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COMFORI would like to wish you!!

Happy 60 Years Independence Day Malaysia!!

31st September is the most historical for Malaysian every year. It has been 60 years and we could see how exactly our country have been grown from time to time. We, Comforian proud to be Malaysia that leaves in peace and harmony. Happy Independence Day MALAYSIA!!

Check out articles below from The Stars Online regarding the preparation for 2017 Independence day!

Najib hails young as catalysts for Malaysia's greater success
Tuesday, 29 August 2017 | MYT 7:20 PM
Source: The Star Online

KUALA LUMPUR: Datuk Seri Najib Tun Razak came to Dataran Merdeka for the full dress rehearsal of the National Day 2017 celebration and liked what he saw - young people full of enthusiasm to deliver a performance people will remember for a long time to come.

"You, the new generation, are the catalysts who will take Malaysia to greater heights," the Prime Minister said as he addressed the estimated 18,000 participants comprising mainly schoolchildren, government servants and uniformed personnel who were preparing for the National Day performance on Thursday.

Najib was accompanied by Communications and Multimedia Minister Datuk Seri Dr Salleh Said Keruak and the ministry secretary-general Datuk Seri Dr Sharifah Zahrah Syed Ahmad.

The Prime Minister said the new generation must realise how difficult it was for the country to achieve independence and remain independent, and to understand the major challenges they would have to face as they marched on to the future.

"When we see such a celebration planned for this year, we can feel that what we have achieved all through the years since independence is nothing short of excellence," he said.

He said the new generation of today was the generation of the National Transformation (TN50) who would take Malaysia to a higher level in the eyes of the world.

Najib said he was happy with the performance of the participants.

At the rehearsal, Najib shouted out "Merdeka" seven times to recall the historic moment when first prime minister Tunku Abdul Rahman Putra Al-Haj hailed the word as many times in 1957.

The celebration, carrying the theme "Negaraku Sehati Sejiwa" (My Country, One Heart, One Soul), recalls the nostalgic moments of independence in 1957, the declaration of Malaysia Day, the era of development under the leadership of the five prime ministers after Tunku Abdul Rahman, and the country's success and development up to now.

In KOTA KINABALU, a full dress rehearsal was held for the Sabah-level National Day celebration at Jalan Tun Fuad Stephens.

State Local Government and Housing Minister Datuk Hajiji Noor, who is the chairman of the celebration organising committee, said more than 200 contingents participated in the parade.

"I am happy with the preparations; we just had to do some touch-up here and there," he said to reporters after the rehearsal. Kota Kinabalu mayor Datuk Yeo Boon Hai was also present at the rehearsal.

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A reliable procurement system is designed for speed, efficiency, and accuracy. Yet despite all precautions, problems ranging from human error to organizational shortcomings can still have a negative effect on a company’s procurement and purchasing ability. Here are five common procurement problems you’ll encounter as well as simple ways to fix them.

1. Accidental Orders

Did you order the wrong item? Or the wrong quantity? If you have a good relationship with your supplier, immediately follow up to admit the mistake and rectify the order. This can save you from considerable hardship in the long run. Given the speed of transactions these days, ordering errors are common and require checks and balances that throughout your supply chain. Adopting a protocol that allows for approval from more than one person is one safeguard against mistakes like this in the future.

2. Inflexible Suppliers

Many procurement decisions correlate to a company’s risk management strategy. The lower the costs, the better they’re reflected on the bottom line. Suppliers who recognize that accommodate a company’s needs to maximize their performance. Still, some suppliers may not offer discounts or insist that certain surcharges be included in the price. Before opting for a rigid supplier, consider other negotiation options. Can the supplier pay for shipping? Are discounts available for larger bulk orders? A skilled procurement professional like yourself will often find some wiggle room for negotiation and you’ll look good doing it.

3. Exceeding Budget

Chances are, procurement transactions that exceed your budget aren’t due to reckless spending. It’s more likely that a communication (or coordination gap) is present in your procurement protocol. This should be addressed as soon as possible. Regular budgetary updates affecting the financial status of all links in your supply chain, including budgetary changes, will go a long way towards rectifying that problem.

4. Damaged Goods

Impulse buying, making emotional decisions based on the preference of suppliers and literally phoning in an order are often the most common causes of procurement errors, especially if the company is a rapidly growing startup. When a company launches, decision-makers usually want to ensure everything is ordered and in place all at once. Hitting the ground running often means ignoring the cautionary steps in a procurement process and may result in cost overruns in inventory before revenue streams can compensate for these purchases. A good, comprehensive procurement system allows for both prompt orders and more thoughtful decision-making. Though it takes time upfront (and okay, you caught us, implementing a procurement process isn’t an “easy fix”), it will save you a ton of work in the long run.

5. Rushed Purchases

If your delivered order is damaged, you have the option to refuse the delivery or accept the items. Record the condition of the shipment, you are the customer after all. Depending on who paid for freight, you must notify the courier and supplier immediately. Start negotiations on who is responsible for compensating your company. Bear in mind that if the items were damaged during transport and if your company paid for the freight, the responsibility no longer rests with your supplier, but with the courier. Consider having a variety of couriers on deck in case one doesn’t work out. Also, always be sure to report any discrepancies as soon as possible to expedite solutions with either your supplier or courier.

