What are some examples of ways to improve accounts recivable and payable procedures?

 

It is important for new organizations to create policies. Policies and procedures can help companies protect its assets, provide guidelines for management and staff, essentially become a blueprint for running efficient and effective organizations. It is not always necessary to 'reinvent the wheel' so your task is to research two examples each of existing Accounts Receivable and Accounts Payable policies and or procedures. These can be generic policies or construction company specific policies. You may want to refer back to lessons learned in Finance on cash management using current liabilities and current assets. Once your research is complete, you may present these to Sarah and Mathew for changes to create your own policies.