Invoice Processing Key Dates 🗓️

When it comes to managing finances and processing payroll, keeping track of important dates is vital for ensuring payments are made on time and accurately. One of the key dates to remember is the cut-off date, which falls on the 28th of each month. This date is essential for handling supplier invoices and their processing.

All supplier invoices should be uploaded to the supplier hub portal by the 28th cut-off date. This step is crucial as it allows the finance team to review and verify the invoices before starting the payroll run. By making sure that all invoices are submitted by this deadline, businesses can keep things running smoothly and avoid any delays caused by late submissions.

After the cut-off date, the payroll run is planned to occur, with the goal of processing all approved invoices by the end of the first week of the following month. This timeline gives the finance team enough time to perform necessary checks and approvals, ensuring that all payments are correct and reflect the services provided by suppliers. It’s important for suppliers to keep this timeline in mind, as any invoices submitted after the 28th will be processed in the following month’s payroll cycle.

In summary, the 28th cut-off date is a key part of a business’s financial operations. By sticking to this deadline, suppliers can ensure their invoices are processed on time, aligning with the payroll run at the start of each month. This organised approach not only supports efficient financial management but also helps build positive relationships between businesses and their suppliers, as timely payments are essential for maintaining trust and collaboration.