Operational Efficiency Operational efficiency, Procurement and finance are separate functions within an organization, each with its own distinct objectives and responsibilities. While it is common for procurement and finance departments to collaborate closely, there are valid reasons why procurement should not directly report to finance. Here are a few key points: 1. Independence and… Read More »
Procurement report Procurement report is typically reports to the following departments or positions within an organization: 1. Supply Chain Management: In many organizations, procurement is a part of the broader supply chain management function. Procurement teams collaborate closely with supply chain management teams to ensure the timely and cost-effective sourcing, purchasing, and delivery of… Read More »
Business partnership agreement In a business partnership agreement, the roles and responsibilities of each partner are typically outlined to establish clarity and accountability within the partnership. While the specific roles and responsibilities may vary depending on the nature of the business and the agreement between the partners, here are some common roles and responsibilities… Read More »
Requirements of business partnership Business partnership requirements may vary depending on the jurisdiction and the specific type of partnership you are considering. However, here are some general requirements and considerations for forming a business partnership: 1.Agreement: A partnership agreement is highly recommended and often legally required. This agreement outlines the rights, responsibilities, and obligations of… Read More »
Two-way invoice matching process The 2-way invoice matching process is a method used in accounting to ensure that the invoice amount matches the purchase order amount and the goods receipt amount. This process involves comparing the invoice received from a supplier with the purchase order and the goods receipt and ensuring that all three documents… Read More »
Destination based tax When we refer to GST (Goods and Services Tax) as a destination-based tax. It implies that the tax is imposed at the final point of consumption for goods or services. The tax proceeds collecte by the state where the goods or services consumed, rather than the state where they produced. For more… Read More »