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Since most procurement problems can be attributed to human error, these issues can usually be resolved fairly easily. Make sure that your procurement system takes these mistakes into account and ensure your partnership with a supplier is based on mutual understanding. The more safeguards that are in place, the less of an effect these type of errors will have on your company’s procurement ability.

source from: https://blog.procurify.com/2015/11/24/get-your-purchasing-in-order-5-common-procurement-problems-with-easy-fixes/

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Microsoft Excel spread sheet software has become an integral part of most business organizations across the world. MS Excel is used for various purposes by business establishments. Some organizations use this spread sheet software for generating memos, track sales trends, and other business data. Microsoft Excel spread sheets software come with million rows of data and automates number crunching, but this popular spread sheet software is capable of doing more than just figures. MS Excel has a simple interface that allows users to easily understand this software and also perform basic activities.

MS Excel offers a grid interface that allows the user to organize any type of information they require. One of the major advantages MS Excel spread sheet software is its flexibility feature. This feature allows the user to define the structure of information they need to manage with ease, and this spread sheet software is very easy to use and even a novice user can use this software. For specialized tasks, the user needs to undergo training and gain hands-on experience to use it in a better manner. Even after three decades, MS Excel is still the most preferred and used spread sheet software around the world.

Microsoft Excel is commonly used for financially-related activities. The reason for its popularity is that the user can define custom formulas for calculating quarterly, half yearly and annual reports. This spread sheet software also helps the individuals and professionals to effectively keep a track of sales leads, project status reports, and invoice reports. Microsoft Excel is also very popular among professionals from science background as it allows them to easily work with statistical formulas and graphing. This article offers a brief introduction to Microsoft Excel and its key features.

1. Work Scheduling

Assigning the work tasks to the team members is one of the most important job of the managers. This task must be performed by managers effectively so that the given project deadlines are met and the project is delivered successfully to the client. For this, managers take advantage of Scheduling feature available in the MS Excel spreadsheet software. These schedules can be color-coded and are designed in such a manner that they get automatically updated if there is a change in the schedule of tasks and activities.

2. Basic Financial Accounting

Small and mid-sized organizations make use of MS Excel spreadsheet software for carrying out their accounting activities. They can create a basic accounting program or checkbook ledger that allows them to keep a track of the organization’s financial transactions. For making it more effective accountants can enter their deposits and expenditures onto each row, very much similar as they do it in the traditional ledger books. By entering data in this manner accountants also have the flexibility to create charts and graphs over time to compare business income and expenditures.

3. Tracking Product Sales

MS Excel spreadsheet software allows the small business users to keep a complete track of their product sales. By doing these, small business owners can effectively design plans that will enhance their sales in the market. By maintaining a complete track of the product, business owners get a clear idea about the progress business has made over the specified time period and also helps them to identify the high and low sales trends. According to Microsoft officials, "By using regression analysis, you can extend a trendline in a chart beyond the actual data to predict future values."

4. Return On Investment [ROI]

MS Excel software also allows you to track the Return On Investment accurately. The ROI gives the business owner a clear indication of how much investments have been made into the business and how much is the profit earned by the business. If the business owner is keeping a complete track of the sales, then they will also get an idea about how long it takes for them to reach break even or additional profit levels.

5. Customer Data

Small business establishments and organizations use MS Excel spreadsheet for storing contact information of their clients and customers. This information acts as a customer database for them and can make use of this information to contact their customers. The advantage of storing this information in MS Excel sheet is that even though the sheet is updated or new fields have been added to the sheet it does not affect or change the content present in other cells of the spreadsheet.

Microsoft Excel has proven to be advantageous for day to day business activities. The knowledge of Microsoft Excel has become essential for small business establishments to carry out their day to day business and reap the best results from their business.

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Ensure Approval on All Purchases

The appropriate manager must approve procurement with every purchase order; if you’re in a major corporation, you might need multiple signatures. An omission might be a sign of miscommunication between procurement agents and managers, or worse, fraud.

Organize According to Type of Workflow

If you’re dealing with a large number of purchases every day, chances are that a few could be entered improperly or that a purchase may go undetected if an order form is missing. A disorganized system means you’ll lack the ability to verify transactions, allowing errors to pass through the workflow unnoticed. Keep an eye on the level of activity in your company and organize files for better efficiency. Ensure that all your computer folders are properly labeled and follow a proper sequence in your directory trees and drop-down menus to save the hassle of looking for delinquent documents.

Follow Three Way Matching Protocol

Three way matching is the act of examining purchase orders, shipping orders and invoices to check that the prices, quantities and totals are identical and that procurement transactions are legitimate. Any deviation from those numbers is a red flag that could signal an error in ordering and follow-up or possible fraud. The biggest drawback to the process is that it’s time-consuming, although an automated accounting system can easily eliminate the hours involved in searching for the right documentation.

Remember to Use Adjusting and Reversing Entries

Adjusting and reversing entries are used when a procurement extends from one accounting period to the next. To solve this, make an adjusting entry at the end of the first month and a reversing entry at the beginning of the next month. Automated software can eliminate any oversight related to this by flagging these purchases.

Ensure a foolproof system is in place to confirm orders and verify transactions by getting everyone to follow specific procedures and steps. Keeping lines of communication open between departments will also help in prevention and troubleshooting. These policies and accounting methods will go a long way towards more accuracy and better performance in your business.

source from: https://blog.procurify.com/2016/02/11/5-ways-to-stop-accounts-payable-errors/

This video is more on showing the workflow of Accounts Payable. Here you may see the process of AP as a whole. Enjoy the video!!!

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