Question

What bills related to a facility are the most time sensitive and require fast payment?

Answer 1

Solution:

Every facility has a list of expenses that it bears over the regular intervals. Some of the expenses occur very frequently whereas other expenses are having a larger cycle time before they occur again. Hence, we can deduce that the expenses of the facility are majorly time-dependent and there are certain expenses that require frequent payment whereas others do not. We will list some of the expenses that are to be paid on regular time intervals and require fast payments,

• The facility has to pay any fees related to licensing of the facility or any other legal expenses that are periodic in nature. It is necessary to have Zero obligations against legal payments and hence one should set up fast payments for these expenses.
  
• The facility has to pay for any services that are availed by the facility. These services would need fast payments for their continuation and hence frequent and regular payments are necessary. These include payments towards electriity, property taxes and other taxes that are essentially to be paid within given timeframe.
  
• There are also expenses that are related to the manpower that is equippd to manage the facility. The timely salaries are required to be paid to employees else they would quit and hence will trouble the smooth operations of the business which is not desirable.

HEnce, these are some of the expenses that require fast payments by the facility.