![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
A man of many hats...
Mar. 30th, 2010 08:47 am As a "CEO" of a startup you get to wear many hats... many, many hats. Today's hat was Accounts Receivable hat. Our first project was for a large multi-national with a large multi-national finance team. This included some unpleasant concepts, not least of which was 90 day payment terms.
The 90 days is up on Thursday.
So I checked in to make sure the invoice was in the system. "What invoice?" was the reply.
Er... Basically they've implemented an electronic payment system. Usually these are pretty good for small suppliers as invoices get processed automatically and while you're waiting a while for payment, you know you're going to get the money. Apparently what's been happening here is that invoices haven't been reaching their accounts team and have vanished.
All that was pretty scary. However, a 15 minute conference call with them this morning and they think they now have the payment in the system for processing today. So the cheque can be issued with the payment run on the 1st.
One of the upshots of this is I can actually pay my expenses for the first time this year. Given I've been to 3 trade shows and a few other things... this is a non-trivial amount of money.
The 90 days is up on Thursday.
So I checked in to make sure the invoice was in the system. "What invoice?" was the reply.
Er... Basically they've implemented an electronic payment system. Usually these are pretty good for small suppliers as invoices get processed automatically and while you're waiting a while for payment, you know you're going to get the money. Apparently what's been happening here is that invoices haven't been reaching their accounts team and have vanished.
All that was pretty scary. However, a 15 minute conference call with them this morning and they think they now have the payment in the system for processing today. So the cheque can be issued with the payment run on the 1st.
One of the upshots of this is I can actually pay my expenses for the first time this year. Given I've been to 3 trade shows and a few other things... this is a non-trivial amount of money.
