Businesses in the UK are required to report their payment performance per the UK Govt.’s "Duty to Report on Payment Practices and Performance" legislation of 2017. The report shows more than 30% of invoices within the UK are not being paid within the agreed terms. Are you also battling a similar scenario of late payments missed early discounts or the risk of being non-compliant with statutory regulations – leading to damaged relationships with your suppliers? Not only that you lose out on better pricing negotiations as well adding costs to your business.
Added to this organizations incur a significant cost to carry out the reporting itself and be compliant somewhere to the tune of £40k in setup cost and £16k in annual reporting cost.
Organizations need a holistic and AI-powered invoice management solution crafted based on a value-driven framework that optimizes their AP practices elevates its performance addresses late payment issues lowers invoice processing time and creates a more responsible payment culture which enables your AP to thrive develop and mature.
Attend the “Transform your payment practices with AI-Powered Vendor Invoice Management” webinar on July 19th 2022 at 10.00 AM to learn from Richard Pascoe VP – Consulting Services at Applexus on how a holistic invoice management approach can help you improve your AP process.
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