TITLE

Time Is Money in Procurement

AUTHOR(S)
Hackett, Greg
PUB. DATE
January 1999
SOURCE
Financial Executive;Jan/Feb1999, Vol. 15 Issue 1, p48
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article reports that procurement departments are using best practice methods to achieve efficiency and control costs. World class companies are simplifying processes and procurement procedures, connecting the procurement and finance departments to improve information flow, and using purchasing cards for small transactions with suppliers. Suggestions for requisition and purchase-order processing include: automation of general ledger account validation and routing and approval verification; use of blanket purchase orders; and posting procurement card transactions to individual general ledger accounts for each card. Risk exposure and the time spent on lower value-added activities in procurement are mentioned. INSET: Doing It Right.
ACCESSION #
11927824

 

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