Uplifting News
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it helps structure personal finances since bills are always due at the end of the month. it also incentivices putting more into savings. at least that's how i understand it.
Counter-point: it actually robs those employees from learning the ability to save, and denies them (albeit small, incremental) opportunities to earn interest.
You just made me recall one of my gripes with the finance department at my previous job; they would withhold posting an invoice until the week after it was due, and considered it good business. Why? Because that 100K would sit in their bank account for 5-7 more business days accumulating interest at ~5%.
It’s no different to only paying employees monthly; the company profits from withholding payment for as long as possible.
well i don't know too much about this other than the fact that we do it because labour unions.
also, that anecdote describes a breach of contract. that's why late fees are so large.
You’d be surprised just how common ‘breaches of contract’ like this are, especially among SMEs.
If the supplier knows that the customer has a tendency to pay invoices EOM +35 rather than EOM+30, it’s not worth the cost to pursue legally - especially as doing so would risk them losing a client.
The first secret of business is to collect money as quickly as possible, and avoid paying out as long as possible, to profit off the arbitrage.
here everyone just stopped doing business with us when the company i was at tried that. we were about to go bankrupt so they tried to squeeze more money out and as a result everyone just left.
Total stab in the dark, but I assume you’re somewhere in continental Europe?
Seems like your businesses have a lot more scruples, morals and ethics than ours do!
well not continental, but yeah. i wouldn't want to work for a company without some sort of moral code. it's all written down it our bylaws how we should act towards customers, governments, prospects, etc. to not break any laws and always compete fairly.