Kreditorenlaufzeit

What Is Kreditorenlaufzeit?

Kreditorenlaufzeit, often referred to as Days Payable Outstanding (DPO), is a key financial ratio that measures the average number of days a company takes to pay its suppliers or creditors. This metric falls under the umbrella of Working Capital Management, providing insight into how efficiently a company manages its short-term Verbindlichkeiten and cash outflows. A company's Kreditorenlaufzeit reflects its ability to maximize the use of trade credit provided by its suppliers, impacting its overall Liquidität and financial flexibility. A higher Kreditorenlaufzeit generally means a company is holding onto its cash longer, which can be beneficial for its Cashflow.

History and Origin

The concept of managing payment periods for trade credit has been integral to business operations for centuries, evolving with the complexity of commerce and financial reporting. While a precise "origin" moment for the Kreditorenlaufzeit metric itself is difficult to pinpoint, its importance grew with the development of modern accounting principles and the emphasis on efficient Finanzmanagement. As businesses expanded, so did the need to track and optimize the flow of money, including how long it took to pay for goods and services received on credit. The rise of standardized financial statements, such as the Bilanz, allowed for systematic calculation and comparison of such ratios across companies. Governments and regulatory bodies have also increasingly focused on payment terms, particularly concerning their impact on small businesses. For example, the Office of the New York State Comptroller implemented regulations requiring 15-day prompt payments for qualified small businesses, underscoring the legal and economic significance of timely supplier payments. ⁴Similarly, the UK government has introduced measures to address late payments, recognizing the challenges they pose to smaller firms.
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Key Takeaways

• Kreditorenlaufzeit measures the average time a company takes to pay its trade creditors.
• It is a vital indicator of a company's efficiency in managing its accounts payable and utilizing trade credit.
• A longer Kreditorenlaufzeit can improve a company's cash flow but might strain Lieferantenbeziehungen.
• The ratio helps in assessing a company's Liquidität and its overall working capital cycle.
• It is commonly used by analysts and investors to gauge operational Effizienz and payment practices.

Formula and Calculation

The Kreditorenlaufzeit is calculated using the following formula:

Where:

• Durchschnittliche Kreditorenbuchhaltung (Average Accounts Payable) is typically calculated as (Accounts Payable at the beginning of the period + Accounts Payable at the end of the period) / 2. Accounts payable represents the money a company owes to its suppliers for goods or services purchased on credit.
• Umsatzkosten pro Tag (Daily Cost of Goods Sold - COGS) is calculated as Annual Umsatzkosten / 365 days. COGS includes the direct costs attributable to the production of the goods sold by a company.

For example, if a company has average accounts payable of €500,000 and annual cost of goods sold of €3,650,000:

Annual COGS = €3,650,000
Daily COGS = €3,650,000 / 365 = €10,000
Average Accounts Payable = €500,000

Kreditorenlaufzeit = €500,000 / €10,000 = 50 Tage

This means the company takes an average of 50 days to pay its suppliers.

Interpreting the Kreditorenlaufzeit

Interpreting the Kreditorenlaufzeit involves understanding the balance between maximizing cash retention and maintaining good supplier relationships. A higher number of days suggests that a company is effectively using its suppliers' money, essentially receiving an interest-free loan through extended Zahlungsbedingungen. This can be beneficial for a company's cash position, allowing it to invest cash in other areas or simply hold onto it longer.

However, an excessively long Kreditorenlaufzeit might indicate potential cash flow problems within the company, or it could strain relationships with suppliers, leading to less favorable terms, reduced discounts, or even a refusal to supply. Conversely, a very low Kreditorenlaufzeit means the company is paying its suppliers quickly. While this can foster strong supplier relationships and potentially lead to early payment discounts, it might also mean the company is not fully optimizing its Kapitalbindung and could be using its cash more effectively elsewhere. Benchmarking against industry averages is crucial for a meaningful Finanzanalyse.

Hypothetical Example

Consider "Alpha Retail Inc.," a clothing retailer. For the fiscal year, Alpha Retail reports:

• Beginning Accounts Payable: €200,000
• Ending Accounts Payable: €300,000
• Annual Cost of Goods Sold: €4,500,000

First, calculate the average accounts payable:
Average Accounts Payable = (€200,000 + €300,000) / 2 = €250,000

Next, calculate the daily cost of goods sold:
Daily COGS = €4,500,000 / 365 days ≈ €12,328.77

Finally, calculate the Kreditorenlaufzeit:
Kreditorenlaufzeit = €250,000 / €12,328.77 ≈ 20.28 days

Alpha Retail Inc. takes approximately 20 days on average to pay its suppliers. This demonstrates a relatively quick payment cycle, which could be a strategy to build strong supplier loyalty or take advantage of early payment discounts, impacting their overall Ertragskraft.

