No one can deny that late payments are a major problem in the business world with many small and medium-sized enterprises (SMEs) struggling to survive when invoices are delayed or paid late.
Now however, for the first time, large businesses could be fined for failing to pay smaller suppliers on time as part of a robust package of measures unveiled by the UK Government this week.
Company boards will now be held accountable for payment practices to small businesses within their companies in a drive to increase transparency and accountability on late payments. Measures will force Audit Committees to report payment practices in company annual reports.
Ensure your company does not fall foul of these new measures. With our Accounts Payable Automation solution, Kefron AP, all payments can be made on time and our online portal gives your suppliers visibility of their processed invoices, therefore reducing the number of supplier queries coming into your AP department.
To learn more about Kefron AP, please click on the button below. If you would like to learn more about these new measures, please click here.