Does your business suffer from clients making late payment?  Or does your supplier base ask for unrealistic payment terms from you to the detriment of your company? As reported in Recruiter today, the government has set up a Prompt Payment Advisory Board to help businesses tackle late payment. 

It has been announced that the government has set up a Prompt Payment Advisory Board to help businesses tackle late payment.

The board will focus its efforts to improve promote awareness of the Prompt Payment Code and monitor how companies are adhering to it. The board also will provide advice on whether the Code needs to be updated. The code sets out principles for businesses to follow when dealing with and paying their suppliers.

More than 1,700 businesses and public authorities have so far committed to these principles. On the board will be representatives from Aviva, Barclays, Bury Council, City of London Corporation, Fujitsu, Greggs, Skanska and Stort Chemicals.

Business Minister Matthew Hancock says the new advisory board will be “cracking down on poor practice and showcasing good practice”. Philip King, chief executive of the Institute of Credit Management and co-chair of the Prompt Payment Code Advisory Board, says it is time for the Code to be strengthened.

The Advisory Board held its first meeting on 28 October and aims to implement concrete proposals by next spring. The government also says it is acting to curb late payment through the Small Business, Enterprise and Employment Bill which is going through Parliament. This Bill contains proposals to create a duty for large companies and listed firms to report on their payment practices, as well as reforms to public procurement.

These measures should increase transparency about how companies pay suppliers. 

See more at:

http://www.recruiter.co.uk/news/2014/10/government-beefs-up-its-late-payment-watchdog/?utm_source=Adestra&utm_medium=email&utm_term=

Think Specialist Recruitment is an independent support staff recruitment agency based in Hemel Hempstead and working across the Herts, Beds and Bucks area. We specialise in permanent and contract recruitment with areas of expertise including: administration, customer service/call centre, PA/secretarial, human resources, accountancy and finance,  sales admin/sales support, marketing and IT Helpdesk/IT support. 

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