Project Report

On
ACCOUNT PAYABLE
At

In the Fulfillment for the requirement of the

degree of (BBA) Bachelor of Business
Administration
Submitted to
Dr. Jitndertiwari

Submitted
Anu

HP executive

Declaration
This project report on a study of ACCOUNT PAYBLEin ITC in ITC
mauryais submitted by me for the partial fulfillment of the course of B.B.A from
srisai university palampur.
This is an original work done by me expected the guidance received which has
been properly acknowledgement in th report.
This is not the copy of any other report or any part of it hasnt been submitted for
the award of any degree or diploma.

Anudevi
Sri saiuniversity

Acknowledgement
I would like to express may gratitude towards Drjitenrtiwari for the valuable
guidance , supervision and keen interest in study program and completion of the
project.
I would like to acknowledgement the precious contribution genral manger
finance who has been in continous support through out the traning period.
I am also graceful to our faculty member Mes. shobha Sharma precious
guidance through out the session has been of undaunted help to us in grooming
our self and without which this work wasnt possible.
I am also thankful to may friend mr.ijharali (senior finance executive who
help has given this shape to the report.

Submitted by

Anudevi

TO WHOM IT MAY CONCERN

This is certify the Anu student of BBA of Sri Sai University (Palampur) has
done four weeks training and project work under the guidance and supervision
towards the fulfillment of the award of Bachelor of Business Administration

Index
Sr. No.
1.
2.
3.
4.
5.
6.
7.

Title
Company Profile
Introduction
Account Payable
Research Mathology
Data Analysis and Interpretation
Finding and Conclusions
Bibliography

Page No.

Chapter I
company profile

Introduction
The ITC Maurya Hotel grandly stands on huge expanse of land measuring
over 5.5 acres that lies in the heart of Delhi. It was named after the Imperial
Maurya Dynasty that once ruled the capital city of India owing to its magnificent
architectural design, style including the intricate exterior finish and interior art
deco that transform the hotel into a grand masterpiece by itself.
The design and concept of the Lobby area of ITC Maurya is inspired from
the famous architectural design and style of the Maurya Dynasty seen in their
Dome roofs or Chaitya Halls while the massive area is a typical influence of the
caves seen in ancient Buddhists Temples. One example of such architectural
excellence can be witnessed in the most famous cave named The Chaitya Hall or
Karla situated in Maharashtra which is a direct influence of the Hotel Lobby
design. The Lobby also showcases barrel wooden vaulted beams which are typical

of the Maurya style of design and the dome interior is seen covered in paintings
done by a famous artist named KrishenKhanna which depict the Procession of
Life theme. One side of the Lobby is left completely transparent so that visitors
and guests can enjoy a wide view of the well manicured landscapes of the
NandiyaGardens.

11 hotels in ITC
ITC Mughal, Agra
ITC Rajputana, Jaipur
ITC Grand Chola, Chennai
ITC Gardenia, Bengaluru
ITC Windsor, Bengaluru
ITC Maratha, Mumbai
ITC Grand Central, Mumbai
ITC Sonar, Kolkata
ITC Kakatiya, Hyderabad
ITC Grand Bharat, Gurgaon
ITC Maurya, new Delhi

HISTORY
Nestled in greenery, in the heart of Delhi, ITC Maurya a premier luxury
hotel in the Capital, is acknowledged as the preferred Residence for World
Leaders and Global Icons for over 30 years. The 438 room property
epitomizes the luxury hotel experience with exemplary service and warm
hospitality soaked in Indian traditions. The hotel has established industry
benchmarks in safety and security, wide choice of premium rooms and
suites, world renowned restaurants including the iconic Bukhara, banqueting
facilities, spa and wellness, and more

ITC brands
The group today operates under several distinct brands:
Luxury Collection Hotels
Sheraton Hotels
Fortune Hotels, which has 54 hotels with 4,446 rooms in 41 cities across
India[13]
Welcom Heritage Hotels
Corporate offices near ITC maurya
Asian Development Bank 0.5 km/0.3 miles

 International Monetary Fund 1.0 km/0.6 miles

US Embassy 2.0 km/1.2 miles
General Electric 6.0 km/3.7 miles
Ernst & Young 8.0 km/5.0 miles
IBM 8.0 km/5.0 miles
Microsoft 8.0 km/5.0 miles
Coca Cola 12.0 km/7.5 miles

Local attractions near by ITC maurya

India Gate
Lodi Garden
QutabMinar
Red Fort
Humayuns Tomb
Lotus Temple
Raj Ghat
JantarMantar
India International Centre

 Safdarjungs Tomb
Luxury Accommodation
ITC Maurya offers a wide selection of luxuriously appointed premium
accommodation that is rated among the best in the city.
Overlooking sweeping stretches of Delhis green cover, this landmark hotel
presents 438 luxury rooms including 25 uniquely designed suites in a set of
categories, allowing you to choose the accommodation that best suits your needs,
when you are in New Delhi.

