Page 31 - Accounting Best Practices

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Exhibit 3.1 (Continued) Accounts Payable Best Practices
Best Practice Cost Install Time
Management
3–21 Outsource the accounts payable function
3–22 Outsource value-added tax reclamations
3–23 Shrink the supplier base
3–24 Withhold first payment until W-9 form
is received
Payments
3–25 Automate payments for repetitive
processing
3–26 Eliminate manual checks
3–27 Have regularly scheduled check signing
meetings
3–28 Incorporate copy protection features into
checks
3–29 Issue ACH payments along with
remittance detail
3–30 Substitute petty cash for checks
3–31 Substitute wire transfers for checks
3–32 Use signature stamp

Purchasing
3–33 Create direct purchase interfaces
to suppliers
3–34 Create on-line purchasing catalog
3–35 Use blanket purchase orders
Suppliers
3–36 Add suppliers’ 800-numbers to master file
3–37 Assign payables staff to specific suppliers
3–38 Create different supplier accounts for
different terms
3–39 Ignore supplier invoices and pay from
statements
3–40 Issue standard adjustment letters to
suppliers