The accounting, accounts payable and payment processes are the main focuses of this channel along with job interview tips., in videos ranging from two minutes to two hours. We also recently started posting KZread shorts, so there are quite a few even shorter videos. Accounts payable, accounts payable for beginners, accounts payable basics, accounts payable tutorials, accounting, bookkeeping, job interview tips and occasionally Wordle are all covered.
Worried about keeping up with changing best practices, new frauds, new technology, ever-increasing regulatory concerns, and new processes impacting your accounts payable function? The AP Now channel, hosted by Mary Schaeffer, one of the leading accounts payable experts, is for you. New episodes are posted Tuesdays and Thursdays.
This channel is especially designed for those who work in, manage, have responsibility for, or provide services to the accounts payable function - except of course, the Wordle videos which are for everyone.
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Great explanation video
Thank you. I really appreciate you saying so.
Thanks queen
Hi - do you have a video on how to do month end and year end closing as well as cash flow forecasting for accounts payable managers?
Not exactly at this time, mainly because it is slightly different for each company, also depending on what ERP system is used. However, you did give me something to think about for future sessions. We do have one on AP Year End Tasks Many Forget at kzread.info/dash/bejne/l2uJ17KAaZTFaLw.html and one on understanding what the Cash Flow Statement is, but it is more from an accounting perspective. See it at kzread.info/dash/bejne/maNmr6lxpMWYedo.html
@@APNow Thanks for the reply. I'm looking to take the next step of my career and become an AP manager. Would love videos on some tasks done by AP managers which are not necessarily done by AP officers.
@@Mr.PaulyP Great suggestion! Thanks
Thanks Mary, All your videos are very informative and of course a zest to learn and keep learning always will make a grow and be a better person
Thank you for your kind words. They are very much appreciated
Hi there, is it even worth it learning accounts payable because if this accounting automation? I am learning data analysis and with some accounting domain knowledge. You think this is a good path? Thanks
YES - the automation will handle only the more routine part of the process. It won't resolve discrepancies, set up new vendors, do tax reporting etc. Also, it is important to understand the underlying principles. Good luck
Process improvement & data accuracy steps a manager can take ? All in one answer 1)Make sure invoice are authorised before payments 2)Make sure all documents related to invoices and payments are reviewed properly 3)Be well versed with the changes in tax regulation, ensure tax information on invoices are verified , taxes are remitted with appropriate tax authorities 4)Ensure vendor contracts are reviewed, know about penalty in default payment, avoid default payment 5)Ensure all vendor documents, tax documents are reviewed to ensure compliance 6)Avoid duplicate payment, late payment 7)Reduce paper trial 8) Reduce cost and manual efforts by automating AP 9)Prioritise important AP task by automating AP 10)Segregation of duties, - no one person should do the complete payment processing, separte PPL for invoice processing, payment & approval and bank reconciliation . 10) 3 way matching should be followed 14)Proper training on data entry should be given, 15)Review AP data to ensure all data is accurate. 16) Training on fraud and compliance should be provided to emoloyee 17) Take use of software like quick books or xero has inbuilt checks to reduce reduces the errors 18) having two systems,one for invoice processing and other one for data entry should be implemented to avoid errors 19) vendor master file should be updated before u raise a PO, often AP teams gets to know about a vendor when they receive an invoice, they then manually enter vendor information on system to make payments. That's a big No. Let me know if its ok mam
Another gem
You put a smile on my face! Thank you
Outstanding content mam. U make AP so simple and exciting for beginners like us. Kudos and more power to u.
Thank you 😁😁😁
Excellent content
Thank you - fyi, we just released Part 2.
Fantastic video, it covered everything so well. Thanks a ton mam
You are very welcome!
Would you recommend a special email address for the accounts payable department? We currently give our primary company email address to vendors to email invoices to. Is a separate email address for accounts payable best practice?
Definitely - good question!
Stop fucking yapping just say it ong
Very informative mam
Thank you. I appreciate your kind words
@@APNow I hv an interview on Thursday for p2P accounts payable role for US based MNC. Any particular video u that i should be watching?
@@abhishekmukherjee5005 make sure you understand the basics (you probably do) but it might be a good idea to review one that is, I think , 17 or 18 minutes long. Also the long one on Automation(you might be able to skip parts, if you already know that stuff) and any on Best Practices. Good luck.
@@APNow thank u mam, ur videos have help a lot. Keep up the good work. I have subscribed ur channel
@@abhishekmukherjee5005 thanks and good luck
From an Italian - Don’t tip. We do not tip and don’t want the american tipping culture to spread in our country. Grazie e buone cose!
if I ran the world 🤣🤣I'd make it so everyone got paid a decent wage AND then we could end tipping almost completely, Siete i benvenuti
Wow 20 books!!
😀😀😀
Absolutely you said it convincingly. Do u have a ny accent?
🤣🤣🤣 YES!!!! And proud of it! Thanks for your kind words
Good stuff! U don’t take any nonsense
I try not to ...
When my credit union first offered Zelle, it literally reeked of problems. My concerns weren’t unfounded.
thanks for making me laugh ... although the issues are certainly not a laughing matter. Hopefully, it is getting better
Zelle is no joke. My brother said he sent me money via Zelle. Next thing I know, my bank account received the money like instant coffee. So be careful when using Zelle.
