Showing 2 ideas for tag "accounts payable"

Department of the Treasury

Improve Money Management By Optimizing Contractor Payments

Money management optimization can save millions for the taxpayer that can be put to better use elsewhere. The government spends billions each year to pay contractors for their goods and services. We have also automated the accounts payable system (EDI) making it paperless. It allows for contractors/vendors to submit electronic invoices and the government in turn pays by electronic funds transfer. This system has become... more »

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Department of the Treasury

Extend payment terms beyond 30 days to save interest

In private industry, powerful customers sometimes unilaterally impose extended payment terms to improve their cash position, often to 60 or even 90 days. Currently, the Federal Acquisition Regulation (FAR), as well as the Prompt Payment Act of 1998, mandate paying contractors in 30 days. This limits our ability to better manage cash by negotiating extended terms. Given the enormous daily volume of Federal payments... more »

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