Customers and Suppliers

Customers and Suppliers

Part 1 Response

Certain steps can be put in place in every organization and which I envision implementing to ensure processing of customer and supplier transactions is handled more efficiently and effectively using QuickBooks. Some of these steps are ensuring regular updates of customers’ and suppliers’ accounts, reconciling the customers’ company data with the data or information the customer has in their books of accounts. Also by setting targets to be achieved by a member of staff as concerns particular accounts under their jurisdiction. Through regular updates of the customer and supplier accounts, mostly on daily basis, or upon completion of every transaction eliminate the omission of any data (Fordham, & Hamilton, 2019). When reconciliation of the customer’s company data with those revealed by their accounts will facilitate reaching the figure that customers are willing to pay since no omission or undercharge or overcharge exists in the books of accounts. When targets for managing certain accounts are put on the shoulder of each member of staff laxity is eliminated and a sense of responsibility cultivated among staff members. A supplier is a person who has the responsibility of delivering the goods to the middlemen in the supply chain before they reach the final consumer. On the contrary, the vendor is the person who sells the goods to the final consumer. Thus supplier sells goods to the vendor in bulk while the vendor breaks the bulk into small quantities.

Part 2 Response to Meliane

Hello Meliane. I agree with you that various steps exist that ensure processing customer and supplier transactions are handled in efficient and effective ways using QuickBooks. Some of the ways you have cited include keeping the customer and suppliers’ profiles updated, setting daily /monthly goals and allocating to individuals, and reconciliation of the book balances. Further, I agree with you that suppliers sell goods to vendors while vendor sells to end usend-usershani, et al, 2019). Thus suppliers’ transactions are business to business while vendor transactions are business to consumers.

References

Alikhani, R., Torabi, S. A., & Altay, N. (2019). Strategic supplier selection under sustainability and risk criteria. International Journal of Production Economics, 208, 69-82.

Fordham, D. R., & Hamilton, C. W. (2019). Accounting information technology in small businesses: An inquiry. Journal of Information Systems, 33(2), 63-75.

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