Ahh yes lol, the new amended condition to the 1099-K tax form
Your videos are great and easy to understand. Thank you Mary!
Thank you - I really appreciate you saying that
2 factor is as secure as Zelle.
2 factor gives you false hope and you think that is gonna protect you at all., nope its fake, its nothing but trouble. And it makes you think your bank is securing your funds. Any big time hacker can defeat 2 factor, and totally by pass it. To steal your funds, same as changing your acct to their address with post office., why I'm not putting in another cent ever again to that bank. even though they reversed charges and gave my funds back.
2 factor is part of fake fraud. The way banks are set up they actually favor the hacker. How do I know? my id was stolen. And i'm the only only one jumping through hoops. for this reason two thumbs down on your video! Banks when you tell them should stop even a pending charge you didn't make. I hate banks for that reason.
Had a great time chatting about my favorite topic!
And we had a great time picking your brain and went away a lot more knowledgeable. Thanks @bbabookkeeping
Hello. Great video. Thank you so much. QUESTION - I have an accounting degree. However, I have not worked in the accounting field since receiving my degree as I ended up joining the military. I am now looking to start my accounting career. Do you have an advice about how to do this? I have basic knowledge of accounting from what I remember in school (which was over 10 years ago). However, I see on most job postings that they are looking for someone with this and that experience. It's a bit discouraging. Thanks!
Is there ANYTHING you did during your time in the military that is even remotely connected to the job market? Did you have people reporting to you? That would be managerial experience. See if you can find a small not-for-profit and volunteer to do some of their accounting work (for free ☹. Also, you may have to take an entry level job ... with no experience required ... although that probably has some salary challenges. Finally, look back to the part time jobs you had in college. Did any of them have an accounting component that you can emphasize on your resume and during interviews. Also, look for companies that try and hire veterans in your area. I just did a Microsoft copilot search and it listed about 10. Lastly, don't give up. Keep trying and you will get something. Good luck and let us know when you land a job - I know you will!!!
Hello, Mary. I have a Master's Degree in Accounting and got an Accounts Payable Clerk job. Your videos are very helpful. Thank you so much for all the detail.
Thank you for sharing that. I’ll bet you do a great job.
Thank you 😊
I would also state out the direct relation between AP and CashFlow. When AP increases, that's good for the cashflow, means cash is not changing hands therefore we have a cash inflow When AP decreases, that's bad for the cashflow, means company is paying her bills in cash which results in an outflow The opposite applies for A/R in relation with CashFlow.
I like that explanation. Thanks for sharing it.
You started talking about accrued expenses 14:10, then the screen went black at 14:16 and doesn’t come back until 14:32 when you start talking about cash.
Well that is not good. Thanks for letting me know and let me see what I can do to fix it.
I noticed this too which led me to your AP vs Accrued Expense video and it worked out great! Love your videos, thank you.
@@Dianthusrain thank you for your kind words
Using a white board to illustrate enteries would be helpful.
Hmmm - I hadn't thought of that - good suggestion
This resumes perfectly a day in my life. Welcome to my world! 😅
Thanks for sharing that ... and giving me a good laugh!!!
Love your videos ❤
Thank you - I appreciate hearing that
This has been so helpful! Thank you!
Thank you for this helpful video!
I appreciate your response. Thanks for letting me know!
Why can't I just say the job sucks. I would like to do something different. I've even lied and mentioned that I love my current job, but it is time to move on due to the lack upward mobility...HR "people" can see right through that beforementioned. What they really want to hear is, I want to make you a ton of money and be extremely loyal, and I love working long hours doing the jobs of 4 people and being taken advantage of makes my day. Tell me I'm wrong....
Because it reflects badly on YOU and you don’t want to do anything that reflects badly on yourself when you are trying to get a new job - especially if the one you currently have sucks!
the best way to protect yourself is not to respond to an email (click a link) or text message , but rather, go to your own PC and log into your account and check and see if there is any issue. you will usually see that there is nothing happening and then you can delete the email or DM and report the email as phishing. I have always followed this process, always worked. don't become a victim by rushing!!!
It's nice and educational. Keep up the good work.
Thank you for your kind thoughts. Keeping this channel going with new content is at the top of my to do list!!!
Thank you for the great information.
You are very welcome - and I appreciate you saying so.
Can i have prevliage may i ask you some question related to Ap , i have been working in account payable domain for last 3 years. I am from india and want to work with you.
If you post your questions on the video in question, I usually look at the comments several times a week and respond to as many as possible - assuming I know the answers
Could i have prevleage to know about AP more or do you have Instagram account or something else so we will connect on it .
I start with steam then pious. All vowels used
I like those choices!!!
Or simply just ask AI, LOL
But sometimes AI gives the wrong answer - so be careful
i agree you gotta filter the information before making use of it :) but hey that applies for YT too
@@Thund3rSt0rm123 I agree - but I am astounded occasionally by the bloopers from AI ... like once it told me that AP is also referred to as AI - everyone in town could hear me screeching, NO IT IS NOT!!!
Good, I got them, except missed #6 and 12.