Page 30 - Accounting Best Practices

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3–1 Pay Based on Receiving Approval Only
Exhibit 3.1 Summary of Accounts Payable Best Practices 19
Best Practice Cost Install Time
Approvals
3–1 Pay based on receiving approval only
3–2 Reduce required approvals
3–3 Use negative assurance for invoice approvals
Credit Cards
3–4 Use procurement cards

Documents
3–5 Automate three-way matching
3–6 Digitize accounts payable documents
3–7 Directly enter receipts into computer
3–8 Fax transmission of accounts payable
documents
3–9 Have suppliers include their supplier
numbers on invoices
3–10 Receive billings through electronic data
interchange
3–11 Request that suppliers enter invoices
through a Web site
3–12 Shift incoming billings to an EDI data-
entry supplier
Expense Reports
3–13 Audit expense reports
3–14 Automate expense reporting
3–15 Eliminate cash advances for employee
travel
3–16 Link corporate travel policies to automated
expense reporting system
3–17 Transmit expense reports by e-mail

Management
3–18 Centralize the accounts payable function
3–19 Issue standard account code list
3–20 Link supplier requests to the accounts
payable database

(continues)