Grand Presidential Suite

Synonymous with opulence, luxury, comfort and style, the Grand
Presidential Floor is designed to play host to the extended luminarieswith ease.

Presidential Suites
A tribute to the founders of the great Mauryan Empire, the three presidential
suites, The Chandragupta, The Ashoka and The Empress, express a fittingly
elegant confluence of royal Indian sensibilities with refined luxury.

Luxury Suite
The Luxury Suites effortlessly blend grandeur and world class hospitality, for an
experience that is at once comforting like home and magnificently lavish.

Deluxe Suite
The ultimate in elegance and exclusivity, our Deluxe Suites come with a
separate entertainment area in addition to the spacious bedroom.

ITC One Room

Redefining the pow power of space, the ITC One rooms are one of the
largest luxury rooms in New Delhi. Catering immaculately to the discerning
business traveller, each room comes with a digital valet Ipad console, walk-in
wardrobe and spacious four-fixture bathroom.

The Towers
Housed in a quiet and exclusive block with its own check-in and check-out
reception, lounge with complimentary evening cocktails and horsdoeuvres, and
complimentary luxury buffet breakfast, the Towers offers an incomparable
experience.

Executive Club Exclusive

Situated in an exclusive block, these rooms with dark wood panelling, soft
dcor and spacious bathrooms with walk-in shower chambers, are the ultimate in
privacy and comfort.

Executive Club
The Executive Club is a concept designed with care to meet the needs of the
global business traveller.

Executive Club Lounge

ITC Maurya,a Luxury Collection Hotel, New DelhiFeatures
We'll take care of you. All you have to do is have fun and enjoy your
stay.Check in: 12:00 PM
Business Services
Business Center
Secretarial Service
Translation Services
Currency Exchange

Check out: 12:00 PM

 Get Rewarded
Cash Machine (ATM)
Family Activities & Services
Childcare Service
Guest Services
24-Hour Tour Desk
Concierge Desk
Barber/Beauty Salon
24-Hour Front Desk
Florist
Medical Services Available
Luggage Storage
Safe Deposit Boxes
Laundry/Valet Service
Travel Services
24-Hour Concierge Service

 Smoke Detectors
Dry Cleaning Service
Recreation & Entertainment
Outdoor Pool
Tennis
24-Hour Fitness Facility
Golf Course Nearby
Spa Services
Shopping
Shopping Available
Transportation
Parking Available
Car Rental Service
Internet Access
Free internet is available to all SPG Members when booking on Starwood
websites, mobile sites, SPG apps or Customer Contact Centers only. Benefits vary
by membership level

THE ITC VISION:

THE ITC VISION Sustain ITC's position as one of India's most valuable
corporations through world class performance, creating growing value for the
Indian economy and the Company's stakeholders

THE ITC MISSION:

THE ITC MISSION To enhance the wealth generating capability of the enterprise
in a globalizing environment, delivering superior and sustainable stakeholder value
Hotel Services and Facilities
Hotel facilities
24 hour front desk
Airport Transportation
Business Center
Concierge
Dry cleaning service
Gift Shop
Internet Access - in room for fee
Jacuzzi or Spa

 Lounge/Bar

Chapter Ii
Finance,nature
and scop

Finance

A branch of economics concerned with resource allocation as well as

resourcemanagement, acquisition and investment. Simply, finance deals
with matters related to money and the markets.
To raise money through the issuance and sale of debt and/or equity.

NATURE

AND

SCOPE

OF

FINANCIAL

MANAGEMENT
Finance is one of the basic foundations of all kinds of economic activities.
Finance is defined as provision of money at the time when it is required. Every
enterprise, whether big, medium, or small, needs finance to carry on its operations
and to achieve its targets. Without adequate finance, no enterprise can possibly
accomplish its objectives. So finance is regarded as the lifeblood of any business
enterprise. The subject of finance has been traditionally classified into two;
Public Finance: - It deals with the requirements, receipts and disbursement of
funds in the govt. Institutions like states, local self-govt. and central govt.
Private Finance: - It is concerned with requirements, receipts, and disbursement of
fund in case of an individual, a profit seeking business organization and a nonprofit organization.
Thus, private finance can be classified into;
Personal Finance: - Personal finance deals with the analysis of principle
and practices involved in managing ones own daily need of fund.
Finance of Non-Profit Organization: - The finance of non-profit
organization is concerned with the practices, procedures and problems

involved in financial management of charitable, religion, educational, social

and other similar organizations.
Business Finance: - The study of principle, practices, procedures and
problems concerning financial management of profit making organization
engaged in the field of industry, trade and commerce is undertaken under the
discipline of business finance. Business finance deals with the finance of
business objectives and it is concerned with the planning and controlling
firms financial resources.

