Effective from April 2017, companies who exceed 2 of the 3 criteria below must report on their supplier payment performance every 6 months.
Reporting is split into three categories:
Many ERP systems cannot surface the data required to comply with this new legislation. Workarounds, hacks and guesswork will result in inaccurate reporting and non-compliance, potentially leading to prosecution and hefty fines.
Xelix’s payment reporting tool is a simple, effective solution to help organizations comply with this new legislation. It allows your team to generate the required reports in a matter of clicks and can be deployed in a matter of days.
What's more, we provide valuable analytics and insights on your spend and supply chain. To find out how Xelix can help your business get in touch below.