Showing papers on "Accounts payable published in 2001"
Posted Content•
TL;DR: In this paper, Fisman and Love show that in countries with relatively weak financial institutions, industries with greater dependence on trade credit financing (measured by the ratio of accounts payable to total assets) grow faster than industries that rely less on such credit.
Abstract: Where do firms turn for financing in countries with poorly developed financial markets? One source is trade credit. And where formal financial intermediaries are deficient, industries that rely more on this source of financing grow faster. Recent empirical work has shown that financial development is important for economic growth, since well-developed financial markets are more effective at allocating capital to firms with high-value projects. This raises the question of whether firms with high-return projects in countries with poorly developed financial institutions are able to draw on alternative sources of capital to offset the effects of deficient (formal) financial intermediaries. Recent work suggests that implicit borrowing in the form of trade credit may provide one such source of funds. Using the methodology of Rajan and Zingales (1998), Fisman and Love show that in countries with relatively weak financial institutions, industries with greater dependence on trade credit financing (measured by the ratio of accounts payable to total assets) grow faster than industries that rely less on such credit. Furthermore, consistent with the notion that young firms may not use trade credit, the authors show that most of the effect they report comes from growth in preexisting firms rather than from an increase in the number of firms. This paper has also been published in the Journal of Finance. This paper - a product of Finance, Development Research Group - is part of a larger effort in the group to study the determinants of access to finance.
697 citations
Posted Content•
TL;DR: The authors showed that in countries with relatively weak financial institutions, industries with greater dependence on trade credit financing (measured by the ratio of accounts payable to total assets) grow faster than industries that rely less on such credit.
Abstract: Recent empirical work has shown that financial development is important for economic growth, since well-developed financial markets are more effective at allocating capital to firms with high-value projects. This raises the question of whether firms with high return projects in countries with poorly developed financial institutions, are able to draw on alternative sources of capital, to offset the effects of deficient (formal) financial intermediaries. Recent work suggests that implicit borrowing, in the form of trade credit, may provide one such source of funds. Using the methodology of Rajan and Zingales (1998), the authors show that in countries with relatively weak financial institutions, industries with greater dependence on trade credit financing (measured by the ratio of accounts payable to total assets) grow faster than industries that rely less on such credit. Furthermore, consistent with the notion that young firms may not use trade credit, the authors show that most of the effect they report, comes from growth in preexisting firms, rather than from an increase in the number of firms.
661 citations
Patent•
5 Jun 2001
TL;DR: In this article, a system to pay an invoice includes reception of a code and a payable amount associated with an expense, identification of a user associated with the code, presentation of the expense to the user, reception of an instruction to pay the payable amount, and determination of whether the payment is less than or equal to an approved amount associated to the code.
Abstract: A system to pay an invoice includes reception of a code and a payable amount associated with an expense, identification of a user associated with the code, presentation of the expense to the user, reception of an instruction to pay the payable amount, and determination of whether the payable amount is less than or equal to an approved amount associated with the code. By using a code associated with an appropriate user, an expense may be easily directed to a user authorized to evaluate and instruct payment of the expense.
44 citations
Patent•
28 Jun 2001TL;DR: In this paper, a virtual company acting as an intermediary for transactions manages accounts receivable and the accounts payable accrued between a seller organization and a buyer organization based on the ordering and order-receiving data, transfers funds and provides the financial services based on account receivable.
Abstract: A virtual company acting as an intermediary for transactions manages accounts receivable and the accounts payable accrued between a seller organization and a buyer organization based on the ordering and order-receiving data, transfers funds and provides the financial services based on the accounts receivable. The virtual company relays the data from a party in transactions to the other party, prepares the accounts payable data and the payment management data for the buyer organization and sends them to the buyer organization, while preparing the inspected goods accounts receivable data and the receipts management data for the seller organization and sends them to the seller organization. The virtual company requests a bank to transfer funds, and notifies the seller organization that the financial services are available for the seller organization based on the accounts receivable accrued to the seller organization before the payment.
