Confirming sales receivables is something most company\u2019s do regularly, either and this is depending on the volumes and the type of receivable one has, either in each month, twice a year or once a year. However, unfortunately I have to admit that confirming balances with suppliers is something that\u2019s rarely done if at all. There\u2019s the assertion I often hear that it\u2019s the suppliers responsibility to confirm their receivables. Yes, it is, however it\u2019s just as well important to understand your payables as a company. \u00a0<\/p>\n
Confirming balances with your suppliers is something you don\u2019t necessarily have to do often, but it\u2019s suggested and required by some local regulations that this is done at least once a year. Albeit the requirements, the reasons you\u2019d want to do this are far more important in my opinion.<\/p>\n
For one why you would do it lies with the expenses you have had for the period \u2013 what if you\u2019re missing an invoice and this is in a considerable amount? Perhaps the supplier doesn\u2019t monitor their receivables this tightly and being over your payment date for say 14 days isn\u2019t a big concern for them yet. They may not know that you haven\u2019t received the invoice. You wouldn\u2019t then have all your expenses within your accounts, but you also may be misjudging your cash requirements and thus probably facing liquidity problems for a short period of time.<\/p>\n
Instead, we suggest you work out a routine that\u2019s best suited for your company and for your business to ensure you\u2019ve got those risks covered.<\/p>\n","protected":false},"excerpt":{"rendered":"
Confirming sales receivables is something most company\u2019s do regularly, either and this is depending on the volumes and the type of receivable one has, either in each month, twice a year or once a year. However, unfortunately I have to admit that confirming balances with suppliers is something that\u2019s rarely done if at all. There\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[75],"tags":[],"class_list":["post-5159","post","type-post","status-publish","format-standard","hentry","category-3-4-regular-control-procedures"],"aioseo_notices":[],"_links":{"self":[{"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/5159","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/comments?post=5159"}],"version-history":[{"count":1,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/5159\/revisions"}],"predecessor-version":[{"id":5160,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/posts\/5159\/revisions\/5160"}],"wp:attachment":[{"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/media?parent=5159"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/categories?post=5159"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.officetodo.com\/public\/wp-json\/wp\/v2\/tags?post=5159"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}