Practical Applications

Kreditorenlaufzeit is a critical metric across several areas of business and finance:

• Financial Analysis: Investors and analysts use Kreditorenlaufzeit to evaluate a company's operational efficiency and Liquidität. It helps assess how well a company manages its short-term obligations and its ability to generate cash internally.
• Working Capital Management: Businesses actively manage their Kreditorenlaufzeit as part of their broader Working Capital Zyklus. Extending payment terms, within reasonable limits, can free up cash for other operational needs or investments, reducing the reliance on external financing.
• Supplier Relationship Management: Companies must balance optimizing their Kreditorenlaufzeit with maintaining healthy supplier relationships. Clear and consistent Zahlungsbedingungen are essential. As discussed by NerdWallet, common invoice terms like "Net 30" directly influence how long a company has to pay.
• Creditworthiness Assessment: Suppl²iers often assess a buyer's Kreditorenlaufzeit, among other factors, to determine their Kreditwürdigkeit and decide whether to offer trade credit and on what terms.
• Industry Benchmarking: Comparing a company's Kreditorenlaufzeit to industry peers helps identify whether its payment practices are competitive or indicative of underlying issues. Challenges with payment terms are common for small businesses, as highlighted by Federal Reserve research.

Limitations and Criticisms

While a use¹ful metric, Kreditorenlaufzeit has several limitations and criticisms:

• Impact on Supplier Relationships: Aggressively extending payment terms to improve Kreditorenlaufzeit can damage relationships with suppliers, especially smaller ones. This may lead to suppliers refusing to offer credit, demanding cash in advance, or imposing less favorable pricing, ultimately increasing Umsatzkosten.
• Seasonal Variations: Companies with seasonal business cycles may see significant fluctuations in their accounts payable throughout the year. Using an annual average might not accurately reflect the true payment period during peak or off-peak seasons.
• Non-Trade Payables: The accounts payable figure used in the calculation can sometimes include non-trade payables (e.g., accrued expenses or payroll), which can distort the true picture of supplier payment efficiency.
• Industry Differences: Kreditorenlaufzeit varies significantly across industries due to differing supply chain structures, negotiating power, and standard payment terms. A high DPO in one industry might be normal, while in another, it could signal distress. Therefore, direct comparisons without industry context can be misleading.
• Accounting Policy Effects: Different accounting policies, such as the timing of invoice recognition, can influence the reported accounts payable balance, affecting the calculated Kreditorenlaufzeit.

Kreditorenlaufzeit vs. Zahlungsziel

Kreditorenlaufzeit and Zahlungsziel are related but distinct concepts.

Kreditorenlaufzeit (Days Payable Outstanding) is an actual, historical financial ratio that quantifies the average number of days a company actually takes to pay its suppliers. It is a retrospective measure derived from the company's financial statements, specifically its average accounts payable and cost of goods sold. It reflects the outcome of a company's payment practices.

Zahlungsziel (Payment Term or Due Date) refers to the agreed-upon period within which a buyer is contractually obligated to pay for goods or services received. This is a forward-looking contractual agreement typically stated on an invoice (e.g., "Net 30," meaning payment is due within 30 days). The Zahlungsziel dictates when payment is expected.

While the Zahlungsziel sets the expectation, the Kreditorenlaufzeit measures the reality of how long it takes to fulfill that expectation. A company might have a Zahlungsziel of Net 30 with most suppliers, but its actual Kreditorenlaufzeit could be 45 days if it consistently pays late, or 20 days if it frequently takes early payment discounts.

FAQs

1. What is the ideal Kreditorenlaufzeit?

There isn't a single "ideal" Kreditorenlaufzeit; it largely depends on the industry, a company's specific Finanzmanagement strategy, and its bargaining power with suppliers. Generally, a company aims for a balance: long enough to retain cash and optimize Betriebskapital, but not so long that it harms supplier relationships or its Kreditwürdigkeit.

2. How does Kreditorenlaufzeit impact cash flow?

A longer Kreditorenlaufzeit allows a company to hold onto its cash for a longer period, thus improving its short-term Cashflow. This cash can then be used for other operational needs, investments, or simply retained to bolster liquidity. Conversely, a shorter Kreditorenlaufzeit means cash leaves the company faster.

3. Can Kreditorenlaufzeit be too high or too low?

Yes, both extremes can indicate issues. A Kreditorenlaufzeit that is too high might signal that the company is struggling with cash flow and cannot pay its bills on time, or it could be damaging supplier relationships. A Kreditorenlaufzeit that is too low might mean the company is not optimally using its trade credit, potentially missing out on opportunities to keep cash invested longer or for other purposes, affecting its Kapitalbindung.