28 citations
Patent•
29 Jun 2001TL;DR: In this paper, accounting system terminals of companies having mutual transactions and a bond service handling server at a bond company are interconnected via a network, where a company which intends to enter transactions opens, beforehand, a securities deposit account at the bond company by buying investment trust or the like.
Abstract: In accordance with an embodiment of the invention, accounting system terminals of companies having mutual transactions and a bond service handling server at a bond company are interconnected via a network. A company which intends to enter transactions opens, beforehand, a securities deposit account at the bond company by buying investment trust or the like. A company having trade accounts receivable or payable connects its accounting system terminal to the bond service handling server via the network, and requests the server to settle transactions utilizing the securities deposit account. In settling the trade accounts receivable and payable, the requested securities service handling server performs the fund transfer through sale and purchase of bonds, such as investment trust possessed by respective companies, from the proper deposit account, thus, increasing and reducing the balance of the respective securities deposit accounts.
25 citations
Patent•
16 Aug 2001
TL;DR: In this article, a method and system for identifying discount opportunities relating to invoices on goods or services purchased by a buyer from a seller is described, and a system for allowing third parties to bid on and utilize such discounts at a specified rate of return.
Abstract: A method and system for identifying discount opportunities relating to invoices on goods or services purchased by a buyer from a seller is described. Additionally, the invention is directed to a system for allowing third parties to bid on and utilize such discounts at a specified rate of return. The system allows the transaction between the buyer and supplier to be conducted in the normal course of business.
16 citations
Patent•
10 May 2001
TL;DR: In this article, a method for providing deferred compensation to an employee's beneficiary is disclosed, whereby the benefit takes the form of insurance policy proceeds payable to an employees beneficiary, and wherein the deferred compensation is paid to the beneficiary in an income and estate tax free manner.
Abstract: A method for providing deferred compensation to an employee's beneficiary is disclosed, whereby the benefit takes the form of insurance policy proceeds payable to an employee's beneficiary, and wherein the deferred compensation is paid to the beneficiary in an income and estate tax free manner.
16 citations
Patent•
19 Mar 2001
TL;DR: In this paper, a method of establishing a system of a secondary market for disbursement information, wherein with "purchase plan information" of merchandise owned by a nation or others added with an asset value and utilized independently, is given to business firms that desire to utilize it, its cost being payable by buyers.
Abstract: The present invention provides a method of establishing a system of a secondary market for disbursement information, wherein with “purchase plan information” of merchandise owned by a nation or others added with an asset value and utilized independently, purchase plan information is given to business firms that desire to utilize it, its cost being payable by buyers, as the information has an asset value. Each sample of disbursement information can be called information of a planned purchase or “Purchase Plan Information”. The purchase plan information is quantified; its value is set; it is converted to bonds, warrants or securities by fixing a common monetary unit like Yen; the purchase plan information is sold, bought or brokered at a secondary market for information; the purchase plan information is brokered at auction under appropriate conditions of the auction to facilitate its distribution; and the value of the purchase plan information is increased by using it in operations in the market for better returns.
16 citations
Patent•
11 Apr 2001
TL;DR: In this article, a network-based system for simultaneous remuneration of a multiplicity of parties to a transaction is disclosed, which enables the proceeds from a transaction to be automatically distributed to the parties with an interest in the transaction, based on prior agreements and contractual arrangements.
Abstract: A network-based system for simultaneous remuneration of a multiplicity of parties to a transaction is disclosed. A new method and system of trusted settlement of accounts for a multiplicity of parties using credit transactions, debit transactions, electronic checks and other forms of trade currency. The system enables the proceeds from a transaction to be automatically distributed to a multiplicity of parties with an interest in the transaction, based on prior agreements and contractual arrangements, thereby eliminating the internal overhead cost for both the Accounts Receivable and Accounts Payable processes for all parties concerned.
15 citations
Posted Content•
1 Jan 2001
TL;DR: ESPASIM as mentioned in this paper is a static micro-simulation model of taxes and benefits for Spain, taking into consideration the information provided by micro-data from a representative sample of Spanish individuals and households, ESPASIM simulates the effect that different tax benefit policy scenarios would have on the distribution of this population's.
