Large Organisations - Requirement to report on payment practices and policies
From April 2016, large organisations will be required to report on their payment practices and policies. The Regulations have not yet been published but, given the short timescale, large organisations should be making preparations now.
It is likely that the report will have to be prepared every six months and published on the company’s website. Companies will be required to provide information such as:
- Standard payment terms, including any changes to these in the last reporting period;
- Average time taken to pay invoices;
- Proportion of invoices paid beyond agreed terms;
- The amount of late payment interest owed and paid;
- Whether financial incentives were required to join or remain on supplier lists;
- The availability of e-invoicing, supply chain finance and preferred supplier lists;
- Dispute resolution processes;
- Membership of a payment code
Posted on 02/01/2016 by Ortolan
