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Ironic we nearly went under a few times during the early days because our customers (tier 1 telecoms and financial firms) would drag their heels for months and
by leonroy 10y ago
Ironic we nearly went under a few times during the early days because our customers (tier 1 telecoms and financial firms) would drag their heels for months and months over invoices many magnitudes less than this.
Makes me wonder what's up with the process at these firms - wish we knew enough to say whether they're the exception or the rule.
- downrightmike 10y agoBy delaying any and all payments to vendors, you free up cashflow. It is in the company's best interest to hold off payment as long as they can.
- abraae 10y agoExcept that you create a toxic environment inside your accounts team, who have to constantly deal with incoming calls demanding money. And if you're the kind of organization that makes a process out of paying each vendor as late as possible (I mean beyond the agreed terms) - which some do - then you'e likely a shitty org in many other ways too.