CFO's Toolkit - Chapter 5

Question or Hint Answer or Word

T or F: A Purchase Card system is one way to reduce Accounts Payable transaction volume? True
Which one is NOT a way to make an AP team paperless and more effective? Buy them pizza everyday (wrong answers: Use an Electronic Ordering System, Use Purchase Cards, Use Electronic Supplier Feeds, Use Web-Based Expense Claims, Eliminate all checks, Utilize Scanning technology, Load remittances onto your website, Have key suppliers read-only online access to their AP ledger)
What is the typical threshold limit for a purchase card? $2,000
Which one is NOT a good option to use in order to get Budget Holder buy-in to a purchase card system? Fire them (wrong answers: Provide a welcome letter , Utilize the “Shame and Name” lists , Reward good budget holder behavior)
What type of relationship should your company try and have with your suppliers? A Close Relationship
What is one way to make sure that your stationery items get properly tracked? Have on stationery supplier that comes around and takes note of usage and when the invoice is sent, it has floor-by-floor usage so the wasteful floors can be addressed.
What helps your company get an invoice from your supplier quicker so it can be recorded on your financial statements? Self-Generated Invoices