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Compose a 1000 words essay on Informal Recommendations Report. Needs to be plagiarism free!Accounts payable is the hardest working accounting function. It is very important for an organization to use
Compose a 1000 words essay on Informal Recommendations Report. Needs to be plagiarism free!
Accounts payable is the hardest working accounting function. It is very important for an organization to use its resources for implementing this best practice in a company. In an organization generally different types of accounting record are being gathered. That information is invoices, purchasing orders and copy of receipt. Person from accounts payable department collects these three important documents and verify those documents before paying the accounts payable (Esma, 2013). It is tough job and highly error prone.
Elimination of manual checking is a best practice for accounts payable. It is often being noticed that staffs of a company perform manual check of different bills and sign those bills and enter those information into a computer system. In this whole process staffs may enter faulty information into the system and as the process is done fast so, often some important information are not free from errors.
Maintaining database of suppliers is a best practice for payable staffs of a company. It has been observed that maintaining a large data base of supplier is a serious problem for the staffs. It is often being noticed that suppliers make complaints that they are not getting their money in proper time. These kinds of problems generally occur due to large supplier base (Hansen, Otley and Sted, 2003). For resolving this issue reducing the supplier base is a best practice.
Budgeting is a very difficult and painful but one of the most important best practices of accounting. It requires significant efforts to come up with a proper budget. Budgeting is all about allocations of the resources of a company in its different operating segments. This process is completed on the basis of past trends and futures forecasting and so levels of uncertainties are there. Those presences of uncertainties are making this a very risky function.
It has been observed that when staffs of an organization is presenting the budget in front of the management of
