Profectus can guide you through the Payment Times Reporting Scheme (PTRS); prepare your Payment times reporting (PTRS) for submission to the Department of Industry, Science, Energy and Resources as well as help you monitor and track payment terms with your suppliers.
Contact us today to discuss our PTRS service.
What is the Payment Times Reporting Scheme?
The Payment Times Reporting Scheme (PTRS), effective 1 January 2021 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. These reports will then be made publicly available via the Department of Industry, Science, Energy & Resources PTRS website.
How Profectus will manage your Payment Times Reporting
The Profectus’ Payment Times Reporting service includes:
On-time, compliance reports to submit to the Payment Times Reporting Regulator every 6 months
Ongoing insights reporting of your supplier payments
With nearly 20 years of experience analysing Accounts Payable data and developing compliance technologies, our expert team can guide you through the data collection, registration and submission process.
Ongoing insights reporting is delivered via Profectus’ Delta BI Platform, allowing you to:
Manage working capital by reviewing & updating suppliers with long or short payment terms
Track key PTRS reporting metrics
Identify and resolve late-paid invoices
Track average days to pay & average days to process
Filter reporting for each reporting entity you control
In addition to supporting you in delivering for Payment Terms Reporting every 6 months, Profectus can review your Accounts Payable data for potential errors.
To calculate your possible Accounts Payable errors, please use the error calculator located below.
THE AVERAGE FINANCIAL INFLOW IS
$12,500 - $25,000
PER $100 MILLION SUPPLIER SPEND AUDITED
Fill in the form today to get a call from one of our Payment Times Reporting Service experts and receive your free readiness checklist.
DIRECTOR - CLIENT SERVICES
What information do I have to provide?
Depending on your financial year end, most organisations will need to submit their first report covering January to June 2021, and submit by September 30, 2021.
The main reporting requirements include:
The proportion of invoices paid to small businesses paid within 20 days, between 21-30 days, 31-60 days etc (by invoice value and number of invoices)
Percentage of total spend that is paid to small businesses
The range of payment terms offered to small businesses
Details of any specific payment arrangements with small businesses
How supply chain finance is used
Key questions to prepare for the Payment Times Reporting Scheme
- Does your accounting software have the date of receipt for each invoice you process?
- Do you have ABNs for every supplier in your supplier master file?
- Has your organisation registered for the PTRS via the Government’s online portal?
- How many of your suppliers have supply chain finance, settlement discount or any other early payment discounts?
- Do you know how many entities within your organisation need to report on the PTRS?