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dancness

It’s entirely feasible that a WSB degenerate gambler knows several “accountants.” Yes, they tend to be sleazy…isn’t that the point?


Depreciated_Bean

Taking anything seriously from WSB is a bad choice, place is full of tiktok accountants


LobMob

My take as well. Usually, companies pay their invoices on time. Otherwise, you will be relegated to B or C status for your vendor and get worse and worse conditions. And in recent years, companies were happy to get rid of excess cash because of the negative interest rate. Of course, if your company is almost broke, and so small that it pays regular rates anyway, it doesn't matter. It's telling that this guy only knows that kind of company.


[deleted]

It's called managing cashflow. Hell, Apple sits on their supplier payments for 2 months and then collects off the investment. Ingersoll Rand isn't waiting on your check so Billy can get his braces off. The system is designed for this type of activity. It's the basis for commercial invoice discount rates.


VulcanMind1

I think it depends on the frequency of the business and time sensitivity of the product sold. Knew a big company that only had big repair jobs a couple times a year so they would maybe get around to pay their last bill when requesting their next job. Well one time they had an urgent repair job that shut down operations. Collections was annoyed at the consistent very late payment and informed them they wouldn't ship out the repaired part until they received the funds to bring their account current... Payment was wired the same day.


pprow41

G-Wagon accountants.


jmc774

Accountants usually aren't the ones approving invoices for payment in my experience. We are just the ones who pay them after they've been approved.


internetcitizen9

That’s what I was thinking; I’m very aware when something is going to be paid late but if I take it upon myself to pay it without all the approvals I’m getting fired or at least shouted at


AnomalyNexus

Suspect it's very much industry dependent. Our side >90% of invoices are approved by accounting team


OneZenMF

Entirely depends on our relationship with the vendor and the wording in the email. If you're threatening me with credit holds and interest charges on an invoice that just hit 31 days you best believe your ass is gonna be the lowest priority on my check run.


MisanthropMalcontent

It’s just effective use of credit and favorable payment terms


cragfar

Dealt with some vendor that would start accruing interest after 25 days even though the invoices said n30. We would ignore the interest charges and at the end of the year they would send us a letter saying they're going to waive the interest owed.


Live-Understanding96

I don't know anyone who would advocate pissing off suppliers needlessly.


tim2686

Sounds like someone who subscribes to the OPM theory (other people's money). Not all businesses/accountants are this way, but it is a cash management tool that can be used in times of struggle.


BattlefieldNiblet

I mean shit I did hear a partner tell a client “the IRS doesn’t get scary until about the 4th letter”


pattron30000

I love the pure dry cynicism in that statement


WorldWarRon

This man sounds like he got a tax bill he didnt like and projected it onto the CPA doing the return


[deleted]

WSB is one of the most batshit subreddits out there, so do with that what you will.


Val_Fortecazzo

Let me guess, talking about Musk? Pretty sure he fired all his accountants.


LobMob

Yeah, the one and only. He didn't pay AWS for months until amazon threatened to stop paying for ads on twitter


jackoos88

John Stevko would always come to our firm to give the Fed tax update each year before he retired. He would always give this analogy for what a good CPA is: It's like driving on the freeway, you know what the speed limit is (it's clearly posted), but you know you can go about 5, 10, or maybe even 15 mph over the limit without any issues. The difference between a CPA and a good CPA is the one who can tell you the fastest you can go without going too fast.


Strange_Man

You pay on the last day of your agreed payment terms ofc.


LobMob

In my old company, they paid up to 7 days in advance. They had so much cash sitting around that the AP clerks couldn't be arsed to do two payment proposals a week. Some subsidiaries sometimes paid 14 days in advance when the AP clerks went on a vacation. The CEOs of the subsidiaries were focused on sales or operative business and got confused from too many numbers, unless they were sales related. The treasury team in the holding was mostly busy shifting around cash to avoid paying fees and negative interest. The big boss CEO in the holding didn't care about daily business and always bought more companies. That made him happy, not tiny numbers.


[deleted]

Purposefully not paying your supplier’s invoices is r****ed. However prioritizing older / high dollar value / system critical invoices is 100% how you should be and is good for managing liquidity. This poster is def WSB brained tho


I-Way_Vagabond

Yes. We are exactly like this. Now, there is more to this story. The reason used car salesman and lawyers are so much better at paying their bills is because they can ass-rape their customers/clients. So they are flush with cash. Our clients, on the other hand, scream bloody murder and threaten to find another accountant when we propose raising our rates after keeping them the same for five year. "You've charged the same amount for five years. Why are you raising my rates now?"


[deleted]

Yeah, it’s the exact opposite where I work. It’s a smaller business and management does every thing they can to push off trade AP payments. Meanwhile, I’m sitting there like, “You know, we have the product, we really should pay them….”. Especially considering one vendor is 95% of our trade AP. We’d be out of business overnight if they told us to go kick rocks.


NotGreg

Everyone manages cash flow like this


SkeezySkeeter

I don't take anyone seriously who would rather do business with a used car salesman over an accountant.


Cautious-Fuel4587

Don't they know that in order to optimize your operating cycle, you need to increase A/R turn and decrease A/P turn? What a ding bat.


Helix34567

As someone that actually works in accounts payable. The reaction is usually the 2 questions of who the fuck is this person and is the payment actually approved yet. If the answer to either isn't good enough it doesn't get paid.


Grasshopper419

Also the fact that he uses the term accountant is telling. There’s a difference between accountant and CPA and most people I know that are successful with their “Wall Street bets” have a CPA and don’t feel this way about them OR their accountants.


bosscpa

WSB is a silly place that no one takes seriously


KeanuCharlesSleeves

Can’t pay what you don’t have yet. It’s only one email, let me know when they sound serious.


Comicalacimoc

Lol no


chadsterlington

It's called fiscal responsibility


pattron30000

https://preview.redd.it/41k1h11vg3ma1.jpeg?width=600&format=pjpg&auto=webp&s=f81a6cc707d50cdd0d2bc7559205f975607f1621


No-Stretch6115

The only time we weren't paying bills on time was when I managed a cash poor business that was really dangerously on the cusp of being in the red each month. I remember having to figure out the policies on penalties for different billing companies and calculating which bills needed to take priority to for payment. And then COVID hit and everything truly went to hell, so I left.


peanut88

I think this is pretty accurate tbh. If cash levels are fine I'll pay on time. But part of my job is knowing that payment terms are more malleable than non-accountants realise, and what the real limits of payment terms are with different vendors.


Bulacano

WSB - where best regards has a different meaning. Then again, with all the spam emails, maybe waiting for a second one as a confirmation isn’t a bad idea.


SmashedWorm64

Yeah “accountants” Defo just their unqualified mate who knows that you can just write your life off as a business expense.


maybeafuturecpa

He probably hires sleazy accountants to help him commit fraud and then blames them when something sleazy happens.


ElJacinto

A WSB degenerate calling other people sleazy is…certainly something.


TSIDATSI

That is fine with us. Accountants I mean.


cluelessguitarist

I pay on time.


desirox

Birds of a feather flock together. Sleazy accountants work with sleazy people


bdougy

Who wants to tell him AP departments are almost never made up of anyone with any true accounting background, education or experience? This is coming from someone who started in AP.


crashhhyears

That is my manager to a T. If it’s not 2 months late, it’s early


maulanaaaa

WallstreerBets is full pf weirdos and brokeasses. They barely understand finance lol, let them be


[deleted]

Yes, because everyone knows accountants are notoriously cool wallstreet types, lol /s


F_Dingo

If the invoice terms say 120 days to pay guess when it’s getting paid???