Materials procurement is one of the weakest points of integrity in the business process. While there are plenty of controls on handling customer payments and check writing, purchasing guidelines tend to be flimsy and ignored in many businesses.
In my time as an MS Dynamics implementer, I have had:
The one thing each of these events have in common (besides large amounts of money being lost) is that each company went about its business process unaware its employees were taking advantage of them. Here are some staggering statistics from CBS News research on employee theft:
The fact is, mistakes get made – on purpose or on accident. Our job, through the bookkeeping process, is to catch those mistakes and preferably, prevent them from happening in the first place. Whether or not a company desires to acquire a purchasing software package to help with this, a review of how it handles purchasing can yield a large return on investment.
Here are some places to investigate during a review:
Answering these questions honestly can shed light on problems in the business process before we even have to start talking about a tool to assist us.
Owners of Microsoft Dynamics SL (SL) have a very good purchasing tool at their fingertips. When set up and joined with a solid business process SL’s purchasing module allows for
When Purchase Orders are implemented in SL, the AP Clerks’ routine actually has less keystrokes and positive feedback that an invoice is approved and correct before releasing the voucher for payment.
For assistance assessing your purchasing procedures, be sure and contact your Dynamics partner today!