Abstract: ESPASIM is a static micro-simulation model of taxes and benefits for Spain. Taking into consideration the information provided by micro-data from a representative sample of Spanish individuals and households, ESPASIM simulates the effect that different tax-benefit policy scenarios would have on the distribution of this population’s. Given the characteristics, circumstances, income and expenditure of each individual, ESPASIM calculates the tax this person would pay and the benefits that he/she would receive under alternative policy systems. This enables one, for example, to calculate the tax payable, and find out who would benefit or be adversely affected by a specific policy, or the impact of different policy scenarios on inequality and poverty. ESPASIM is a user-friendly program, accessible to anyone familiar with the Spanish tax-benefit system and with basic computer knowledge. This paper is an introduction to how ESPASIM works and what it can and cannot do.
13 citations
Patent•
10 Jan 2001TL;DR: In this article, the authors present a method for operating a computer-based accounts payable system, where the user inputs a bill that includes a billing code, and the system then determines whether the billing code is present in the budget database.
Abstract: The present invention is a method for operating a computer-based accounts payable system. The user inputs a bill that includes a billing code. The system then determines whether the billing code is present in the budget database. If the billing code is present in the budget database, the system approves payment of an amount associated with the billing code in the budget database. If the billing code is not present in the budget database, the system approves payment of a budget amount associated with the billing code in a default budget database. In the preferred embodiment, the system also checks whether a particular task has been completed before approving payment of said bill, and checks to insure that a previous bill covering the same task has not been paid previously.
15 Jul 2001
TL;DR: This paper presents a novel congestion management protocol applicable for both pure-bilateral and hybrid market structure based on an interruptible physical transmission contract, which guarantees physical access to the transmission network users and provides financial incentives for the bilateral contract holders to forfeit the physical access.
Abstract: This paper presents a novel congestion management protocol applicable for both pure-bilateral and hybrid market structure. The mechanism is based on an interruptible physical transmission contract, which guarantees physical access to the transmission network users and provides financial incentives for the bilateral contract holders to forfeit the physical access to the transmission network. The contract specifies a financial reimbursement payable to the insured if the system operator dispatch requires a curtailment of a bilateral contract involving an injection into and withdrawal of power at a specified set of nodes. The insurer is compensated in the form of an insurance premium for providing the service. The contract is structured such that the reimbursement payable to the insured party equals the actual loss incurred so that the insured party is "made whole" with the insurance payment. Similarly, when the insurer is the system operator itself, it tries to dispatch the generators such that the aggregate insurance reimbursements payable to the insured parties is minimized. In this way, the transmission contract mechanism ensures that a near optimal curtailment policy coincides with the efficient dispatch in the system.
1 Jan 2001
TL;DR: In this paper, the authors outline a number of important principles of tax indemnity clauses in share purchase agreements, including the following: there is no general duty to litigate tax disputes to mitigate damages.
Abstract: This article outlines a number of important principles of tax indemnity clauses in share purchase agreements. First, there is no general duty to litigate tax disputes to mitigate damages. Therefore, if the vendor wants to impose a duty to litigate on a purchaser who is claiming under a tax indemnity, the indemnity clause must provide for this. Second, a claim for a tax indemnity will likely take the form of damages for economic loss rather than a full reimbursement of taxes payable. Finally, there are risks to a vendor who pays taxes under an indemnity, because it may not be able to recover the taxes paid if the indemnified party suffers financial reverses.
Journal Article•
TL;DR: This final rule establishes national coverage and administrative policies for clinical diagnostic laboratory services payable under Medicare Part B to promote Medicare program integrity and national uniformity, and simplify administrative requirements for clinical diagnose laboratory services.
Abstract: This final rule establishes national coverage and administrative policies for clinical diagnostic laboratory services payable under Medicare Part B to promote Medicare program integrity and national uniformity, and simplify administrative requirements for clinical diagnostic laboratory services. This rule addresses public comments received on the proposed rule that was published March 10, 2000. A Negotiated Rulemaking Committee (the Committee) developed the policies as directed by section 4554(b)(1) of the Balanced Budget Act of 1997 (the BBA).
