Company X pays approximately $2 million in invoices each day. Using proper internal controls, you can ensure that goods and services are received, and payments are properly processed. Ensure that payment documents are processed correctly by having different people involved in the payment process. This principle is called separation of duties. Best practice is to have different people: Approve purchases Receive ordered materials Approve invoices for payment Review and reconcile financial records Potential consequences if duties are not separated: Erroneous or fraudulent invoices approved for payment Unauthorized payments made to non-existent vendors Accountability ensures that you authorize,
Sales invoices are prepared in batches on a daily basis using numbered sales invoices. Sales invoice numbers are automatically generated by the company’s computer system. The accounts receivable clerk does not have appropriate computer rights to override the computer-generated invoice number. Upon preparing sales invoices, the accounts receivable clerk verifies that the first invoice number of the batch is consistent with the last invoice number of the previous batch. Inconsistencies or skipped sales invoice numbers are investigated and resolved before new sales invoices are prepared. The items shipped are compared to the items billed for proper quantity, price, and other sales order terms.
Consequently, the potential increased volume of transactions and vendors would require an increase in the number of employees to perform the activities if the existing process were to be maintained. The increase in transaction and vendor volumes would be relative to the amount of time it takes to manage the invoicing of vendor payments. Of the six days per month taken to manage the processes, four days are for invoicing, which would now need to be multiplied by four, resulting in 16 days per month, more than half of the month being spent processing invoices by one of The Store’s admin team. This is valuable time taken away from more productive activities.
5. No because the amount of the invoice fluctuates for the same product in this type of scheme and therefore it would be difficult to figure out how much the invoice should have been made out for.
Standardize the file transfer process across agencies and ensure they have the ability to stop any payment requests they deem invalid prior to transmission to either SAP or Treasury’s PeopleSoft system.
*Customer was having difficulties signing in to his Comcast account and he's upset since this has been going on for 4 days now. CAE tried to help the customer but during the interaction, customer was complaining and requested the CAE not to rush him. CAE seemed to be in a hurry and the customer was not confident that the CAE totally understood his concern.
Team 5 also recommends implementing an automated process system that automatically scans and enters invoices into the payment processing software. With the implementation of this software, Pay Later Invoices and Pay Now Invoices can be eliminated from the process. Additionally, Team 5 suggests moving the two employees from Pay Now and Pay Later Invoices to the Final Check activity. This will eliminate the bottleneck of over utilization at the Final Check because the number of employees increases to three. Although the utilization decreases by over 30%, it leaves room for variability and decreases the stress put
Our position stands with the European Commission that the Internet service plans, under the protection of Regulation (E.U.) 2015/2021, will remain uncapped, fixed broadband. EU citizens are not subject to artificial limits set on transmitted data by service providers called bandwidth caps. Internet Service Providers cannot act as middlemen in regards to deciding data speed. Companies, entrepreneurs, individuals - all should have equal access to transmit data without limitations online.
What pertinent aspects of U.S. law should the company be aware of in its goal to do business internationally?
According to the CMSA (Case Management Society of America) and several others organizations that case management alone means that it is a collective system that helps the patient and their family needs through the communication, available resources of promoted quality, and cost-effective outcomes.
The Last in first out (LIFO) liquidation Inventory valuation method was changed as Inventory level in1984, 1983 and 1984 was decreased by Harnischfeger. By adopting this process, inventory that was purchased at lower cost in previous years was sold at higher prices.
One of America’s largest forest products/paper firms with sales of $6.5Billion in 1983 and a net income of $105 million. The case study revolves around Atlantic Corporation’s intention to add linerboard capacity. In order to achieve this goal, they started looking at viable solutions, including purchasing and acquiring mill and box plants instead of through construction and fabrication of new plants and equipment. This included the possible acquisition of Royal Paper’s “crown jewels”, that is, the Monticello mill and the corrugated box plants.
1. Evaluate the economics of Gulf's exploration and development program in net present value terms. How do Gulf's outlay for exploration and development compare to cash returns Gulf generates from these activities.
Companies strive to choose not only the best marketing channels, but also the best profitable channel. A profitable channel can promote and successfully sell out of a product that might not otherwise turn a profit for their producers (New Charter University 2015). “The calculations from the cost accountant for the retail segment accounts were 60 percent of sales, and for the foodservice segment accounts were 40 percent. The cost accountant believes that both channels are profitable. The accountant also believes that the company achieves an overall average gross margin of 60 percent on its sales (Bowersox, D. J., Closs, D. J., Cooper, M. B.,
One of the world’s largest automakers, GMC has it’s roots traced back to 1908. Also known as GM, this company is a United States-based automaker with its headquarters in Detroit, Michigan. After the General Motors Company was founded, it soon became known as one of the largest car manufacturers in the world. In 1909, the Grabowsky Rapid Motor Vehicle Company (GMC) joined with GM. The trade name GMC Trucks was first exhibited in 1912 at the New York Auto Show and registered with the U.S. Patent Office eight months later. The
The Pacific Oil Company a well-established oil company with an assorted diversified product line including “Vinyl Chloride Monomer (VCM)”. (Lewicki, 2010, p. 583) As one of the pioneer producers of VCM, Pacific Oil cornered the market share for contracting, distributing and selling their niche product, VCM worldwide. One of Pacific’s longtime customers was Reliant Corporation. This partnership was more than a decade old and was strong. However, if Pacific Oil decided to further diversify its product line to include Polyvinyl Chloride (PVC) a VCM derivative, “it would not want to be in the position of supplying a product competitor with the raw materials to manufacture the product line, unless the formula price was extremely