Issue 1_2021_VIEWpoint | Page 6

Managing accounts payable is a critical task for any business , but it ’ s particularly important for construction companies . Most contractors juggle payments to a variety of subcontractors , suppliers and other entities ( collectively referred to as “ vendors ”). And the players involved may differ from job to job , depending on location and other factors .
As a back-office function , accounts payable doesn ’ t always get the attention it deserves . However , the function can have a significant impact on your cash flow and bottom line . Here are some tips and best practices for improving the process .

Contractors : Boost Cash Flow

With Savvy Accounts Payable Strategies

By Michael Kuchar CPA , CCIFP Shareholder , Doeren Mayhew
4 VIEWpoint Issue 1 | 2021
Managing accounts payable is a critical task for any business , but it ’ s particularly important for construction companies . Most contractors juggle payments to a variety of subcontractors , suppliers and other entities ( collectively referred to as “ vendors ”). And the players involved may differ from job to job , depending on location and other factors .
As a back-office function , accounts payable doesn ’ t always get the attention it deserves . However , the function can have a significant impact on your cash flow and bottom line . Here are some tips and best practices for improving the process .