29 May P2P Masterclass – How to Solve an Issue like Late Payment
Being paid on time is one of the major concerns for all suppliers, and yet many organisations extend payment terms in order to increase working capital, which can inject risk and pressure into the supply chain. To say there’s a late payment “culture” in the UK is something of a misnomer, because the implication is that paying late is both intentional and endemic. But the reality is a little more complex. From October this year, the government plans to make it mandatory for all qualifying organisations to publish their terms. Nobody wants to make headlines for the wrong reasons – so how should an organisation react?
Through embracing process improvement, automation and straight-through processing, organisations can work across their purchase to pay to gain early settlement discounts, or investigate mutually beneficial alternative financing arrangements. The same improvements can also help reduce the cost of goods sold, maximise profitability and reduce operational risk.
This breakfast briefing provides an excellent opportunity to share innovation, best practice and experience with your peers.
09.15 – 09.30 – Registration, coffees and pastries
09.30 – 09.45 – Introduction by Ellen Leith, highlighting some of the issues around late payments and recent cases that have made the press.
09.45 – 10.15 – Presentation by Gerard Chick which will delve into topics such as the rise of analytics and real-time financial data, the implications of eInvoicing and automation on the supply chain and payments, and what effect the government initiatives are likely to have. Gerard will also discuss the Prompt Payment Code and how better insight into your payment process can help increase working capital and reduce risk. In the process you will learn how to increase efficiencies in your organisation and strategically cut costs.
10.15 – 10.45 – Round table discussion amongst participants on “Overcoming Barriers to P2P Progress” – an exploration of the individuals’ P2P departments and what they’re doing to cut costs/manage spend/automate/drive value to the rest of the business. Conclude on which techniques have proved/are likely to prove to be the most beneficial.
10:45 – 11am – Coffee/tea
11.00 – 11:30 – Face to Face session between Andrew Jesse VP Financing Services at Basware and John Dickens, Head of Finance Operations, British Gas, focusing on how alternative financing solutions can drive process improvements and deliver cost savings that have improve working capital and supplier relationships.
11:30 – Questions and close