Finance function
Finance function is the most important of all business functions. It remains a
focus of all activities. It is not possible to substitute or eliminate this function
because; the business will close down in the absence of finance. According to
Solomon Ezra finance function as the study of the problems involved in the use
and acquisition of funds by a business. It starts with the setting up of an
enterprise and remains at all times. The funds will have to be raised from various
sources. The receiving of money is not enough, its utilization is more important.
The money once received will have to be returned also. It may be easy to raise
funds but it may be difficult to repay them.

Aims of Finance function

The primary aim of finance function is to arrange as much funds for the
business as are required from time to time. This function has the following aims:
1. Acquiring Sufficient Funds: - The main aim of finance function is to assess the
financial needs of an enterprise and then finding out suitable sources for raising
them. The sources should be commensurate with the need of the business. If funds

are needed for longer periods then long term sources like share capital,
debentures, term loans may be explored. A concern with longer gestation period
should rely more on owners funds instead of interest- bearing securities because
profits may not be there for some years.
2. Proper Utilization of Funds: - Though raising of funds is important but their
effective utilization is more important. The funds should be used in such a way that
maximum benefit is derived from them. The returns from their use should be more
than their cost. It should be ensured that funds do not remain idle at any point of
time.
3. Increasing Profitability: - The planning and control of finance function aims at
increasing profitability of the concern. To increase profitability sufficient funds
will have to be invested. Finance function should be so planned that the concern
neither suffers from inadequacy of funds nor wastes more funds than required. A
proper control should also be exercised so that scarce resources are not frittered
away on uneconomical operations.
4. Maximizing Firms Value: -Finance function also aims at maximizing the value
of the firm. Besides profits, the type of sources used for raising funds, the cost of
funds, the condition of money market, the demand for products are some other
considerations which also influence a firms value.
Objectives/Goals of Financial Management or Business Finance
The firms investment and financing decisions are unavoidable and
continuous. In order to make them rationally the firm must have a goal. It is
generally agreed in theory that the financial goal of the firm should be the
maximization of owners economic welfare. Owners economic welfare could be
maximized while maximizing the shareholders wealth as reflected in the market

value of shares. The main objective of a business is to maximize the owners

economic welfare. This objective can be achieved by;
1)

Profit Maximization 2) Wealth Maximization

Profit Maximization: Profit maximization means maximizing the rupee income of a firm. Profit
earning is the main aim of every economic activity. No business can survive
without earning profit. Profit is a measure of efficiency of a business enterprise.
Profit also serve as a protection against risk which enables a business to face risk
like fall in prices, competition from other units, adverse govt. polices etc. So the
profit maximization is considered as the main objective of business.
Wealth Maximization: It is assumed that the goal of the firm should be to maximize the wealth of
its current shareholders. Wealth maximization is the appropriate objective of an
enterprise. Financial theory asserts that wealth maximization is the single substitute
for a stockholders utility. When the firm maximizes the stockholders wealth, the
individual stockholder can use this wealth to maximize his individual utility. It
means that by maximizing stockholders wealth the firm is operating consistently
towards maximizing stockholders utility. A stockholders current wealth in the
firm is the product of the number of shares owned, multiplied with the current
stock price per share. Stockholders current wealth in a firm = (Number of
shares owned) x (Current stock price per share). The financial manager must
know the factors, which influences the market price of shares; otherwise he would
find himself unable to maximize the market value of companys shares. The wealth

CHEPTER-IIi
ACCOUNT
PAYABLE

Account payable
Meaning
Accounts payable is money owed by a business to its suppliers shown as a
liability on a company's balance sheet. It is distinct from notes payable
liabilities, which are debts created by formal legal instrument documents.[1]
An accounts payable is recorded in the Account Payable sub-ledger at the
time an invoice is vouched for payment. Vouchered, or vouched, means that
an invoice is approved for payment and has been recorded in the General
Ledger or AP subledger as an outstanding, or open, liability because it has
not been paid. Payables are often categorized as Trade Payables, payables
for the purchase of physical goods that are recorded in Inventory, and
Expense Payables, payables for the purchase of goods or services that are
expensed. Common examples of Expense Payables are advertising, travel,
entertainment, office supplies and utilities. A/P is a form of credit that
suppliers offer to their customers by allowing them to pay for a product or
service after it has already been received. Suppliers offer various payment
terms for an invoice. Payment terms may include the offer of a cash discount
for paying an invoice within a defined number of days. For example, 2%,
Net 30 terms mean that the payer will deduct 2% from the invoice if
payment is made within 30 days. If the payment is made on Day 31 then the
full amount is paid.
In households, accounts payable are ordinarily bills from the electric
company, telephone company, cable television or satellite dish service,
newspapersubscription, and other such regular services. Householders