Posted Content•
TL;DR: In this paper, a more recent dividend puzzle is uncovered; that of an increasing proportion of quoted UK companies omitting cash dividends, motivated by a desire to understand corporate balance sheet adjustment, models for the incidence of dividend omissions and cuts are estimated as functions of financial characteristics including cash flow, leverage, investment opportunities, investment and company size.
Abstract: The payment of dividends is one of the key unresolved puzzles of company financial behaviour. This paper uncovers a more recent dividend puzzle; that of an increasing proportion of quoted UK companies omitting cash dividends. Also motivated by a desire to understand corporate balance sheet adjustment, models for the incidence of dividend omissions and cuts are estimated as functions of financial characteristics including cash flow, leverage, investment opportunities, investment and company size. These financial variables can account for most of the increase in omissions since 1995. There is relatively little evidence to link this to the major tax reform of 1997 that abolished tax refunds on dividend income payable to tax-exempt institutions. Significant persistence effects indicate that companies are slow to adjust their balance sheets through dividends.
Patent•
16 Jan 2001
TL;DR: In this article, a system for creating consistent materials for business management based on a management policy is presented, where the system creates a projected monthly profit and loss account on an operating profit basis consisting of sales, production cost and indirect expenses from a target amount entered based on data of past results.
Abstract: PROBLEM TO BE SOLVED: To provide a system for creating consistent materials for business management based on a management policy. SOLUTION: The system creates a projected monthly profit and loss account on an operating profit basis consisting of this year's sales, production cost and indirect expenses from a target amount entered based on data of past results (S110). The system then creates a projected slip data using a slip creating code table and a journal slip condition table from the projected monthly profit and loss account created (S112). It creates a slip data for elements which may influence this year (eg. a balance of accounts payable and accounts receivable) from a previous year's balance or the like of the past results (S200). From the created slip data necessary accounts such as projected financial statements are created (S118). Slips of non-operating and special profit and loss accounts can also be created (S116). COPYRIGHT: (C)2002,JPO
Patent•
17 Aug 2001
TL;DR: In this article, a method for creating backed derivatives is described, which includes the steps of depositing a collateral in a clearinghouse firm, electronically advising a custodian firm of the deposit, monitoring in real-time for the continued presence of the collateral in the clearinghouse firms, and authorizing a depository firm to issue a set of derivatives if the continued existence of the derivatives is confirmed.
Abstract: A method for creating backed derivatives includes the steps of depositing a collateral in a clearinghouse firm, electronically advising a custodian firm of the deposit, monitoring in real-time for the continued presence of the collateral in the clearinghouse firm, and authorizing a depository firm to issue a set of derivatives if the continued presence of the collateral is confirmed. Also disclosed is a method for ensuring that an issuer continues to possess a payable instrument in which a communication link is established between a custodian firm of the issuer and a clearinghouse firm, the clearinghouse firm is polled as to whether the issuer possesses the payable instrument in a custodial account of the issuer, an electronic confirmation is transferred to the custodian firm confirming the presence of the payable instrument in the custodial account, and in which these steps are repeated throughout the trading day.
1 Jan 2001
TL;DR: In this article, a case study of poor quality costs in the accounts payable process in Volvo Business Services AB (VBS) is presented, which is a new company that was set up three years ago as a shared services centre for the Volvo Group.
Abstract: This is a case study of poor quality costs in the accounts payable process in Volvo Business Services AB (VBS). VBS is a new company that was set up three years ago as a shared services centre for the Volvo Group. Their main purpose is to co-ordinate parts of the business administration in all of Volvo’s Swedish companies and business units, and the accounts payable is one of the services provided. The purpose of the study is to find poor quality costs that exist in VBS, define their causes, and give recommendations to VBS as to how to improve quality. Primary data collected through brainstorming, interviews, discussions, and observations is the primary source of information used for the results and analysis. The results show that the largest poor quality costs exist in the activities of handling interest invoices and payment reminders. This is quite natural since these activities are at the end of the process, and are the result of problems occurring throughout the invoice process. Another problem causing large poor quality costs are incomplete invoices that cannot be processed by VBS because information is lacking or is incorrect. There are problems in both VBS as well as in their customer companies causing the poor quality costs. Some problems are caused by the customer companies not carrying out their parts of the invoice process correctly, another is the stressful working situation in VBS, as well as the relationship between VBS and the customers, where the responsibilities of each part are not always clear.
