Will your business be compliant from April 2017?

From this April companies will have to report their payment practices and policies twice a year including detailing how long they take to settle supplier invoices.

The Governments Duty to Report publication states that businesses will have to report if they have two or more of the following:

·     ￡36 million annual turnover

·     ￡18 million balance sheet total

·     250 employees

This is a positive step forward, as the report details:

“Every year, thousands of businesses experience severe administrative and financial burdens, simply because they are not paid on time. Late payment is a key issue for business, especially smaller businesses as it can adversely affect their cash flow and jeopardise their ability to trade. In the worst cases, late payment can lead to insolvency.”

With all the information being published online and made available to the public, late payers will be clearly be named and shamed. So what can you do to ensure your organisation is compliant?

Canon have been working in this area for many years and are providing solutions that will not only give you the ability to simply and easily provide the information required, but will dramatically increase the speed at which supplier invoices are processed, verified, internally authorised and made available for payment, ensuring prompt payments are made and your business avoids the risk of public humiliation and reputational damage.

For a free initial consultation or simply to receive further information please contact me directly via email at [email protected] or call on 07800 701298.