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.

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:

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Take the Hard Work out of your Payments Times Reporting

Get in touch with a Profectus expert today to learn more about the impact PTRS will have on your company, how you can best prepare and how to ensure a simple & streamlined compliance process.

Our Payment Times Reporting service provides everything you need to reduce the burden of the PTRS scheme and streamline the compliance process. You’ll receive:

Let Profectus take control of your Payment Times Reporting stress

With 20 years of experience analysing Accounts Payable data and developing compliance technologies, you can trust our expert team to guide you through the complex data collection, registration and submission process. We help you:

Manage your working capital

Tailor payment terms per supplier to strike the right balance between making on-time payments and optimising your cash flow.

Track key PTRS reporting metrics

Review & monitor how quickly you pay your small business suppliers before you have to submit your reports, and avoid any surprises.

Track average days to pay & process 

Find out if you're meeting the 30-day benchmark by the Australian Government to pay small businesses, and monitor your team's performance to process invoices.

Compare performance across your reporting entities

Get the full story of your organisation's accounts payable processes by reviewing PTRS results of individual reporting entities.

On-time, compliance reports to submit to the Payment Times Reporting Regulator every 6 months

A powerful BI insights dashboard to report on your supplier payments

Ongoing support and expertise from our specialist team

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FULL NAME

Job Title at The Company

Reduce the Burden of the Payment Times Reporting Scheme

1.

2.

Pricing

*Excludes one off data set up charges

*Excludes one off data set up charges

*Excludes one off data set up charges

3.

• 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?
  

Identify and resolve late-paid invoices

Profectus Delta BI will provide detailed exception reporting so you can understand what transactions are distorting your payment benchmarks.

Streamline the report approval process

Receive a Board paper template to assist with your internal PTRS signoff, covering key report highlights and observations of your payment times report.

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Simplify & Streamline your PTRS Reporting Requirements

Using a highly automated data driven approach, Profectus takes the hard work out of your Payment Times Reporting process.