Problem 1: Requisition Request for Disinfecting Materials
My relative is the Treasurer of the Condominium Board of Trustees, and has asked me to double check the replenishment report of the administrative secretary.
The administrative secretary asked for Php 30,339.50 to replenish some disinfecting supplies for the condominium. Here was her request:
Let me give you a few minutes to look through the list.
What do you think of her request? Kindly note that the list looks normal and contains all the materials required by the government for a condo building to have.
If you were the Treasurer, what would you do? Would you write a check for Php 30,339.50? Please scroll down below for my reply when you are done.
My Answer to Problem 1: Requisition Request for Disinfecting Materials
After I looked through the list, here were my comments:
In particular, these were the ones that stood out from me. Based on my own research, these are the market prices of the following items:
For the PPE Suite, I would source it online or from this group. I bought our Tafetta PPE for Php 370.00 from an online seller named Liz. We are a small business so we do not need the hospital grade PPE. We only need two in case we have a suspected case in the office.
For surgical masks, I know people who are selling at Php 650. However, some people are selling at Php 350 to Php 500 a box.
Maybe the Php 2,300 for a box of 3-ply surgical mask is most likely a typo. But if you’re requesting for money, always double check and triple check before you submit to the Members of the Board.
As for the pressure sprayer, I can get from Lazada, while the handwash and alcohol can be sourced at 3.5 Liters in NUDE Essentials.
Problem 2: The Association Dues Bill
Take a look at the Association Dues Bill that we received last year — At 88.47 + 12.5 sqm parking area = 100.96 sqm, with a rate of Php 108.33/sqm, the total is Php 17,950.26. Multiply the amount by Php 17,950.26 x 3 months, the total association dues now cost Php 53,850.64. Make sense?
Here’s the breakdown:
After checking the numbers, will you ask your finance manager to issue the check by the due date? Is this a go?
Have a think. Please scroll down below for my reply when you are done.
My Answer to Problem 2: The Association Dues Bill
Please take out your calculator and punch the numbers on the bill.
Here’s my computation:
A word of warning — it does NOT mean that a bill is computerized, it is correct. As you can see, the billing was incorrect.
All the numbers are in order and printed well, but the computation is wrong. Anyone who has a calculator can compute the correct answer. However, most finance managers just look at the bill and issue a check, not knowing that they are paying Php 21,036.60 more per quarter or Php 7,012.20 per month.
Always Instill a Habit of Double Checking and Triple Checking Work
If you are running a business, always instill a habit in your people of double- and triple-checking the work. When my staff gave me the bills to pay, I used the above mentioned example as a learning exercise, which is why, they always double check the amounts before they submit it to me for reimbursal.
The numbers may be big or small, but when you’re running a business, every little bit counts. Always double check the details, so you won’t have to lose money unnecessarily without you knowing it.
4 thoughts on “Business Hack: Always Check the Breakdown (Version 2)”
Sharing an idea.
For item 1, i would go as far as asking for supporting documents like quotations or canvasses done with required details of supplier name, item description, availability of items, delivery terms, payment terms etc… in addition, when was the last time these items were bought? what is the current stock level and frequency of use or consumption? This not red tape process… it’s business sense (to me).
For item 2, I would do the same. Supporting documents that justify the rate and other details which also includes the checking of computations. It’s not about trust. It’s checking if people are doing things properly. Business sense.
Actually, you are right. The admin needs to provide supporting documents first before submitting a form like that. If government requires this when looking for a supplier, the private sector should do it too!
SINO ANG QUALIFIED FOR SSS CALAMITY LOAN?
A) Member beneficiaries must have at least 36 monthly contributions, six of which should be posted within the last 12 months before the application.
For example, if you want to loan today on June 16, you need to hulog your SSS contributions 6x from June 16, 2019 to June 16, 2020.
B) You need to have a home or home address within the Philippines REGISTERED in the SSS database. Anyone living in the Philippines can apply since the entire country is in a state of calamity.
C) You have not been granted any final benefit such as total permanent disability or retirement, and
D) You have NO outstanding loans under the Loan Restructuring Program or previous Calamity loans.
CORRECTION as of June 18:
Kahit na may salary loan, you can still apply for a SSS calamity loan so long as you have at least 36 monthly contributions, six of which should be posted within the last 12 months before the application. For example, if you want to loan today on June 16, you need to hulog your SSS contributions 6x from June 16, 2019 to June 16, 2020.
So pwede kang may salary loan + calamity loan na top up. Walang bawas sa salary loan mo yung calamity loan. Hiwalay yon. Yung may bawas, yung Pagibig Calamity Loan. NOT the SSS Calamity Loan.
NOTE: You will be disqualified for CLAP IF:
1. You already received your final benefit such as total permanent disability, pension or retirement, and
2. You have outstanding loans under the Loan Restructuring Program or previous CLAPs.
Approval is 2-3 days. No need for employer signature. This is direct approved by SSS. Check will be received 2-3 weeks.
Employee can pay for Calamity Loan direct to SSS para on time ang payment. Delayed payment incur 1% per month penalty on top of the 6% per year interest. Kaya dapat magbayad on time.
If may error, just log on again. This program is less than a week old so they are improving the system. Good luck.
Read more: https://tinainmanila.com/2020/06/16/hr-talk-sss-calamity-loan-is-now-available-online-and-open-to-members-with-over-36-hulogs-max-php-20000-loan/