I work in an IT department that has yet to grow and I would like to know how you follow up on the payment schedules for the different vendors (we have something like 20).
Do you use a specific tool that alerts you? Or an Excel template?
While your knowing that info and when a milestone payment is coming up is important, it is a lot more important to your accounts payable folks to ensure they are issuing payment in time. As such, I'd recommend meeting with them to understand how they would like to have this information tracked and reported.
Kiron Saving Changes...
Peter RapinSubject Matter Expect; Project Delivery| Independent ConsultantOntario, Canada
Just about any accounting software package will have Accounts Payable and Accounts Receivable modules. Most of these can be set up to schedule future commitments. Even non-computerised accounting systems track AP and AR. I would hesitate to set up a parallel AP and AR ledger as it is prone to error and takes valuable time.
Another thought is to use your scheduling software to identify significant payment milestones and cash flow requirements. Saving Changes...
