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Sales order invoice for Public Relations

welcome today we'll be talking about the sales order entry process along with the threats and controls associated with it so there are four steps to sales order entry first take the customers order then approve the customers credit then check inventory availability and finally respond to the customer we're going to go through each of these four steps in the following example let's say company XYZ needs to order some inventory from parts place they will go to their online portal and submit an order parts place receives the order and can view it's details it will then need to check the company's credit after that's been approved they'll check to see if they have the available inventory to fill the order once they're sure they have enough inventory they'll respond to the customer letting them know when they can expect their order by now that we've gone over the process we'll address the threats of sales order entry first let's go back to the beginning company XYZ could fill out an incomplete or inaccurate order let's say that this item number here isn't an actual item this is a problem because when the order comes in Hart's place won't know how to fill it they can prevent this by using something called data entry controls these controls basically only allow real items to be entered in this field another threat is having invalid orders let's say your salesman's comes to you with a big order from a new customer resulting in him making a handsome Commission in reality the customer in order are and once he gets his commission he'll just cancel the order to prevent this we require businesses to provide a digital or written signature to prove that they are actually a real business another threat is uncollectible accounts this basically is when a customer can't pay for the order they've made now if existing customers will put a limit on their credit only allowing them to make orders that we think they can pay for with new customers will require that they have to be approved before we'll take any orders so to prevent uncollectible accounts we use credit limits and new customer approval now let's take a look at inventory the threats here are to have stock-outs or excess inventory which usually happened because we aren't keeping track of inventory we have we can track inventory and prevent these threats by using barcodes or RFID tags or we can periodically count our inventory we can also use sales forecasts and activity reports to project how much inventory we need to make so we can use barcodes or RFID tags periodically count our inventory and compare that to what's in the system or use sales and activities reports the final threat is loss of customers which is user result of poor customer service such as taking too long to get back to a customer or not cater new customers needs companies would use CRM or customer relation management systems to improve customer service and meet customers needs so to rent a loss of customers use a CRM system okay it's quiz time let's see how well you remember everything I want you to match up the following threats with the following controls ready set go okay let's see how you did for uncollectible accounts we can use credit limits for lots of customers we can use a CRM system for inaccurate orders we can use data entry controls for stock outs we can use barcodes or RFID tags and for invalid orders we can use digital signatures well that sales order entry we'll see you next time when we talk about the threats and controls of shipping you