Best,Practices,Payable,Managem computer Best Practices in Payable Management to Reduce Mistakes


Gone are those times when the companies and the organisations didn't need a hi-tech system to handle them. Owing to the considerable increase in the business sector and thus, an enormous increase in the complexity of the organisational struc ----------------------------------------------------------Permission is granted for the below article to forward,reprint, distribute, use for ezine, newsletter, website,offer as free bonus or part of a product for sale as longas no changes a


Payable management is a tough process to handle because it involves many activities which consume time and manpower and without following best practices chances of mistakes is always high which can be costly for the company. Large part of time is wasted in covering up for the errors or confusions created by the suppliers which make payable management even more tedious to handle.Managing proper time of payment according to cash flow of the company is the best practice for payable management. This practice not only improves the profitability of the company but also improves cash flow. Some companies workout the date of payment of invoices after a particular period and this period is calculated as per company's sale and total payouts made in one financial year. Obtaining discounts on payments made before or on due date, segmenting the suppliers according to the goods they supply helps in working out suitable terms of payment for better payable management.Repetitive tasks not only consume valuable time but also chances of errors in those works are high. Automating repetitive tasks like invoice feeding, matching the invoice with receipt of payment, real time access to pending invoices for payments and prior information about the near due date invoices can be automated by the use of technology. OCR with accounting or ERP software is adopted by many large organizations for automating such processes. Making regular or recurring purchases with cards and making payments with electronic fund transfer also helps in reducing work load which eventually reduces the chances of mistakes in payments and wrong entries. Other practice adopted with use of technology for payable management is use of web based catalogs which is a very simple way of keeping track of all the purchases made by the employees and payment is made for bulk purchases made in a period as mutually decided between buying company and supplier. Usually this practice suits best for MRO purchases and other recurring purchases.Strict rules and their compliance shall be followed to avoid frauds and illegal transactions. With the use of technology in payable management training and making employees aware about payment ethics of the company, maintaining proper security measures in the software and identification of the person before allowing access to the data and disallowing authority of one person to make the payments are few best practices to avoid fraud payments and transactions. Maintaining two way communication with the vendors, maintenance of vendor master file with all the details to access them, conducting random checkups about vendor status and keeping the number of active vendors to minimum are also best practices in payable management.Different payment terms can be worked out with vendors differentiated by the type of commodity they supply. Some vendors supply commodities which are low value and low risk as they are not costly and easily available, some have commodities of high value and low risk. Payment terms with such vendors can be strictly bargained if purchases are frequent and of decent quantity. Whereas vendors supplying high value and high risk commodities which are important due to short supplies and strategic commodities which are compulsory for production can be given more favorable payment terms to ensure smooth supplies and comfortable relationship.

Best,Practices,Payable,Managem

computer

Equipment Rental Software – Features And Cost

Equipment rental management software is an essential thing these days for any equipment rental company.A well-developed equipment rental software provides you with a variety of features that can really help you maintain and organise your cus ...

computer

5 Big Reasons Why I Migrated From Angularjs To React

I have 5 main reasons for my angularjs to react migration. No, it's not a comparison on which is better. A comparison between apples and oranges would make no point. React is a library, and angular is a framework. Both can do stuff in their ...

computer

How to troubleshoot McAfee error 2318?

Security software means McAfee! For many computer users, McAfee antivirus is the only choice for security software as it provides all the features and tools which are necessary for device and data protection. This robust antivirus merely sho ...

computer

Manage Multiple Counter With AlignBooks Point of Sale

Fulfilling your businesss needs which can grow your firm is our aim. AlignBooks is better known for providing a strong pillar to newly started or midway businesss. Those companies who dont want to fall back with irregularity manage the inven ...

computer

How to Autoplay Embedded YouTube Videos

Source: How to Autoplay Embedded YouTube VideosEmbedding a video or audio enables the users to share their videos with any of their preferred sites or any social networking platforms. They can do so by copying the embedded link of the parti ...

computer

3 Major Mistakes to Avoid in Retail Business

Truth be told, nearly half of the retail businesses survive longer than four years and which can be something to ponder for a newbie before stepping into the industry. However, this being said, it is also true that you can excel in the indus ...

computer

Start Your Own Computer Repair Business

1. Know your street value. In the early 90's, running a PC repair business centered around selling parts and products, with service on the side. Today, it's about selling hours. If you run a business, you need to consider the X3 rule. That m ...

computer

How Establishments Show Up in Restaurant Searches

The revolutionary rise of technology has made things easy-peasy for consumers in the restaurant industry. Unlike the old days, the availability of innumerable platforms has made it possible for diners to choose from various searching options ...

computer

GuildWars 2 :

The last expansion pack for Guild Wars 2 was Path of Fire, which was released in 2017 and brings you a new enemy-Balthazar, the evil god of war. Although this doesn't sound like another expansion pack currently in production, some fans ma ...

computer

Customer Support at the time of COVID-19 Pandemic

COVID-19 is the worst crisis of our time as we observe social distancing protocols being imposed all around the world. While these measures are a step in effectively managing the COVID-19 pandemic, Hospitality and Retail businesses are confr ...

computer

How to Choose a Contract Management Solution (CLM)?

Contract life cycle management (CLM) systems can simplify and automate contract creation, negotiation, execution and storage. They are an intelligent alternative to the tedious hand tools formerly used for these tasks, which lacked visibili ...

computer

Contacting Google Live Person to Resolve Your Issues

Users are fond of all the Google supported products and look forward to the best services. Also, Google as a whole has never disappointed its users and helped them at every point with its commendable services. Also, being a customer-oriente ...

computer

how to uninstall discord

How to Uninstall Discord in Windows 10? has supported open source technologies, our tool is secure and safe to use. To uninstall a discord from your windows, you'll use this method which is given below.USING THIRD PARTY TOOLS1. Firstly, you ...