usually track and pay on a monthly basis by hand using cheques, credit cards
or internet banking. In a business, there is usually a much broader range of
services in the A/P file, and accountants or bookkeepers usually use
accounting software to track the flow of money into this liability account
when they receive invoices and out of it when they make payments.
Increasingly, large firms are using specialized Accounts Payable automation
solutions (commonly called ePayables) to automate the paper and manual
elements of processing an organization's invoices.
Commonly, a supplier will ship a product, issue an invoice, and collect
payment later, which describes a cash conversion cycle, a period of time
Definition
Money which a company owes to vendors for products and services
purchased on credit. This item appears on the company'sbalance sheet as a
current liability, since the expectation is that the liability will be fulfilled in
less than a year. When accounts payable are paid off, it represents a negative
cash flow for the company.

Accounts Payable Defined

Accounts payable are monies that are owed to outside individuals and other
businesses for goods and services provided. Accounts payable are usually a shortterm liability, and are listed on a company's balance sheet. Accounts payable are
usually due in 30 to 60 days, and companies are usually not charged interest on the
balance if paid on time.

Accounts Payable Process

Payment for Goods and Services
When a vendor sends a bill for goods or services provided, departments have
one of four ways to request payment. These are:
Parked Invoice - Department enters the invoice into SAP, writes the SAP
document number in red in the top right corner of the original bill, obtains an
authorized department signature and forwards it to Accounting for
processing.
Direct Pay - Department sends the original bill with an authorized
department signature and the cost center to charge to Accounting for
processing.
Framework (an open-ended or blanket purchase order) - Department sends
the original bill with the framework number written on it, an authorized
department signature and the cost center to charge (if necessary) to
Accounting for processing.
Purchase Order - Department sends the original bill with the purchase order
number written on it and either a goods receipt number (for online SAP
users) or an authorized department signature to Accounting for processing.
When paperwork is received in Accounts Payable, it is audited, entered into
SAP and sent to the state for a check (warrant) to be cut using the Invoice/Voucher
process. The Department of Administrative Services (DAS) sends the warrant
directly to the vendor unless the department requests otherwise.

 Invoice/Voucher Process
The Invoice/Voucher is a computer generated form produced from the
accounts payable system. It is the official University of Nebraska cover form used
to submit non-payroll vendor and other bills to the State for check writing. The
original Vendor Invoices, Visiting Personnel forms, Employee Expense
Reimbursements forms and other documents are all attached to this form.
Distribution
Copies of invoice/vouchers are no longer distributed to the departments. All
vendor invoices must be approved by the department before Accounting can
process payment. If a department has processed a goods receipt on a purchase
order, no further approval is necessary for Accounting to proceed with vendor
payment.
Warrants are mailed directly to vendors by the State of Nebraska,
Department of Administrative Services. The State has implemented a Single
Warrant Writer system which prints, folds and seals the warrant and prepares it for
mailing, all in one operation. Vendors no longer receive a copy of the
invoice/voucher with the warrant, but see the vendor invoice number(s) or other
information needed to identify the payment on the new warrant stub. There may be
situations where a department or vendor needs to arrange for pick up or other
special handling of a warrant instead of having it mailed by DAS. In these cases,
the invoice must be clearly marked with any special handling instructions. There
are no changes to the distribution of payments related to the Visiting Personnel &
Miscellaneous invoice (speakers, honorariums, etc.) or the Warrant Request

invoice (refunds of revenue). These warrants are printed on the new form but will
still be forwarded to the originating department.
ACH Payments
All vendor payments over $25,000 must be paid by ACH payment. If you
are dealing with a vendor who will require a $25,000 or greater payment and is not
already set up as an ACH vendor, the following forms must be sent to the vendor:
ACH Cover Letter
ACH Enrollment Form
W-9 Form
If you have any questions regarding ACH payments, contact Barbara Opp at 4728776 or Luke Barnard at 472-8774.

Scope of Accounting:
Accounting has got a very wide scope and area of application. Its use is not
confined to the business world alone, but spread over in all the spheres of the
society and in all professions. Now-a-days, in any social institution or professional
activity, whether that is profit earning or not, financial transactions must take place.
So there arises the need for recording and summarizing these transactions when
they occur and the necessity of finding out the net result of the same after the
expiry of a certain fixed period. Besides, the is also the need for interpretation and
communication of those information to the appropriate persons. Only accounting
use can help overcome these problems.
In the modern world, accounting system is practiced no only in all the
business institutions but also in many non-trading institutions like Schools,

Colleges, Hospitals, Charitable Trust Clubs, Co-operative Society etc.and also

Government and Local Self-Government in the form of Municipality,
Panchayat.The professional persons like Medical practitioners, practicing Lawyers,
Chartered Accountants etc.also adopt some suitable types of accounting methods.
As a matter of fact, accounting methods are used by all who are involved in a
series of financial transactions.
The scope of accounting as it was in earlier days has undergone lots of
changes in recent times. As accounting is a dynamic subject, its scope and area of
operation have been always increasing keeping pace with the changes in socioeconomic changes. As a result of continuous research in this field the new areas of
application of accounting principles and policies are emerged. National accounting,
human resources accounting and social Accounting are examples of the new areas
of application of accounting systems.

