Edison Technologies has worked with many businesses that continue in a long-standing practice of accumulating a pile of
bills and at the convenience of their bookkeeper or accountant, paying them once a month. Or, whenever it suits their fancy. Little do they realize how practices such as this can adversely impact
Delay in payment may negate the ability to take advantage of prompt-payment terms. Delay in payment may improperly move costs from one reporting period to another, resulting in
misleading financial information, on which untimely decisions may be made. Delay in payment of bills with specific terms, by just a day, may result in your company's payment history being reported to
Dun & Bradstreet as a slow payer. This could, and frequently does, adversely impact your credit status, an important consideration when seeking assistance from financial institutions. A
situation that could easily have been avoided.
Edison Technologies encourages business people to recognize the importance of controls of the bookkeeping and accounting functions. Controls on
purchases are part of the overall control, and it's essential that long-standing practices of arbitrarily order supplies, merchandise and product be controlled, with bids received on major purchases and
costs of smaller purchases carefully monitored and controlled.