Account Payables Best Practices for Timely Payments

Ambit Tax & Accounting17 Apr, 2024Finance

First thing’s first—why even bother with making sure your payments are on time? Well, aside from the obvious (like avoiding late fees), timely payments build trust. Imagine you’re lending a friend some money. The faster they pay you back, the more likely you are to lend to them again, right? It’s the same with vendors. Strategies for Ensuring Timeliness Automate Payments Payment Reminders Regular Reconciliation Tools and Software to Aid AP Automation Software Calendar Apps Financial Dashboards Importance in Accounts Payable Building and Maintaining Relationships Communicating Effectively with Vendors