![]() One of these concerns is the amount of time required to process invoices. That is certainly not what you want to happen, especially when resolving such issues is relatively straightforward. Indeed, if left unchecked, the most severe accounts payable concerns might collapse your business. Nonetheless, it is a necessary component of doing business, which you should avoid at all costs. Payable accounts are unlikely to be your company’s most glamorous department. Companies should pay their invoices on time to avoid incurring late payment fees and to foster positive relationships with their vendors. According to statistics, 13% of invoice payments to these organizations in the United States are delinquent, and 10% of those bills are written off as bad debt. Each small business should have a standard invoice payment system that facilitates the organization and simplifies the small business accounting process. Small companies must issue invoices to their clients and pay invoices for services and goods purchased to operate their enterprises.
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