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Dimension #1 – Liquidation, Accounting Payables

How to get what we need out of Accounting

Accounting Functions rollup under corporate finance.  These activities include POs, payables, billing, cash management, financial reporting.  In more detail:
Purchase Orders – using a Purchase Order System to pre-authorizing payment of vender invoices according to table of signing authorities limits established by BOD. 
Impacts to us: our staff are usually expected to fill out purchase requests; which starts a PO; which we/management will need to approve; after which the request finally gets procured. Large POs/purchases (typically above $1M) can require Board of Director level authorization.  The supplier will then deliver the product/service and bill/invoice the company referencing the issued PO that was pre-authorized via the above Purchase Order process.
Payables – paying monies owed to venders and service providers according to pre-arranged terms; these debts are reflected as a liability on a company's balance sheet.
Impacts to us: we will be asked to approve payment of expenses, thus confirming our satisfaction and receipt of order/procured products and services by our approval. 
. Dimension #1 – Liquidation, Accounting Payables. ©2018 iiSM.ORG, All Rights Reserved.

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