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The Duty To Report Payment Practices 
What you need to know and how
to prepare

  • As of April 2017, large UK companies have had to start reporting on their payment practices. In this paper, we explore what the requirements are, what you need to prepare for, and the benefits of getting you payment practices in order, beyond just compliance.

  • Answering many questions such as "Who is required to report?", "What must be reported?", and "What trends are you seeing as companies move to prepare for the Duty to Report?" as well as supporting you with advice on how to ensure compliance, how to change your practices, and which practices are causing the problems in the first place.
  • You will also find a deep dive into the benefits caused by complying with this legislation including freeing up your AP team, capturing early payment discounts, and using analytics to drive improvements.

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Are You Ready For the New ‘Duty to Report Payment Practices’ Legislation?

The legislation is part of the UK’s government’s effort to protect small businesses from the crippling effects of late or non-payment: Small and medium sized businesses were owed around £26.8 billion worth of late payments in June 2015, according to government figures.

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Duty To Report Payment Practices – 1 Year On

During ITESOFT’s recent webinar a number of trends would appear to be coming to light. The first, most striking element of the reports submitted, is how few there have been, and how many of those are incomplete. So far about 10% contain nothing more than a company name!

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