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Daniel Sorensen

About Daniel Sorensen

Daniel Sorensen is a financial writer with a background in business and corporate accounting. He thinks about corporate finance as a complex economic maze which he enjoys writing about in the spirit of helping others broaden their understanding. Daniel likes cooking, assembling drones, and taking hikes with his two daughters.

Vendor Management

Vendor management is the process of supporting and empowering vendors through establishing and nurturing long-term relationships with them. The method includes finding and choosing the right vendor for the company’s needs, controlling the costs and vendor risks, and paying for the services and goods consumed. The term ‘vendors’ also refers to suppliers or service providers.

Accounts Payable

Accounts payable are defined as what a business owes, including a business’s short-term debts to vendors, suppliers, and creditors for the goods and services the company has received and has yet to pay.

3 Way Match

Three-way matching is a process of paying the supplier accurately by matching three essential documents. These three documents are the following: 1) supplier/vendor invoice, 2) purchase order, and 3) receiving report.

Reverse Factoring

Reverse factoring is also known as supply chain financing. It’s a financing solution that ordering parties initiate to help suppliers finance receivables. Reverse factoring is an alternative to the factoring financing method, in which the supplier initiates financing.

Global Tax Requirements

Laurie Hatten-Boyd, Principal at KPMG, explains how tax requirements impact organizations with global supplier basis and the legal and financial penalties for noncompliance.

Batch Payment Processing

Is real-time processing or batch payment processing better for your business? There are two main areas that should guide your decision. The first is whether or not you’ll need to make adjustments to transactions after sales. As with any other business decision, you’ll also want to compare the associated costs.