Nature of Accounting:ss
We know Accounting is the systematic recording of financial transactions
and presentation of the related information of the appropriate persons. The basic
features of accounting are as follows:
1. Accounting is a process: A process refers to the method of performing
any specific job step by step according to the objectives, or target.
Accounting is identified as a process as it performs the specific task of
collecting, processing and communicating financial information. In
doing so, it follows some definite steps like collection of data
recording, classification summarization, finalization and reporting.
2. Accounting is an art: Accounting is an art of recording, classifying,
summarizing and finalizing the financial data. The word art refers to

the way of performing something. It is a behavioral knowledge

involving certain creativity and skill that may help us to attain some
specific objectives. Accounting is a systematic method consisting of
definite techniques and its proper application requires applied skill
and expertise. So, by nature accounting is an art.
3. Accounting is means and not an end: Accounting finds out the
financial results and position of an entity and the same time, it
communicates this information to its users. The users then take their
own decisions on the basis of such information. So, it can be said that
mere keeping of accounts can be the primary objective of any person
or entity. On the other hand, the main objective may be identified as
taking decisions on the basis of financial information supplied by
accounting. Thus, accounting itself is not an objective, it helps
attaining a specific objective. So it is said the accounting is a means
to an end and it is not an end in itself.
4. Accounting deals with financial information and transactions;
Accounting records the financial transactions and date after
classifying the same and finalizes their result for a definite period for
conveying them to their users. So, from starting to the end, at every
stage, accounting deals with financial information. Only financial
information is its subject matter. It does not deal with non-monetary
information of non-financial aspect.
5. Accounting is an information system: Accounting is recognized and
characterized as a storehouse of information. As a service function, it
collects processes and communicates financial information of any
entity. This discipline of knowledge has been evolved out to meet the
need of financial information required by different interested groups.

Accounts Payable Management and Profitability Impact

Accounts payable, located on a company's balance sheet, are what the
company owes its suppliers or the vendors from which it buys its inventory and
other supplies. Accounts payable are a current liability and they are listed on the
right-hand side of the balance sheet. They are expected to be repaid to the suppliers
within one year. Accounts payable are just like the unpaid bills you have as an
individual.
Just like any other asset or liability, accounts payable, your company's
unpaid bills can have a big impact on profitability. They can either improve
company profitability or they can cause it to really take a hit. Two primary ways
that accounts payable affect company profitability are the company's relationships
with its suppliers or vendors and the company's cash flow. Let's take a look.
Relationships With Suppliers
Suppliers or vendors are the businesses from whom companies get their
inventory and other supplies. It is crucial that business operations maintain good
relationships with their suppliers. The single most important thing a company can
do to maintain good supplier relationships is to pay its bills on time. Accounts
payable management, unfortunately, can get big and unwieldy. As a company
grows, the number of its suppliers grows as does the invoices it has to pay.
Supplier Relationship Management becomes important on the company level.
Supplier

relationship

management

involves

mutually

beneficial

relationship between the company and each supplier. Good supplier relationships
provide a win-win situation for the company and the supplier. Suppliers will cut
good deals for the company. They will suggest new and better products to the
company.

They will work with the company on delivery times and policies. Good
supplier relationships mean increased company efficiency. Good supplier/company
relationships have to be cultivated.
If the company pays its bills on time, actively cultivates good relationships
with its suppliers, doesn't cut off suppliers with no reason, and keeps lines of
communication open, a good supplier should then offer the company the best trade
credit terms possible. Good trade credit terms will maximize the company's
profitabilit
Company Cash Flow
One of the most important metrics in the financial management of a business
firm is its cash flow. Cash flow comes from firm operations such as investing and
financing. Profit, on the other hand, is generated from sales after all expenses have
been paid. Cash flow and profit are different. If a firm does not have adequate
positive cash flow every month, it can't pay its bills and it will get in trouble with
its suppliers.
If a business cannot pay its bills on time, it is going to have a problematic
relationship with its suppliers.
However, if the company pays its bills on time, then the supplier will
consider terms of sale for the company that include a cash discount if the company
pays within a certain number of days. Just that cash discount, if the business has
enough cash flow to pay the invoice during the discount period and get to use the
discount, can have a very positive effect on profitability.

