Leigh Thomas
How Intuit accelerated payments for SMB suppliers
Intuit’s journey to achieving the Fair Payment Code Gold Standard is something we are very proud of. Paying on time is not just good practice, it’s a corporate responsibility.
To implement faster payment practices at scale, Intuit took a data-driven approach. We analysed the size of our ecosystem, and listened to our suppliers about the impact accelerated payments would have on their cash flow.
The initiative was implemented through collaboration across Intuit’s finance, procurement and operations teams. Supplier guidelines and payment processes were reviewed and updated, to ensure accelerated payment terms could be applied consistently across the supplier ecosystem.
Of course, technology also played an important role. Intuit uses a Procure-to-Pay (P2P) platform that allows suppliers and internal teams to track purchase orders, invoices and payments in one place. The platform improves transparency throughout the payment process and helps reduce administrative friction.
To maintain accountability, Intuit developed internal analytics dashboards that track supplier payment performance and ensure the company consistently meets our accelerated payment targets.
Today, I’m proud to say that Intuit pays small business suppliers in 10 days or less.
Across our UK operations, Intuit processed 3,800 invoices within the last 12 months and worked with 81 small business suppliers, demonstrating the impact prompt payment practices can have on the cash flow of a supplier ecosystem.
Prompt payment plays an important role in supporting healthy supply chains. When large organisations like us pay small suppliers quickly, it strengthens their stability and enables them to invest in better services, stronger operations and future growth.
By embedding fair payment practices across our operations, we aim to demonstrate how responsible supplier relationships can strengthen the broader business ecosystem and support the long-term success of small businesses. But, prompt payment is not something limited to large organisations. Businesses of all sizes can and should take steps to improve payment practices, strengthening trust and resilience across the wider economy.
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