What 2012 Postal Service cuts mean for you
The United States Postal Service has been forced to make some major changes just to stay afloat — and those changes will have an impact on businesses of all sizes.
In an effort to cut costs, the USPS plans to consolidate a number of its office locations.
That means, depending on where your company is located and where checks and remittance are headed, first-class mail is likely to be delayed to 2-3 days.
So, if your purchasers and approvers already struggle with invoices where early-pay discounts (or worse, late fees) are at stake, you’ll need to expedite your processing time by two days just to stay ahead of the curve.
However, these changes might actually benefit your Accounts Receivable department. Example:
2-day mail: You’ll get remittance info early or mid-Day 1 as opposed to waiting until Day 2 for local points.
3-day mail: Delivery is possible late on Day 1 or early on Day 2 for flown mail, but not later than early afternoon on Day 2 — as opposed to the morning of Day 3.
- Share on
Free Training & Resources
White Papers
Provided by Anaplan
Webinars
Provided by Yooz
Further Reading
Unclaimed property reporting can easily trip businesses up, landing them in the audit crosshairs of state governments and possibly leading ...
Companies are likely to see more customers stretch payments in 2024. Don’t be surprised if a steady client ghosts you either. Reas...
AI and machine learning technology is giving companies an edge like they’ve never enjoyed before. Businesses can pinpoint exactly whi...
The start of the new year looks a lot like what we saw over 2022: Businesses are struggling to pay their bills. Late payments are highe...
Because your A/P staff is so good at keeping important bills paid, it unfortunately makes them a prime target for payment fraud email campa...
Late or slow payments continue to stall progress for today’s finance teams. These delays often stem from large organizations renegotiatin...
