management of contracts and agreements.Stakeholders are enabled to proactively manage the contract lifecycle in a flexible way ensured to execute on innovative, evolving contract strategies. Centralized, auditable control built on an ECM foundation helps to avoid unnecessary risks, improves efficiency of resources,& empowers people to maximize the value of contracts across the enterprise.

Who should attend

  • Project Managers
  • Supply Chain Managers and Supervisors
  • Contract Specialists
  • Accountants
  • Auditors
  • IT Specialists

Course Outline

  • Capabilities and Benefits
  • Centralized, searchable repository for contracts and supporting documentation with a flexible hierarchy
  • Streamline contract processes by establishing and enforcing standard policies, procedures, language and terms
  • Streamline creation of new customer or vendor contracts through the use of templates and wizards
  • Enforce record retention policies on contracts and supporting documentation
  • Personalized view for end users
  • Secure, online collaboration with configurable roles for each contract
  • Partner information can be stored in an integrated database
  • Automatic email alerts to track events and responsibilities
  • Interview driven document creation/assembly process, and Configurable contract follow-ups

FIN301 - Internal Auditing and Risk Management

Dates Venue Price($)
Mar 9 - 13 Toronto 5,500 (Excluding Training Materials)
July 27 - 31 Houston 6, 000 (With Course Materials)

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