Understanding Duty to Report

The UK Government recognised that late payments were having a major impact on the cash flow of small businesses. To address this, in 2017 the “Duty to Report on Payment Practices and Performance” legislation was introduced which requires businesses to report on the time it takes them to pay their suppliers. The information will be publicly available so the worst offenders can be ‘named and shamed’. Therefore, it’s essential business have a streamlined invoice process to improve visibility, prevent late payments and quickly produce the required reports – something Concur Invoice is perfectly placed to help with.