Improving payment approvals and release of accounts payables in Aster DM Healthcare, Inc.
Accounts payable plays a vital role inside an organization, as this is the last point of control before payment is sent to a supplier or vendor. This action research study addressed the issue of delayed payments to our suppliers due to the long processing time and release of our cheques. In our comp...
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| Format: | text |
| Language: | English |
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Animo Repository
2017
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| Subjects: | |
| Online Access: | https://animorepository.dlsu.edu.ph/etd_masteral/5559 |
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| Institution: | De La Salle University |
| Language: | English |
| Summary: | Accounts payable plays a vital role inside an organization, as this is the last point of control before payment is sent to a supplier or vendor. This action research study addressed the issue of delayed payments to our suppliers due to the long processing time and release of our cheques. In our company, Aster DM Healthcare Inc. (Aster Philippines), the processing of cheque payments takes long because cheques are sent to Dubai for signing by our top executives. Our delayed cheque payments created problems with our suppliers and employees. In response to this, the first cycle of this action research established a cheque payment system that require only Philippines-based signatories as sufficient for faster processing time. The second cycle of this action research established an online payment release process to our suppliers by utilizing a banks expresslink system. For the conceptual framework, I applied the Committee of Sponsoring Organizations (COSO) of the Treadway Commission 2013 Internal Control- Integrated Framework, which guided the approach and interventions in this action research. The results improved our relations with our suppliers and enabled cost saving opportunities for our company. |
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