Most businesses, even small businesses, have many suppliers who provide
them with inventory and other suppliers. The bigger the business gets, the more
suppliers it has. Just imagine. If the business can develop a good relationship with
each supplier it has and get a cash discount with each one, and have enough cash
on hand to take the discount, the effect on profitability will be very significant.
Accounts Payable and Their Effect on Profitability
If you have a set of best practices in accounts payable management and you
follow them, accounts payable can have quite a positive impact on your company's
profitability. First, the company has to pay its bills on time. A simple best practice,
but nothing else will work if you don't do this.
Second, if you pay your bills on time, you can elicit trust between you and
your suppliers, regardless of how many suppliers you have. If you have trust, your
suppliers will try to help you in a number of ways discussed above, including
offering you discounts which will positively impact your profitability in a big way.
Third, a best practice is to try to facilitate processing of your accounts
payable with a minimum of staff and paperwork. You don't need several accounts
payable clerks. Smooth out your accounts payable management and you will
increase your profitability by decreasing personnel and time spent on paperwork.
How To Manage Accounts Payable Aging Reports
Are you getting the most out of your reviews of your company's accounts
payable aging reports? Used properly, these reports can offer invaluable insight,
making them an extremely useful tool for managing your business and its cash

flow. Here is what you need to know to utilize your accounts payable aging reports
effectively.
Strategies For Optimizing Accounts Payable
For many businesses, the accounts payable department doesn't get a lot of
attention unless something goes wrong. However, there's a lot to be gained from
the accounts payable department that is well run. Conversely, there's a lot of
problems that can come from one that is merely limping along. This department
often has an enormous effect on a business' cash flow, and there are opportunities
that can be gained or lost from taking advantage of payment agreements with
suppliers.
A well run accounts payable department should be able to take advantage of
volume discounts and early payment discounts as well as determining the best way
to keep the most cash available to a business for other expenses and investments.
This department should also be able to ensure that suppliers are meeting their
obligations based on agreements and contracts, so if volume or quality standards
aren't met, issues are resolved and appropriate corrective actions are taken.
Common Accounts Payable Problems
Although there are numerous opportunities for cutting costs and freeing up
cash, there are also a number of obstacles that businesses face when attempting to
achieve these goals. Canon's 2014 Accounts Payable Optimization Study found
that paper processing was one of the largest sources of problems for many
organizations, with the time it takes to deal with paper invoicing being the biggest
issue.
Other major sources of concern were:

 Ensuring that payments are made on time

Streamlining the invoice approval process
Obtaining the best payment terms with suppliers and making sure that
obligations are met on both sides
Dealing with a variety of supplier accounting and invoicing systems
Recording and verifying the security of data and transactions
Improvements and Optimization
Due to the fact that a number of issues related to the proper running of
accounts payable departments stem from the same root causes, there are also a few
adjustments that organizations can make that will take care of many concerns at the
same time. Three of the most effective ways that businesses can streamline their
accounts payable department processes are to:
Use object character recognition to digitize paperwork
Take advantage of online portals that are accessible to suppliers
Create management workflows
OCR
While many companies routinely take advantage of scanners to create digital
copies of paperwork, this generally only involves creating an image of a document
that is saved on a computer. This means that information still needs to be entered

manually into a database, so while the loss of records is less of an issue, it is still
time-consuming.
Object character recognition, or OCR, involves scanning a document and
retrieving data from it. This data can be automatically added to a database or
spreadsheet. The OCR process helps to reduce the issue of manual data entry errors
and allows information to be entered as soon as the paperwork is received. OCR
takes about the same time for an employee as scanning a document to create an
image file, and it generally doesn't require any extra steps. Per Gartner, there are
organizations that are able to post 80 percent or more of their invoices without an
employee having to be directly involved.
Supplier Portals
Streamlining the process for entering invoices and data into a centralized
system can enable businesses to create or take advantage of an online portal that
allows a business and its suppliers to track orders, look at invoices and see when
payments are made. Making this data available to a number of individuals in an
organization can help ensure that the accounts payable department has proper
oversight, and it can help speed up the time it takes to approve invoices. Letting
suppliers access the portal enables these businesses to submit invoices and track
payments as well as be made aware of any issues with supplies received or
invoicing issues.
Establish Workflows and Processes
However an organization decides to handle their data management efforts,
it's important that there is an established process in place for managing accounts
and payments. This enables businesses to ensure that operations are working and

figure out alternatives if they are cumbersome or lead to errors or delays.

