The associate AD is in charge of finance

The associate AD is in charge of finance. He seems to do a good job, but he has trouble with accounts payable and accounts receivable. Bills for tickets and the summer camp are often sent a month or two after services are provided. Invoices received for service bought by the athletic department often go unpaid for several months. These delays might be caused by confusion, but some of the suppliers are alumni and late payments have caused some negative reactions. Develop a policy and procedures statement about how account payables and receivables should be handled in the future. What should the policy be for late payment and aging of accounts?