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.
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