Are you reviewing your vendor agreements? Do you know what to look for?
Common vendors include your material supplier, equipment providers, transportation companies, packaging factories, or third party logistics (3PL) or drop ship partners.
We listen to your business needs, what you want to deliver, what your customers expect, and your top concerns for reviewing and approving contracts. All vendor agreements have room for negotiation, but it is imperative to determine a policy of acceptable and unacceptable terms.
A common issue is invoice payment terms. Many vendors want to be paid as quickly as possible requiring payment within 15 days of receipt vs. most businesses preferring a longer period to pay with a minimum of 30 days. Deciding when and how to implement consistent accounting policies will free up cash flow and improve relationships with your vendors.
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