The Consequences of Tardiness: Late Payments in Accounts Payable

The Consequences of Tardiness, that is, Late Payments in Accounts Payable are not all what you think. Yes, in some cases, there can be a slight financial benefit. But this is far outweighed by the negatives, issues than many don’t consider when they plan to pay their suppliers late. Make sure you stick around until the end when we discuss the one issue very few take into consideration when planning to pay late, one that can cost them big time. #accountspayable #payments #latepayments

The ramifications of late Payments is not be fully understood by many in business today. While there may be a few temporary financial advantages in certain instances, these are considerably outweighed by the many negative issues related to late payments. These considerations are often neglected when companies contemplate paying suppliers after the payment due date.

The accounts payable invoice process is critical to the success of the accounts payable function. The three-way match concept is the standard approach used in accounts payable departments across the country, or at least those that use accounts payable best practices. It involves comparing the purchase order vs invoice and the receiving document and is a strong accounts payable internal control.

Link to the Avoiding Duplicate Payment playlist
https://youtube.com/playlist?list=PLtL6rWSXZ-Hfm-G5d8-CpBsC3xi-nQTn2

Link to Vendor Credits: Why They May Be Disappearing and How to Stop It
https://youtu.be/Kog6wm8lr_k

Link to AP Now’s Invoice Series
https://youtube.com/playlist?list=PLtL6rWSXZ-HeE6BWKJaVwVMsri7UfQ4vh

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Host: Mary Schaeffer (www.ap-now.com)