Billing Cognizant and payment terms
While adding a new supplier to the Cognizant-approved supplier database, the Global Procurement team establishes payment terms. The Payment Terms in the database dictate when payments to suppliers will be made. Generally, Cognizant employs a "Net 90" payment term, meaning that the payment will be issued 90 days from the date that the suppliers’ invoice is received at the Accounts Payable address.
Cognizant’s Accounts Payable department is responsible for the timely processing of supplier invoices issued against approved purchase orders. Upon shipment of products or services performed as requested on the official purchase order, the supplier is required to submit all corresponding invoices in a timely manner directly to Accounts Payable (within 7 business days from shipment or service completion) as instructed on the purchase order.
As part of Cognizant's ongoing policy to continuously improve efficiency and service to customers and suppliers alike, we are implementing the next stage of our overall electronic strategy. The changes will affect how we send purchase orders (POs) and receive order confirmations and invoices to our accounts payable group.
