Kenneth Loi
Reversing entries exist to ensure you don’t have duplicate entries for your expense and revenue transactions, which are the greatest indicators of your business’ financial activity. Without reversing entries, your company’s books will look a lot more distorted than your actual performance. For example, if accounting doesn’t have those entries…
January 28, 2016 Kenneth Loi
Haven’t automated your accounts payable and the rest of your financial accounting systems from manual processes? You might be worried about making the big jump. After all, the very idea might conjure up fears of extra expenses and time involved, not to mention potential disruptions to your workflow. However, if you…
January 19, 2016 Kenneth Loi
Think of your budget as a flight plan for your company. A properly completed budget will go a long way towards ensuring a smooth landing. But if it’s plagued by errors, miscalculations or a lack of foresight, that budget could result in your organization going off-course or worse, crashing and…
January 12, 2016 Kenneth Loi
Often the unsung hero of your business, a good operations manager can have a huge effect on your company when it comes reducing costs and increasing efficiency. But their expertise doesn’t have to only help your procurement practices. Operations managers can share a lot of lessons that benefit everyone in…
December 22, 2015 Kenneth Loi
In simpler times, all a company had to do was ensure its revenue streams were consistent and success would follow. But with the economy more unpredictable and competitive than ever, organizations have since looked internally to examine how costs can undermine their overall performance. This is especially true in procurement,…
December 10, 2015 Kenneth Loi
Standardize your Internal Procurement Process The best way to ensure accuracy of the information passed along your supply chain is to ensure that a standard process is followed within your internal procurement function. Often small and medium-sized businesses – especially those that have grown over time – tend to stick…
February 18, 2014 Kenneth Loi
Procurement’s importance as a key business process has increased significantly in recent times. Originally, procurement was started as a means to integrate purchasing into supply chain management during a time when most large companies were struggling to manage their operational costs.
September 25, 2013 Kenneth Loi
Using purchase orders can help a company regain control of its spending, streamline the process of acquiring goods and services, and create a proactive spend culture that improves the bottom line.
September 23, 2013 Kenneth Loi
The procure to pay cycle has become a standardized process for both procurement practitioners and service providers alike. If you are involved in procurement at all, it’s a term you may have heard thrown around, but are you aware of the actual components of the cycle? Let’s break it down…
April 3, 2013 Kenneth Loi
The First Time Match Rate As we discussed in our previous post, First Time Match Rate (FTM) is an essential Key Performance Indicator (KPI) for any well-established procurement and accounts payable department. Procurement tends to spend a lot of time working with other departments within an organization – one such…
March 20, 2013