Are you putting yourself behind the 8-ball for vendor discounts?
Could your company be unnecessarily handicapping itself when it comes to getting invoices through the A/P process in time to earn discounts?
Many of your peers are by starting the clock at the earliest point in the process: by calculating discount windows based on the invoice date.
Nearly three quarters (73%) of companies do, according to a Peeriosity survey.
You may be able to give yourself more time.
Benchmarking other options
One in 10 of your peers start counting when the invoice arrives in Accounts Payable. (Another 3% wait until the goods get there.)
It’s worth raising the issue with vendors, considering how long it can take a bill to actually make it to A/P desks.
Unexpected benefits
You never know – that move may spur vendors to make changes that get invoices to you more quickly.
Maybe it’s sending electronic invoices or utilizing a vendor portal. It could be something as minor as adjusting your mailing address so invoices route directly to A/P.
By giving them a stake in how quickly bills get to you, both sides stand to benefit.
- Share on
Free Training & Resources
White Papers
Provided by Anaplan
Further Reading
If a poll of attendees of a recent IOFM webinar is any indication, it’s going to be a very busy Form 1099 reporting season in 2024 fo...
Imagine getting a Notice of Final Determination from a state revenue department that said it wasn’t going to recognize a use tax exem...
“It’s not right, but it is a reality. … You don’t get a lot of budget attached to (vendor setup and maintenance tra...
Ever-growing postage rates are driving companies to digitize as much as possible. A record-high rate hike set for July 14 is going to impac...
Let’s be real: The enthusiasm behind real-time (or instant) payments stems almost entirely from the seller’s side of B2B. After...
Ever wondered why Excel features a currency format as well as an accounting format? You’re not alone. The reason is, creating Exce...
