In a retail setting, rebates serve as a way to get consumers to buy a product on the spot, knowing they’ll get their discount sometime down the line. In procurement, they’re a little different. Rebates serve as a way for sellers to meet buyers in the middle during negotiations.
In the procurement world, cost reduction represents a huge portion of the strategy. Suppliers lean on rebates as a way to lock buyers in. If buyers switch suppliers, they might get a better price up front, but they lose the rebate down the line — which in some cases, may represent more significant cost savings.
Work in progress figures might not sound like something you need to think much about. That’s accounting’s job, right?
A good relationship with your suppliers is just as significant as the products you sell or the services you provide.
You could argue that our software is not the fanciest. You could argue we don’t have a huge feature set but you cannot argue with over 200 four and five-star reviews for ProcurementExpress.com on Capterra. The software comparison site tracks us along with all of our competitors on a range of issues and customer feedback is the most important. We are almost an order of magnitude ahead of our nearest competitors and in this article, I’ll share with you how we got there.
The fluency of your approval process plays a very important role in determining whether other related processes get delayed as well. Approvals for purchases are a very important part of any business.
To enhance the productivity of your team you need to increase the efficiency of your processes.
“More business is lost every year through neglect than through any other cause.” – Rose Fitzgerald Kennedy
Your business is your vision. Every day you work to overcome different challenges to get to your goals. Your cashflow is the substance that your business thrives on. Tracking expenses should be second nature to your everyday business function.
The simple fact is, you need cash in your hand to run your business. If you only care about more money coming into your business than going out, you will lose sight of the objectives that you set in the first place.
All aspects of your business should point to bringing in revenue in order to make your ship sail smoothly.