Patent•
28 Mar 2001
TL;DR: In this article, the problem of risk processing is solved by providing a method and a system for fund management which are suitable for entries to finance each other by pooling capitals and surpluses among entries to cover the entries against their bankruptcy and bad debt occurrence risks.
Abstract: PROBLEM TO BE SOLVED: To provide a method and a system for fund management which are suitable for entries to finance each other by pooling capitals and surpluses among entries to cover the entries against their bankruptcy and bad debt occurrence risks. SOLUTION: In order to overcome the problem of risk processing, entry applicants are limited to enterprise communities such as business categories, regions, supply chains, entries of the electronic commerce market, and cooperative societies, and only the working funds of reception of accounts receivable and payment of accounts payable are taken as the object of pooling, and investment to funds is required as qualifications for entry, and the amount of investment to funds is linked to the limit amount of a debt, and bankruptcy insurance and credit insurance provided by a damage-insurance company are linked with this system to cope with bankruptcy and the occurrence of bad debts. The deposit rate and the loan rate for entries in this system are set more profitably compared with conventional ones in banks. Thus banks run the loan system without risks of bad debts. COPYRIGHT: (C)2002,JPO
TL;DR: In this article, the authors examined the aggregate income of lower income pensioners and considered whether, and in what circumstances, low-paid workers achieved a net gain from participation in occupational and personal pension schemes.
Abstract: Means tested benefits, including minimum income guarantee, housing benefit and council tax benefit, are payable to bring persons with low incomes up to a specified statutory level and to assist with rent and council tax liabilities. This paper describes current UK means-tested benefits payable to pensioners and outlines the effect on entitlement to such benefits of receipt of an occupational or personal pension. It examines the aggregate income of lower income pensioners and considers whether, and in what circumstances, low-paid workers achieve a net gain from participation in occupational and personal pension schemes. The paper also refers to the impact on means-tested benefits of occupational and personal pensions not claimed.
Book Chapter•
1 Jan 2001
TL;DR: In this paper, tax arrangements are found to be highly complex, and it is difficult to make generalisations about what deductions will be allowed or what tax on receipts will be payable; each case has to be viewed individually, and this increases the business risk in farm forestry.
Abstract: In developing countries, decisions of landholders to establish forestry is in general not affected by taxation arrangements. However, in developed countries, taxation provisions can have strong and sometimes negative effects on private small-scale forestry, as illustrated with respect to an Australian case study. Taxation arrangements are found to be highly complex, and it is difficult to make generalisations about what deductions will be allowed or what tax on receipts will be payable; each case has to be viewed individually, and this increases the business risk in farm forestry. Anticipated changes hold the prospect of resolving two long-term disincentives, concerning use of mechanism of profit a prendre for forestry rights, and opportunity for an active secondary market for immature plantations.
Journal Article•
TL;DR: In this paper, an overview of the changes to VAT, excise duties and individual income tax, and the newly introduced social tax (which replaces the social security contributions currently payable to the medical insurance fund, pension fund, the employment fund and the social fund) are outlined.
Abstract: This article provides an overview of the changes to VAT, excise duties and individual income tax, and the newly introduced social tax (which replaces the social security contributions currently payable to the medical insurance fund, the pension fund, the employment fund and the social fund). Furthermore, the amendments to corporate income tax and turnover taxes, which were passed at the same time by the Tax Code, are outlined.
Journal Article•
TL;DR: In this paper, the authors established the model for stochastic interest jointly by both Gauss process and Poisson process, and gave all orders moment of payable present value of immediately payable increasing life insurance.
Abstract: The study of interest randomness is one of the heated and major problems of actuarial science in recent years. In this paper, giving a class of increasing payments life insurance and considing abrupt event's effect on interest, we establish the model for stochastic interest jointly by both Gauss process and Poisson process, and give all orders moment of payable present value of immediately payable increasing life insurance. Finally, the concise expressions are given in some special cases.
1 May 2001