December 9, 2009 
This entry was posted on Wednesday, December 9th, 2009 at 12:37 am and is filed under Accounting, Accounts Payable, How To. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
A big organization or company that processes large sums in monthly payables must have an efficient accounting system. Learn to implement sound accounts payable procedures to increase your use of payables and discounts, improve your payables cycle efficiency, and tie it to your purchasing and receivable cycles.
Some of the modifications you can implement:
~Utilize paperless invoices, centralized vendor files, automated workflows and web-based supplier self-servicing
~Negotiate payment terms based on the receipt of goods or the invoice
~Make reviewing purchases a continuous process so as to monitor changes in transportation charges, new prices and products, payments terms, etc.
~Review purchasing procedures to eliminate disputes later so you will not be forced to pay for your mistakes
~Provide accounting staff with regular formal training to improve effectiveness