Days to Pay
The Days to Pay widget shows the average number of days it takes you to make a payment, and the average number of days it takes for your customers to make a payment to you.
Why do I need it?
The Days to Pay widget provides insight about the conversion of cash from your customers and conversion of credit to your suppliers. This helps measure the ability of a business to meet its short term financial obligations and identifies whether your business requires finance/lending assistance.
How do I get the right information?
This widget is dependent on accurate accounts payables and receivables data within your accounting software. Accounts payable and receivable ledgers need to be free from error.
How to make the most out of your widget
Tracking the days to pay and days to receive payment are essential metrics to help a business plan and identify how long it takes to convert sales into cash and to convert credit into cash payments. Monitoring this widget will ensure that cash is received/paid within the required payment terms and cash convertibility issues are identified and corrected.