How quick do we pay our suppliers?

Project

Due to staffing changes in a large organisation, it became apparent that the process involved in approving the payment of invoices had resulted in some bottlenecks which resulted in some suppliers not receiving funds within the contractual time for payment.

Services provided

Assisting a project manager, work was undertaken to understand the whole process and each person’s role in the process. All outstanding invoices were recorded on a centralised system where everyone involved in the process can see where an invoice is sat in the process such that:

– current bottlenecks can be identified,

– invoices at risk being paid late are identified,

– there is clearer oversight of the volume of invoices in the system,  and

– the value due for payment at certain dates is identified to aid with cashflow management.