Tag: PROCUREMENT AND INVENTORY MANAGEMENT

Maintain stock records ( Manual and electronic)

Electronic and manual record keeping While some business owners prefer manual record keeping systems, most businesses use an electronic record keeping system – making it easier to capture information, generate reports and meet tax and legal reporting requirements. There are a number of issues you should consider when setting up an electronic or manual record…

Explain the importance of inventory management

Inventory control is something that should be front-of-mind for anyone in the wholesale distribution business. In the simplest of terms, inventory control involves having greater oversight over one’s stock. Some refer to it as “internal control” or even as an accounting system set up to safeguard assets. Let’s take a look at why inventory control…

Prepare documents used in the purchase of goods and services

Purchase Requisition   The Purchase Requisition is the procedural method by which departments may request the purchase of goods and/or services which require processing by Procurement Services, usually because of the dollar value, the nature of the purchase, or the type of goods and services. Purchase Requisitions are entered into the Oracle Integrated System application.…

Outline procedures for purchasing goods and acquiring services

POLICY STATEMENT Purchasing decisions are business decisions made on behalf of the University and therefore should be made with the utmost consideration for what is in the best interest of the University, including appropriate stewardship of University assets, integrity when acquiring goods and services, and accountability to funding sources and stakeholders. This ensures competitive purchasing…

Identify the duties and attributes of a clerk in the purchasing department

Accounting Clerk Job Description Example Accounting clerks, also referred to as bookkeepers or finance clerks, work in different types of organizations and businesses by a job description that includes keeping financial records up to date and helping to prepare accounts. If you’re a person who is well organized and have good computer skills with a…

Describe the functions of the procurement and inventory management office

Procurement & Inventory Management In today’s globalized economy, the need to have a highly streamlined and efficient Procurement & Inventory management function is critical for the organization’s success. Procurement / Inventory management function in any organization has to ensure below listed key deliverables: Support the timely procurement of quality-assured products in adequate quantities Attain cost…