It’s impossible to look at the news without seeing alarming reporting about rising inflation and the predicted recession. Combined with the supply chain challenges already being experienced, those issues can impose a significant negative impact on an organization’s cash position.
IOFM partnered with Bottomline to explore what accounts payable teams can do — not only to mitigate these trends, but to actually turn them around to improve cash flow. Because suppliers are also cash-strapped, consistently paying them on time helps them out, making them more likely to continue to work with you. On-time payments also ensure you receive available fast-pay discounts. If your suppliers have been reluctant to offer these, now’s a good time to renegotiate. There are also ripe opportunities to receive cash rebates on your payables, based on payment method.