Late payments have long been an unfortunate part of the AP department’s culture. This causes bad relationships with suppliers and increases payment cycles thus reducing credit supply. It’s especially evident where larger companies neglect to pay their smaller suppliers on time. As in most markets the UK primarily consists of SMEs (small to medium enterprises). Late payment culture has become such an important issue in the UK that changes are being made to rectify this. From April 2017 the Prompt Payment Code (PPC) will come into action.
What is the Prompt Payment Code?
It is a solution to the late payment problem. PPC requires public average payment cycle performance reports from large companies and limited liability partners twice a year. This will encourage larger companies to pay all of their suppliers quickly, not just the large ones, and make them accountable for their actions. Without measures such as this large companies and limited liability partners have been able to ignore SME’s need to be paid in a timely manner. Instead they have delayed payments to improve cash flow.
Come Join us on March 29th 2017
We are holding a seminar at the Crowne Plaza Hotel, Dublin Airport on Wednesday 29th March, to showcase our cutting edge Accounts AP Automation and Business Intelligence Solutions. These are our own solutions which can really extend your organisations competitive advantage.
Adest are delighted to announce some big news. We have merged with Glantus and AVIDO, two outstanding software development and services companies. Each of these companies has considerable talent and experience in the software industry.
We expect that the combination of our strengths and experience can greatly benefit you and your organisation and look forward to updating you on our progress.
We thank you for your support and look forward to continuing on our exciting journey together.
Companies are moving to automate tasks to allow valuable resources to be redeployed to other areas of their business where they can provide greater value. From our research cloud accounting further increased in popularity in 2016. More companies have realised the associated value and committed to an automated cloud accounting system.
Some cloud accounting trends which are developing in 2017 are:
There is an increased expectation in businesses that all paper processes will soon become digitized. Therefore, more companies are inclined to send invoices in electronic formats (i.e. e-invoicing) such as pdf, xml, etc. This removes both manual and paper processing allowing invoices to be processed faster as documents don’t need to be printed/scanned and can automatically be electronically captured, matched and processed.
Collaboration across departments:
As the marketplace continues to operate at a faster pace there is an increased need to establish and accommodate better communication channels between departments. Through improved visibility and communication with other departments a greater understanding of available budgets, potential issues, etc, means more accurate forecasts can be created. This allows for increased flexibility and efficiency across this entire organisation.
Increased Reporting and Accountability:
Data analytics are important not just … Read More >