But how?

Methods to Design Your News Accounts Payable and Accounting Procedures

•Eliminate Paper. The single biggest cost for any purchasing and payables department is paper, including: purchase orders, purchase order follow-up, small-dollar purchases, delivery tracking & receipts, and vendor payments. Utilizing paperless invoices, Web-based supplier self-servicing, centralized vendor files, automated workflows for electronic or imaged invoices (see ERP below), and payment methods, such as business credit cards, Electronic Data Interchange (EDI) and Electronic Funds Transfer (EFT), can reduce paper handling costs by as much as 90%.

•Integrate ERP Systems. Enterprise Resource Planning (ERP) automates purchasing and payables functions, which allows a company to get more work done with fewer personnel. Also, electronic invoice matching applications save time in retrieving paperwork. It is estimated that an ERP system can annually save an organization $300 per million in sales.

•Increase Payment Terms. Negotiate payment terms based on receipt of goods or invoice. This can add one week or more to your terms, which can be 25% of 30 day terms. Use EFT for just-in-time payments to maximize your payables terms and minimizing impact to your credit.

•Take Payment Discounts. If you are getting 2%/10 net 30 terms, then consider taking it. This means you are offered a 2% discount if you pay within 10 days, instead of normal 30 day terms. This translates into an 18% return on your capital, and for many organizations this is a good return on your investment.

•Review Purchases. Purchasing is a continuous process that requires continuous review. Consider: transportation charges, expedited fees, odd lot penalties, new pricing, new products, consolidating vendors, new vendors or buying groups, payment terms, and more. Communicate with your suppliers to improve process. And review and monitor everything to account for changes in your environment.

•Communicate with Suppliers. Communicate with your suppliers to improve process. Ask suppliers to submit their invoices electronically. This will save you time, resources and losses due to waste.

•Eliminate Disputes. Disputes with your suppliers are typically result of a problem with your purchasing/receiving process. When disputes occur, review your purchasing procedures to ensure that they are producing correct metrics and that you are not forced to pay for your mistakes.

•Reduce Errors. Overpayments, payments made to wrong vendors, fake invoices, or even late payments represent a common problem for payables. Increasing your focus on error control, along with written procedures and audits, can reduce these errors considerably.

•Train personnel. Provide your accounts payable staff with regular formal training. This will arm them with better knowledge of frauds, negotiating skills, and an understanding of economics of payables – which will result in improved effectiveness.

Accounting Policies and Procedures for Cash in Bank

In past few weeks, we have showed you four parts of your financial statements that will each contribute $250,000 in cash savings. The last hurdle was Accounts Payable, and we sailed through it. And now we have crossed our final goal: $1,000,000!

Time was - and is - key. All you have to do is own it. And, remember, next week we will put together each of four elements of cash to cash cycle, and look at how it affects working capital of your business.

5. Host your domain. An analogy of this is, after setting up your company, you must find a building for you to place all your resources. In real world, this is where you will put your staffs and office equipment. This is where you will lay out your marketing plan. It is your base. Without a host, it is impossible for you to get started. As I mentioned in previous tip, you might have to pay a little bit of money for somebody to host your site. It is like renting. Again, when you choose your host look for offer. You can ask around but I suggest you take a look at http://www.Host4Profit.com. Things to look include service they provide and a good support team.

6. So far so good. Now you have your product(s), a company and a building. Can you start selling and put your marketing skill to test yet? Not really. Your web site is not about ready yet. You can create your own web site using latest software available like Macromedia Dreamweaver or Microsoft Frontpage. You can also do programming using HTML. But if you are like me who neither have skill or time, you can leave it to pro to do this tedious job. Visit http://www.pluginprofitsite.com/main-7239 and they will create a web site that is ready to sell your product(s) on net within 24 hours.

7. Now that all your resources are ready, you have got some marketing to do. Your main objective is to attract as many netters as possible to your site. This is call traffic and you need a lot of it. You can spread words to your friends about your site but much better way is through email. But it does not stop there. Reach netters too. There is a few ways to do this and I can quote a few. For example free advertisings on internet, announcement list at yahoogroups or you can also link your site to others. For details you can check http://www.pluginprofitiste.com/30daystosuccess by Stone Evans where you will find a lot of tips. Again I have to warn you that you might have to folk out some money if you want to reach better and larger audience.

By following these 7 steps, I am sure you will be on right track to start your on-line marketing business. Along way you can improve your plan and get new product(s) to sell. As Steve Stone Evans puts it "Your Altitude is Determined by Your Attitude — Be Positive, Aim to Serve Others and Program Yourself for Financial Success". Again I would like to stress that you have to monitor your growth closely, review your marketing strategy, be patient, read a lot of articles, be audacious to implement tips you receive from others, and I am sure success will come your way.