What are the purpose of payment control
Posted: Mon Oct 27, 2014 4:22 am1 Finance
1.1 Increase in AP
1.2 Increase in Goodwill, on time payment to vendors, on time delivery to customers
1.3 Reduce tax costs
1.4 Reduction in bank balance and duty or other
1.5 Reduce penalty/compensation/demurrage
1.6 Reduce over-payment
1.7 Prevent fraud
1.8 Reduce overhead, efficiency improvement via Standard Operating Procedure/training/
Reporting/Communication/
2 Operation
2.1 Visibility of the processes between departments
2.2 better service through urgent payment/blank check arrangement
2.3 Contract/Pricing/Capex/Project Control Compliance
2.4 Vendor management through on time payment or holding payment
2.5 Risk mitigation
2.6 Revenue /Margin Growth
1.1 Increase in AP
1.2 Increase in Goodwill, on time payment to vendors, on time delivery to customers
1.3 Reduce tax costs
1.4 Reduction in bank balance and duty or other
1.5 Reduce penalty/compensation/demurrage
1.6 Reduce over-payment
1.7 Prevent fraud
1.8 Reduce overhead, efficiency improvement via Standard Operating Procedure/training/
Reporting/Communication/
2 Operation
2.1 Visibility of the processes between departments
2.2 better service through urgent payment/blank check arrangement
2.3 Contract/Pricing/Capex/Project Control Compliance
2.4 Vendor management through on time payment or holding payment
2.5 Risk mitigation
2.6 Revenue /Margin Growth