According to Deloitte, these processes should detail what the accounts payable
department does when it receives an invoice, how data is input and shared and
what the process is for getting invoices approved. There should also be guidelines
for determining the best ways of dealing with paying different types of suppliers.
While many suppliers offer discounts for payment within 30 or 90 days, it
may not be worth the discount if doing so inhibits an organization's cash flow. It's
also essential that there is a way to verify that both the company and suppliers are
meeting the prescriptions of a contract or agreement. Establishing workflows for
dealing with these issues can help organizations make the right choices.
When suppliers are not delivering on time, in sufficient amounts or
appropriate quantities of stock, companies may not want to pay invoices until these
matters have been resolved. A workflow can be critical in establishing what should
be done when these issues arise. Additionally, payments to suppliers also need to
be made on time to prevent losing discounts or incurring penalties for late
payments. Each supplier agreement needs to be documented and updated as things
change, and processes should ensure that each account is handled appropriately.
Creating workflows may also help a company:
Outsourcing
Digitizing records, implementing OCR and using a portal that suppliers have
access to may not be something that is necessary for smaller businesses, but
organizations should not assume that the cost will prevent a business from being
able to take advantage of them. While the cost of setting up and maintaining
electronic systems may be prohibitive for many small and medium-sized

organizations, doing so in-house is often not necessary. There are a variety of thirdparty providers that organizations can outsource these tasks to. Organizations can
get outsourced assistance for everything from setting up an OCR process to
helping a company create workflows for analyzing supplier contracts.
While organizations may not be able to foot the costs of implementing a
variety of IT systems on their own, having a third-party handle them is often very
affordable. Businesses will need to compare the costs of using outside parties to
develop these systems against the potential savings and value of freeing up cash,
but outsourcing allows organizations to take advantage of technology and systems
that would normally be too expensive.
Ensure that purchase orders are created for each new order
Verify that invoices match products received and meet contractual
agreements
Check records to ensure that payments are made, that they are made on time
and that they are not duplicated
Determine the best method of paying invoices, such as through EFTs or
credit cards, to reduce feesresearch methodology
The process used to collect information and data for the purpose of making
business decisions. The methodology may include publication research,
interviews,surveys and other research techniques, and could include both present
and historical information

Cash and bank operation

In hotel there are several cash points i.e. FO, F & B outlets, WC, BC etc
collections at punts cant be used and to be dropped in safe however General
Cashier (in finance)looks after the cashier functions in hotel, contingent fund
imprest of 5L is maintained by him. It performs functions like.
Collection of cash envelopes (cash + Cheques + Forex) dropped in safe
Collection of forex ECR and deposit of forex to TC.
Deposit of collection with bank and withdrawal of cash for expenses
Back office receipts.
Reimbursement of cash to FO (Paid outs and foreign Encashment)
Cash payment for staff bills, stipends, tips etc. Allot cash payments in
system and update GCS and close the day.
Cash counting from envelopes is done in presence of some other person from
finance further every day end of office hours cash is physically verified. AFC
checks all vouchers with cash book and ensures that physical cash tally as per cash
book and also control for IOUs and Temporary contingent fund.
As a part of corporate cash management data is updated in corporate
treasury portal for deposits and withdrawals from bank account.

Chapter IV
Research Methology

Sources of research methology

Primary Sources
A primary source provides direct or firsthand evidence about an event,
object, person, or work of art. Primary sources include historical and legal
documents, eyewitness accounts, results of experiments, statistical data, pieces of
creative writing, audio and video recordings, speeches, and art objects. Interviews,
surveys, fieldwork, and Internet communications via email, blogs, listservs, and
newsgroups are also primary sources. In the natural and social sciences, primary
sources are often empirical studiesresearch where an experiment was performed
or a direct observation was made. The results of empirical studies are typically
found in scholarly articles or papers delivered at conferences and other acivity in
ITC mauryanew delhi.
Secondary Sources
Secondary sources describe, discuss, interpret, comment upon, analyze,
evaluate, summarize, and process primary sources. Secondary source materials can
be articles in newspapers or popular magazines, book or movie reviews, or articles
found in scholarly journals that discuss or evaluate someone else's original
research.
Statement of this problem

AP activities obviously involve lots of documents and information. As a

business grows, so does the number of documents and the problems that come with
it. For one, the cost to store these documents increases with every single paper
invoice. All these documents are challenging to access, manage, and track, often
causing duplicate information, duplicate

payments and

lower

financial

transparency.

Purpose of this study

The purpose of this study is to establish uniform guidelines for the use and
distribution of gift cards..
Research design
A detailed outline of how an investigation will take place. A research design
will typically include how data is to be collected, what instruments will be
employed, how the instruments will be used and the intended means for analyzing
data collection.
Sample
In statistics, a sample is a subset of a population that is used to represent the
entire group as a whole. When doing research, it is often impractical to survey
every member of a particular population because the sheer number of people is
simply too large. To make inferences about characteristics of a population,
researchers can use a random sample.
Why Do Researchers Use Samples?

When researching an aspect of the human mind or behavior, researchers

simply cannot collect data from every single individual in most cases.
Instead, they choose a smaller sample of individuals that represent the larger
group. If the sample is truly representative of the population in question,
researchers can then take their results and generalize them to the larger group.

