Payables.
WHAT TO TRACK
Every supplier invoice Its due date Whether it is approved for payment
WHY
Late payment damages supplier relationships and can cost you supply.
WHAT TO DO
Record invoices as they arrive Check them against what you ordered Diarise due dates Pay on time
THE CHECKING STEP
Verify the invoice matches an order you placed.
That is what catches invoice fraud.
WHAT TO VERIFY
New payment details, by phone, on a number you already had.
Our fraud articles cover this.
WHAT TO NEGOTIATE
Terms that suit your cash position.
Frequently possible and rarely offered unprompted.
WHAT TO REVIEW
Recurring payments and subscriptions, annually.
WHAT YOU WILL FIND
Services you no longer use.
WHAT TO SET ASIDE
Money owed to others: tax, staff, suppliers.
Not spent as though it were yours.
WHAT THAT PREVENTS
The most common cash crisis.
