Read on for more information on the new Payment Times Reporting Scheme and our new Earlytrade Integration.
Introduced with the Payment Times Reporting (Consequential Amendments) Bill 2020, the bill establishes a Payment Times Reporting Scheme which requires businesses and government enterprises with an annual total income of over $100 million to biannually report on their payment terms and practices for their small business suppliers. The scheme aims to improve payment outcomes for small businesses by creating transparency around the payment practices from large businesses to small business suppliers.
Viewpoint is not at this stage considering any specific Roadmap enhancements to cater for Payment Times Reporting. It is recommended that you begin to prepare a process solution using standard Jobpac reports or using the Jobpac Business Intelligence Module, for the Payments Analysis component of Payment Times Reporting. Viewpoint can assist you with data analysis as a Professional Service. Viewpoint will continue to gather feedback from customers throughout 2021, with first reports due in September, and reassess the possibility of future Roadmap enhancements should they be required. Please do not hesitate to contact us if we can assist you further in this regard as 2021 progresses.
In support of improving payment times however, Viewpoint is very pleased to announce a new direct integration with Earlytrade. Earlytrade is an early payment system that can generate substantial AP savings for you in a remarkably simple way, while also paying subbies earlier. If you would like to take advantage of our integration with Earlytrade and join other customers who are already saving money please contact your Jobpac account manager.
More information on Payment Times Reporting can be found here: https://www.industry.gov.au/data-and-publications/payment-times-reporting-scheme-guidance-material/about-the-payment-times-reporting-scheme
