What is payment cycle and tell me what is general cycle period

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Payment cycle refers to the time it takes for a company to pay its suppliers or vendors. The general cycle period varies depending on the industry and company policies.

Payment cycle can range from 30 to 90 days, or even longer in some cases
Some companies may have specific payment terms such as Net 30 or Net 60, indicating when payment is due after receiving an invoice
Shorter payment cycles are common in industries like retail, while longer cycles are seen in industries like manufacturing
Efficient management of payment cycles is crucial for maintaining good relationships with suppliers and managing cash flow