Types of Sampling
In psychological research and other types of social research, experimenters
typically rely on a few different sampling methods.
1. Probability Sampling
Probability sampling means that every individual in a population stands and
equal chance of being selected. Because probability sampling involves random
selection, it assures that different subsets of the population have an equal chance of
being represented in the sample. This makes probability samples more
representative, and researchers are better able to generalize their results to the
group as a whole.
There are a few different types of probability sampling:
Simple random sampling is, as the name suggests, the simplest type of
probability sampling. Researchers take every individual in a population and
randomly select their sample, often using some type of computer program or
random number generator.

 Stratified random sampling involves separating the population into

subgroups and then taking a simple random sample from each of these
subgroups. For example, a research might divide the population up into
subgroups based on race, gender, or age and then take a simple random
sample of each of these groups. Stratified random sampling often provides
greater statistical accuracy than simple random sampling and helps ensure
that certain groups are accurately represented in the sample.
Cluster sampling involves dividing a population into smaller clusters, often
based upon geographic location or boundaries. A random sample of these
clusters is then selected and all of the subjects within in cluster are
measured. For example, imagine that you are trying to do a study on school
principals in your state. Collecting data from every single school principle
would be cost-prohibitive and time-consuming. Using a cluster sampling
method, you randomly select five counties from your state and then collect
data from every subject in each of those five counties.
2. Nonprobability Sampling
Non-probability sampling, on the other hand, involves selecting participants
using methods that do not give every individual in a population an equal chance of
being chosen. One problem with this type of sample is that volunteers might be
different on certain variables than non-volunteers, which might make it difficult to
generalize the results to the entire population.
There are also a couple of different types of nonprobability sampling:
Convenience sampling involves using participants in a study because they
are convenient and available. If you have every volunteered for a

psychology study conducted through your university's psychology

department, then you have participated in a study that relied on a
convenience sample. Studies that rely on asking for volunteers or by using
clinical samples that are available to the researcher are also examples of
convenience samples.
Purposive sampling involves seeking out individuals that meet certain
criteria. For example, marketers might be interested in learning how their
products are perceived by women between the ages of 18 and 35. They
might hire a market research firm to conduct telephone interviews that
intentionally seek out and interview women that meet their age criteria.
Quota sampling involves intentionally sampling a specific proportion of a
subgroup within a population. For example, political pollsters might be
interested in researching the opinions of a population on a certain political
issue. If they use simple random sampling, they might miss certain subsets
of the population by chance. Instead, they establish criteria that a certain
percentage of the sample must include these subgroups. While the resulting
sample may not actually be representative of the actual proportions that exist
in the population, having a quota ensures that these smaller subgroups are
represented.
Sample size
Sample size determination is the act of choosing the number of
observations or replicates to include in a statistical sample. The sample size is an
important feature of any empirical study in which the goal is to make inferences
about a population from a sample. In practice, the sample size used in a study is
determined based on the expense of data collection, and the need to have sufficient

statistical power. In complicated studies there may be several different sample

sizes involved in the study: for example, in a stratifiedsurvey there would be
different sample sizes for each stratum. In a census, data are collected on the entire
population, hence the sample size is equal to the population size. In experimental
design, where a study may be divided into different treatment groups, there may be
different sample sizes for each group.
Sample sizes may be chosen in several different ways:
experience - For example, include those items readily available or
convenient to collect. A choice of small sample sizes, though sometimes
necessary, can result in wide confidence intervals or risks of errors in
statistical hypothesis testing.
Using a target variance for an estimate to be derived from the sample
eventually obtained
Using a target for the power of a statistical test to be applied once the sample
is collected.
Data Collection Methods
Regardless of the topic of your dissertation or thesis, it is highly likely that
at some point you will need to collect data. Below are some common data
collection methods. Remember, you will want to collect data in a way that fits your
research design and questions.
Self-Report

Self-report is a type of research design in which participants give their

responses to a given set of questions. The most common types of self-report are
interviews or questionnaires. One major limitation of self-report versus other data
collection methods is that accuracy of responses cannot be determined, and there
are many circumstances in which participants are likely to lie.

Observation
Observation is a method of collecting data in which members
of research teams observe and record behaviors. Data collected
during

observation

are

explicit

and

quantifiable.

However,

observation has many limitations. First, researchers who use

observation can only observe behaviors; therefore, observation
cannot be used to collect data about attitudes, beliefs, thoughts,
covert behaviors, etc. Another limitation of observation is that it is
a known fact that being observed changes behavior. Observation
can be either formal (e.g., structured in a laboratory setting) or
casual (e.g., in the natural environment), and the observer may
either be a participant (e.g., member of the group being
observed) or a nonparticipant (e.g., not a member of the group
being observed).