Procurement Transformation Blog

Procurement Transformation Blog

Opinions expressed on this blog reflect the writer’s views and not the position of the Capgemini Group

Calculating The Payment Term Benefit From The Cost Of Capital

While negotiating product X supplier A offered net 75 payment terms, supplier B offered net 60, and supplier C offered 2% 30 net 60.  It is clear that net 75 is preferred over net 60, but is 2% 30 better than net 75?  Why are extended payment terms preferred over standard payment terms and how to account for these differences when evaluating suppliers will be reviewed and shared in this entry.  To be able to answer these questions and properly evaluate the above suppliers we need to understand our company's cost of capital.

Cost of capital is a closely guarded company percentage, it’s a figure that can fluctuate daily, and typically the cost of capital shared with the company's Sourcing department is intended more to drive supplier behavior than to reflect a true cost of capital.  I'd worked for a company whose chairman was a hedge fund manager; at one point our treasury department was providing a cost of capital of over 25%, (frustrating that our 401k did have similar returns).  My management then shared with me that the high percentage was intended to drive supplier behavior because for Direct Import purchases we wanted to get our suppliers to net 75+.

There are many reasons why a company would look to extend its payment terms with a supply base.  First reason is extended terms increases a company's working capital, this happens by increasing the number of turns a company has on its investment before having to pay.  For example if we were to buy product domestically from a supplier who gives us net 60 payment terms we may sell enough of that product in 2 months to cover the cost to the supplier (who we haven't paid yet).  Extended payment terms and the increase of working capital reduces the need for corporate loans, and provides more cash stability during the peaks of expense flow.  Another benefit to receiving extended terms from the supply base is the perception of your company’s stability and supplier trust.  Wall Street analysts review average payment terms as an indicator of a company's strength with its supply base, for example a weak or unstable company wouldn’t be able to get favorable payment terms.  Determining the cost of capital and quantifying all the benefits is a complicated formula; but when we are given the cost of capital it is crucial to evaluate the supply base on this metric.

Supplier A net 75, Supplier B net 60, Supplier C 2% 30 net 60 

How do we evaluate this if our treasury department has given us a cost of capital of 8%, and each supplier has submitted an annual spend quote for 10,000,000 USD?  Fortunately the answer is much easier than developing the cost of capital.  (Similarly if the program historically supported net 30, this formula helps quantify additional savings in your sourcing project)

Cost of Capital / 365 * # of Net Days= Payment term Benefit

 Annual Spend * Payment term benefit= Annual spend incorporating Payment term benefit

 
  1. Supplier A (net 75): 8%/365*75 = 1.64%
Supplier A (10,000): $10,000 * (1-1.64%) = $9,836.00
 
 
  1. Supplier B(net 60): 8%/365*60 =1.32%
Supplier B (10,000): $10,000 *(1-1.32%) =$9,868.00
 
 
  1. Supplier C (2% 30 net 60): (8%/365 *30)+2% = 2.66%
  2. Supplier C (2% 30 net 60): (8%/365 *60)= 1.32%
 
 

Supplier C (10,000): $10,000 *(1-2.66%) =$9,734

In evaluating the proposals above Supplier C had the largest payment term benefit based on the 8% cost of capital with 2% net 30.  The next step is to evaluate Supplier C against the baseline which was $10,000 with payment terms of Net 45; in this case Supplier C’s proposal shows a savings of $167.00 or 1.69%

About the author

Doug Cottington
Doug Cottington
Doug Cottington- Is a project manager within the IBX business unit of Capgemini which has a full suite of industry leading procurement software. Prior to his current role Doug has led large engagement’s eSourcing practices and has done extensive sourcing work with fortune 100 companies.
8 Comments Leave a comment
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I {amazed|surprised} with the {research|analysis} you made to {create|make} {this actual|this particular} {post|submit|publish|put up} {incredible|amazing|extraordinary}. {Great|Wonderful|Fantastic|Magnificent|Excellent} {task|process|activity|job}!| Heya {i'm|i am} for {the primary|the first} time here. I {came across|found} this board and I {in finding|find|to find} It {truly|really} {useful|helpful} & it helped me out {a lot|much}. {I am hoping|I hope|I'm hoping} {to give|to offer|to provide|to present} {something|one thing} {back|again} and {help|aid} others {like you|such as you} {helped|aided} me.| {Hello|Hi|Hello there|Hi there|Howdy|Good day|Hey there}! {I just|I simply} {would like to|want to|wish to} {give you a|offer you a} {huge|big} thumbs up {for the|for your} {great|excellent} {info|information} {you have|you've got|you have got} {here|right here} on this post. {I will be|I'll be|I am} {coming back to|returning to} {your blog|your site|your website|your web site} for more soon.| I {always|all the time|every time} used to {read|study} {article|post|piece of writing|paragraph} in news papers but now as I am a user of {internet|web|net} {so|thus|therefore} from now I am using net for {articles|posts|articles or reviews|content}, thanks to web.| Your {way|method|means|mode} of {describing|explaining|telling} {everything|all|the whole thing} in this {article|post|piece of writing|paragraph} is {really|actually|in fact|truly|genuinely} {nice|pleasant|good|fastidious}, {all|every one} {can|be able to|be capable of} {easily|without difficulty|effortlessly|simply} {understand|know|be aware of} it, Thanks a lot.| {Hi|Hello} there, {I found|I discovered} your {blog|website|web site|site} {by means of|via|by the use of|by way of} Google {at the same time as|whilst|even as|while} {searching for|looking for} a {similar|comparable|related} {topic|matter|subject}, your {site|web site|website} {got here|came} up, it {looks|appears|seems|seems to be|appears to be like} {good|great}. {I have|I've} bookmarked it in my google bookmarks. {Hello|Hi} there, {simply|just} {turned into|became|was|become|changed into} {aware of|alert to} your {blog|weblog} {thru|through|via} Google, {and found|and located} that {it is|it's} {really|truly} informative. {I'm|I am} {gonna|going to} {watch out|be careful} for brussels. {I will|I'll} {appreciate|be grateful} {if you|should you|when you|in the event you|in case you|for those who|if you happen to} {continue|proceed} this {in future}. {A lot of|Lots of|Many|Numerous} {other folks|folks|other people|people} {will be|shall be|might be|will probably be|can be|will likely be} benefited {from your|out of your} writing. 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Hello great blog! Does running a blog such as this take a massive amount work? I have no knowledge of coding however I had been hoping to start my own blog soon. Anyways, should you have any ideas or tips for new blog owners please share. I know this is off topic nevertheless I simply had to ask. Thanks a lot!

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