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Chris Rauen

About Chris Rauen

Chris Rauen has been educating procurement and finance professionals on accounts payable automation and procure-to-pay transformation for more than 20 years. His articles have been featured in Treasury & Risk Management, Supply & Demand Chain Executive, Global Treasurer, Forbes ASAP, and more. He holds a B.A. in Economics from the University of California, Santa Barbara and a Professional Designation – Marketing from UCLA. Chris is the proud father of a film school graduate, an avid cyclist, and plays his blues harmonica whenever his Internet connection goes down.

Month End Close Process

Closing the books each month can be a tedious process, but it is vital to ensuring the financial health of your company. The month-end close can help you identify deviations from your financial plan early, so you can respond quickly. Conversely, it can uncover new opportunities for business growth, and drive strategies so you can exploit them.

Procurement Strategy

A procurement strategy is the blueprint for implementing a procurement process. It considers everything from building a supply chain, the systems for initiating and tracking purchases, managing costs and risks, and evaluating results. The goal is to quickly match buyers with contracted suppliers, streamline transaction processing, eliminate errors, minimize risk, and effectively manage corporate expenses.

Net 30

Net 30 is a common payment term for businesses selling to other businesses. It means you are giving your customers and clients 30 days, including weekends and holidays, to pay an invoice. 

Working Capital

Working capital is the lifeblood of any business. You need it to fund daily business operations, cover expenses, and finance business expansion.
Working capital requirements can vary by industry. A manufacturer may need third-party funding for working capital since it generates revenues only after products are sold. The up-front funding allows the company to purchase the raw materials for productionEven better is the supermarket that can get suppliers to stretch terms to 75 days, which they could negotiate in exchange for expanding shelf space for a product line.

Sourcing Vs Procurement

Sourcing and procurement aren’t separate business practices, where one has more value than the other. They are tightly inter-related business processes for purchasing goods and services. Together, they deliver great value to many businesses, especially those competing in competitive global markets.

CFDI

CFDI, is an electronic invoice format mandated in Mexico and also used in certain Latin American countries. It serves as a digital tax receipt that provides all the details of a business transaction: the goods or services provided, their costs and calculated taxes.