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.
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:
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:
Tailor payment terms per supplier to strike the right balance between making on-time payments and optimising your cash flow.
Review & monitor how quickly you pay your small business suppliers before you have to submit your reports, and avoid any surprises.
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.
Get the full story of your organisation's accounts payable processes by reviewing PTRS results of individual reporting entities.
Ongoing support and expertise from our specialist team
Book a Call
Get in touch with one of our PTRS experts to learn more about our service and receive a free readiness checklist.
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Job Title at The Company
Reduce the Burden of the Payment Times Reporting Scheme
Profectus Delta BI will provide detailed exception reporting so you can understand what transactions are distorting your payment benchmarks.
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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PROFECTUS GROUP
Using a highly automated data driven approach, Profectus takes the hard work out of your Payment Times Reporting process.
Remove the need for using manual spreadsheets
Decrease the financial burden of an internally-managed PTRS process
Unlock faster decision-making & drive actionable intelligence
With the insights you need to streamline operations