Why would you have controls over purchasing and payables? Do you think purchasing is an important function to your business?\u00a0<\/p>\n
Well, as a matter of fact, purchases are important in almost every company that\u2019s doing business of some sort. Part of the business is earning money and another part is making sure there\u2019s something to make money from so it\u2019s about making investments into equipment, making sure there\u2019s something to sell and so on. It\u2019s about buying goods and services to keep the business running.<\/p>\n
However, the thing with buying is that it includes spending money. What money is for one\u2019s business, its funds that ensure the business can be kept running. It\u2019s also a temptation since it\u2019s something any person can essentially use for their own good.<\/p>\n
It\u2019s important to understand the temptations around money and to also understand your company\u2019s purchase process to know your risks \u2013 how is the selection of suppliers determined and what are the routines over the process, who agrees prices, who agrees the terms, who confirms paying of invoices, is there sense in authorizing invoices prior they go for being paid and so on.<\/p>\n
Another important factor to consider is the routines you have over invoices moving to accounting. There may be often times when the invoices don\u2019t reach appropriate personnel in time and you won\u2019t meet the payment deadlines in time. Trust me, it gives your company a bad image if this becomes a regular thing so having a control over the purchases made and how invoices move in your company is important.<\/p>\n","protected":false},"excerpt":{"rendered":"
Why would you have controls over purchasing and payables? Do you think purchasing is an important function to your business?\u00a0<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[80],"tags":[],"class_list":["post-5202","post","type-post","status-publish","format-standard","hentry","category-2-10-purchases-and-payables"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/5202","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/comments?post=5202"}],"version-history":[{"count":1,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/5202\/revisions"}],"predecessor-version":[{"id":5203,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/5202\/revisions\/5203"}],"wp:attachment":[{"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/media?parent=5202"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/categories?post=5202"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/tags?post=5202"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}