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Managing suppliers involves more than keeping a list of businesses from whom you buy goods and services. For example, GST reporting also involves setting up suppliers to represent other costs, such as interest paid and bank charges. In addition, by maintaining accurate records of your supplier base, their address, contact details, discount details and so on, you can greatly improve the efficiency and profitability of your business through more effective buying, better inventory control and improved cash flows. 

Although managing your suppliers is an ongoing process, it need not be time-consuming. With access to computers throughout your business, it is easy to keep supplier details up to date every day. You can key goods received as they arrive, minimise data entry by reading the details from the goods received note into an invoice, record payments immediately and take advantage of supplier discounts.

 

 

REF: A000794

 

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