The impact of late payment to suppliers can be significant for your organization. Most of the time it is not that your organization plans to pay late it is just that you can’t process your suppliers’ invoices fast enough. The root cause is often manual processes that lead to invoices being added manually to your financial systems. If you have paper and manual entry you should be looking for opportunities to scale accounts payable. Here are some of the examples of the impact of late payment to suppliers.
One of our newest customer’s is looking to scale accounts payable. They have multiple locations and they are growing at 20% a year. Most of their ap team are decentralized, and tied to individual locations. With their rapid rate of growth and other internal projects,it was the right time to look to scale accounts payable. Here are a few of the things that you may want to consider when scaling accounts payable.