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
Webinars
Provided by Yooz
White Papers
Provided by Personify Health
Further Reading
IRS is extending tax relief to businesses in Broward County, FL affected by the tornadoes, severe storms and flooding from April 12-14. Fed...
Ever wondered why Excel features a currency format as well as an accounting format? You’re not alone. The reason is, creating Exce...
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...
Although consumers have fully embraced digital payments – peer-to-peer mobile apps, electronic bill-pay services and getting paid via...
The pressure on Accounts Payable managers is relentless. You’re expected to be the flawless gatekeeper — process invoice volume...
B notice season (September through October) can be a minefield for A/P pros because nobody wants the extra work of calculating 24% backup w...
