APS Exam Dumps : Accredited Payables Specialist (APS) Certification Exam

TheVendor Master Filetopic in the APS Certification Program outlines the goals of a vendor management program, which include preventing duplicate payments, ensuring compliance with laws (e.g., IRS reporting), and collecting spend data for procurement.Streamlining sales and use tax processes, while related to AP, is typically handled through tax compliance systems or purchasing processes, not the vendor management program, which focuses on vendor data and relationships.

Option A (Reducing duplicate payments): A key goal, achieved by maintaining accurate vendor master file data to avoid duplicate vendor entries.

Option B (Streamlining sales and use tax process): Not a primary goal. Sales tax processes are managed separately, often through AP or procurement systems, not the vendor management program. Correct answer.

Option C (Collecting spend information for procurement): A goal, as vendor management provides data on spending patterns, aiding procurement negotiations.

Option D (Compliance with laws and regulations): A goal, ensuring vendor data supports IRS reporting (e.g., 1099s) and sanction list compliance.

Reference to IOFM APS Documents: The APS e-textbook underVendor Master Filestates, “Vendor management programs aim to reduce duplicate payments, ensure regulatory compliance, and collect spend data for procurement, but sales tax processes are typically managed outside vendor management.” The training video notes, “Vendor management focuses on accurate data to prevent errors like duplicates and support compliance, not directly on tax processes.”

TheTechnology and Automationtopic in the IOFM APS Certification Program covers strategies for optimizing AP processes, including the establishment of shared services centers (SSCs). SSCs consolidate back-office functions like AP to improve efficiency and reduce costs. Key requirements for a successful SSC include performance metrics to measure success, a customer serviceorientation to support internal and external stakeholders, and a change in mindset to embrace centralized processes. However, agreenfield site(a new, undeveloped location) is not a requirement, as SSCs can be established in existing facilities or virtual environments.

Option A (Performance metrics): Performance metrics (e.g., cost per invoice, processing time) are essential to evaluate the SSC’s efficiency and ensure alignment with organizational goals. This is a requirement.

Option B (A customer service orientation): SSCs must prioritize service to internal clients (e.g., departments) and external stakeholders (e.g., vendors), ensuring smooth communication and issue resolution. This is a requirement.

Option C (A greenfield site): A greenfield site refers to a new facility built from scratch. SSCs can operate in existing offices, leased spaces, or even digitally, making a greenfield site unnecessary. This is the correct answer, as it is not required.

Option D (A change in mindset): Transitioning to an SSC requires employees and management to adopt a centralized, process-driven approach, moving away from decentralized silos. This cultural shift is a requirement.

Reference to IOFM APS Documents: The APS e-textbook underTechnology and Automationdiscusses SSCs as a way to “streamline AP through centralized processes, requiring performance metrics, a service-oriented approach, and a cultural shift to succeed.” It notes that SSCs can be established in various locations, with no mention of a greenfield site as a necessity. The training video highlights case studies of SSCs, emphasizing metrics and mindset changes but not physical site requirements.

Vendor calls to the accounts payable (AP) department often stem from inquiries about invoice status, payment timing, or discrepancies. Providing access to a supplier portal (Option I) allows vendors to check invoice and payment status online, reducing the need for direct contact. Including as much information as possible on the remittance advice (Option III) clarifies payment details, addressing common vendor questions. Assigning specific individuals to interact with specific vendors (Option II) may streamline internal processes but does not directly reduce vendor calls, as it does not provide vendors with self-service tools or additional information.

The web source from Esker states: “Supplier portals reduce vendor inquiries by allowing vendors to track invoice and payment status in real-time… Detailed remittance advice with comprehensive payment information minimizes follow-up calls from vendors.” This supports Options I and III. Option II is not mentioned as a direct method for reducing vendor calls, as it primarily affects internal AP workflows.

The IOFM APS Certification Program covers “Internal Controls,” including strategies to improve AP efficiency and vendor relations. The curriculum’s focus on “peer-tested best practices” aligns with using supplier portals and detailed remittance advice to minimize vendor inquiries.