Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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How does it work at your company when you need a large expense approved?
We have no real system here, just that we're supposed to obtain 3 quotes and submit to management or accounting. I need to purchase software, it's been on the radar forever, discussed at multiple mgmt meetings (with acctg present), etc. I got my 3 quotes, got management approval, put it in my 2011 budget in November showing payments starting last month ... did everything I think I was supposed to in order to let acctg know it was coming. Even sent mgmt and acctg an email asking them when I could proceed and acctg responded with "I can make this work whenever mgmt says it's ok."
So, mgmt signs+ the contract, I send the contract and invoice to acctg and am asked to tell them how much of a priority this is so that they can budget cashflow.
Would this annoy you? There has GOT to be a better way!
Re: How does it work at your company when you need a large expense approved?
I used to work in AP and as long as upper management approved a purchase and it was in the budget for that quarter, we'd pay it when it was due. Do you have to get a purchase order ? We always had to issue purchase orders and wouldn't pay a bill without one.. But really, we never worried too much about the cashflow issue unless it was $100k or more.. Also depends on the size of your business.
If something was $100k or more, we negotiated longer payment terms with the vendor..