Final answer:
To address the issue of delayed invoice receipt and missing discounts, Trent Company should set up a proactive control plan that includes an automated invoice processing system, establishing direct contact for receiving invoices, and conducting regular audits. Swift communication, as shown by Noel's actions, is also crucial.
Step-by-step explanation:
To prevent the issue of not receiving invoices in a timely manner and missing out on payment discounts, Trent Company should implement a control plan that establishes a more proactive approach to invoice management. This could include setting up a digital system for tracking the receipt of invoices, automated reminders for upcoming discounts or due dates, and clear communication protocols for when discrepancies are found. In the scenario described, Noel demonstrated swift action by notifying the accounting team about an overpayment through multiple communication channels, including a group Slack message and email, emphasizing the importance of responsiveness in financial controls.
Automated invoice processing could significantly reduce the lag in receiving invoices. Additionally, establishing a dedicated point of contact within the supplier's organization to send invoices directly could ensure more prompt delivery. Meanwhile, regular audits of invoices and active communication with suppliers about any issues can prevent overpayment and maintain strong supplier relationships.